FAC1601 Assignment 2 Semester 1 2022

FINANCIAL ACCOUNTING



ASSIGNMENT 2
BALANCE
SHEET

2022




1

, BALANCE SHEET: LESSON 3

EXERCISE 1 (LESSON 3)

The following list of accounts for Company Risks Ltd. is available at the end of 200X.

Accounts payable for goods 132,000
Accounts payable for services 40,000
Accounts receivable, bill of exchange 10,000
Accumulated depreciation of constructions 30,000
Advances to suppliers 12,000
Called subscribed capital receivable 3,000
Capital grants 40,000
Capital stock 150,000
Cash 84,150
Cash equivalents 500,000
Constructions 120,000
Expenses paid in advance 5,500
Impairment of constructions 6,000
Impairment of inventories of other supplies 400
Income for the year 308,750
Interest payable to credit institutions 3,000
Inventories of other supplies 1,500
Land 140,000
Provisions for other responsibilities 20,000
Salary paid in advance 3,000
Short-term debt with credit institutions 150,000
Short-term holdings in equity 6,000
VAT payable 5,000

REQUIRED: Prepare the Balance Sheet according to the normal model of the new PGC.

EXERCISE 2 (LESSON 3)

The following list of accounts for Company C.V. Ltd. is available at the end of 200X.

Long-term holdings in equity (1) 2,500
Shares in the entity held by the entity 1,000
Salary payable 20
Adjustments for changes in value of financial instruments available for sale 50
Accumulated depreciation of intangible assets 950
Accumulated depreciation of tangible fixed assets (2) 1,000
Customers advances 100
Cash 1,335
Capital stock 21,000
Accounts receivable 200
Constructions (3) 5,000
Constructions in progress 300
Short-term credit from the sale of tangible fixed assets 500
Impairment of inventories of goods for sale 100
Short-term debt with credit institutions 2,000

, Long-term debt with credit institutions 2,000
Other owners’ contributions 200
Vehicles 4,000
Computers 2,000
Inventories of goods for sale 1,000
Short-term deposits and guarantees given 500
Expenses paid in advance 270
Payable to public authorities (withholdings) 220
Receivable from public authorities (income tax refund) 50
Interest payable to credit institutions 10
Interest receivable 50
Furniture 5,200
Income for the year 1,925
Intellectual property 4,000
Accounts payable for goods 50
Provisions for environmental actions 500
Prior years’ negative income 300
Legal reserve 1,600
Uncalled subscribed capital receivable 5,000
Capital grants 1,500

(1) These are shares that have been classified by the company as “available for sale”.
(2) The breakdown of the accumulated depreciation is the following:
• Constructions: 500
• Furniture: 250
• Computers: 100
• Vehicles: 150
(3) A warehouse with a value of 2,000 (accumulated depreciation: 200) is not being used in the
operations but being rented to another company.
REQUIRED: Prepare the Balance Sheet according to the normal model of the new PGC.

SOLUTION

ASSETS LIABILITIES
A) NON-CURRENT ASSETS 200X A) EQUITY
200X I. Intangible assets. A-1) Shareholders' equity.
1. Research and development. I. Capital.
2. Administrative concesions. 1. Registered capital.
21.000
3. Intelectual property, trademarks and others. 3.050 2. (Uncalled subscribed capital).
- 5.000
4. Goodwill. II. Additional paid-in capital.
5. Computer software. III. Reserves.
6. Other intangible assets. 1. Legal and statutory.
1.600
II. Tangible fixed assets. 2. Other reserves.
1. Land and structures. 2.700 IV. (Shares in the entity held by the entity).
- 1.000
2. Plant and machinery, tools, furniture and other 10.700 V. Prior years' income.
tangible assets.
3. Tangible fixed assets in progress and advances. 300 1. Non-distributed income.
III. Investment property. 2. (Prior years' negative income).
- 300
1. Land. VI. Other owners' contributions.
200