Basics of Accounting
BSF, Univ. of Economics in Wrocław
Lecturer:
dr Wojciech Hasik
Case no. 4.
Y Company reports the following balances of assets and equities:
•
Tangible fixed assets 26 500
•
Long term investments 6 000
•
Raw materials 8 400
•
Merchandise 10 200
•
Receivables 6 000
•
The current bank account 15 000
•
Share capital 56 000
•
Bank loan 8 800
•
Payables 7 300
The following operations took place next month:
1.
the monthly loan installments has been repaid from bank acc. 6 000
2.
the inflow of due receivables into bank acc. 4 000
3.
the license has been bought – the delayed payment 3 000
4.
the payables have been paid from bank acc. 5 000
To do:
Prepare the opening balance.
Determine the type of operations and prepare the closing balance after each operation
(balance of changes).
Case no. 5.
Determine the reporting positions that will be changed as a result of the following operations:
No.
The essence of the operation
to increase
to decrease
1
the cash purchase of raw materials
2
the acquire of machines – payment after
one month
3
the cash from new issue of shares was used
to repay investment loan
4
the purchase of truck – financed by
investment loan
5
cash transfer from bank to cash register
6
the prepayment made for merchandise
supply
7
the employee has purchased the materials
for the achieved prepayment
Basics of Accounting
BSF, Univ. of Economics in Wrocław
Lecturer:
dr Wojciech Hasik
Case no. 6.
Y Company (toys producer) reports the following balances of assets and equities:
•
buildings
41 000
•
reserve capital
7 500
•
stock of rubber 8 400
•
trucks and cars
5 000
•
shares of a daughter company 6 000
•
cash at bank
15 000
•
share capital
60 500
•
computer software
7 000
•
long term bank loan
10 100
•
stock of toys
3 000
•
trade payables
7 300
The following transactions took place this month:
1.
the prepayment for fixed asset delivery was made
3 000
2.
the monthly installments of bank loan were paid from bank acc. 6 000
3.
some shares were sold (at cost), payment into bank acc. 2 000
4.
the license has been bought – the accrued payment 3 000
5.
payables have been paid from bank acc. 5 000
Your task is to:
1.
prepare the opening balance sheet using 5 synthetic balance groups: Fixed Assets, Current
Assets, Owners/s Equity, Long Term Liabilities, Current Liabilities
2.
open the 5 synthetic ledger accounts (respecting above classes of assets and equities) with correct
opening balances
3.
perform the accounting entries of above transactions and close the ledger accounts afterwards
4.
try to decide what accounting documents would be a proper basis for each accounting entry
5.
prepare the trial balance and on its basis the appropriate closing balance sheet
Case no. 7.
Y Company (the car parts producer) reports the following balances of assets and equities:
•
Tangible fixed assets 26 500
•
Raw materials 8 400
•
Merchandise 10 200
•
The current bank account 25 000
•
Share capital 62 800
•
Payables 7 300
The following transactions took place this year:
1.
cash was transferred from bank acc. into the vault
10 000
2.
a stock of plastic granulate was delivered, cash payment
8 000
3.
a production machine was bought (and transported to Company’s warehouse), payment - 90 days
from delivery
100 000
4.
a new shareholder submitted the contribution in kind (real estate), the company statute was changed
150 000
5.
the purchased machine was assembled and entered into FA register
………..
6.
an investment loan was drawn to pay for the purchased machine
100 000
7.
and stock issue registered by the court
150 000
8.
the monthly installment reg. the bank loan was paid
5 000
9.
some rubber was sold (at cost), payment 14 days from delivery
1 500
Your task is to:
1.
open the ledger accounts (representing all balances of assets and equities)
2.
perform the accounting entries of above transactions and close the ledger accounts afterwards
3.
prepare the trial balance and on its basis the appropriate closing balance sheet
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