Professional Documents
Culture Documents
Unah 1P21 CF014 2nd Partial Theory Guide and Practical Exercises
Unah 1P21 CF014 2nd Partial Theory Guide and Practical Exercises
SCHOOL OF ECONOMICS
PUBLIC ACCOUNTING DEPARTMENT
ACCOUNTING COORDINATION I
THEORETICAL PART
1. What is the double entry theory?
2. What is an account and what are its main elements?
3. What is the purpose of the trial balance?
4. What are the main accounting books?
5. Explain what the debit and credit rules consist of.
6. What should auxiliary books contain?
7. What are the types of games?
8. Mention and explain merchandise record systems
9. What are the inventory valuation methods according to IFRS for SMEs section 13,
paragraph 13.18?
10. What is the scope of section 13 and describe the principles for the recognition and
measurement of inventories according to paragraph 13.1?
11. To what type of inventories is section 13 applicable?
12. What types of inventories does the IFRS for SMEs not apply to according to section
13, paragraph 13.2?
13. What are inventories?
14. How will inventories be measured and costed according to section 13, paragraph
13.4?
15. What is the cost of inventories according to section 13, paragraph 13.5?
16. What are inventory acquisition costs according to section 13, paragraph 13.6?
17. What other costs do Inventories include according to section 13 paragraph 13.11?
18. What is Transformation Cost according to section 13, paragraph 13.8?
19. What is expense recognition of inventories under section 13, paragraph 13.20?
20. Explain what impairment of inventories is section 13, paragraph 13.19
PRACTICAL PART
EXERCISE No. 1
The company Los Felinos, S. A is established on July 2, 2019 with the following values:
1
The operations of the month are as follows:
1. We buy merchandise worth L. 150,000.00 plus sales tax to our supplier Jaime
Salina. We pay 20% plus tax by check and the difference in checking account.
Freight is paid to transport the merchandise to the warehouse for a value of 10% of
the net purchase.
2. For previously purchased merchandise, 10% is refunded if it is in poor condition
and the sales tax is refunded. Value that is credited to our account.
3. A loan worth L is acquired. 100,000.00, within 30 days and with 20% annual
interest.
4. We buy stationery and supplies worth L. 4,000.00 plus tax and we owe it without
documentary guarantee.
5. We sell merchandise to Sonia González, with a value of L. 100,000.00 value that
includes the tax, they pay us by check the amount of L. 20,000.00, we owe the
difference by signing two bills of exchange.
6. For previously sold merchandise, we receive a 10% refund if it is in poor condition,
the value of the sales tax is refunded. Value that we credit to clients' accounts.
7. The following payments are received from clients: Mario Osorio 40% of the balance
and Sonia Gonzales pays us the entire debt. We deposit the cash into our checking
account.
8. We paid 50% of what was owed to Mr. Jaime Salinas by check.
9. We buy furniture and equipment worth L. 20,000.00, a value that includes sales tax,
we pay 25% and we owe the difference.
10. 20 days after receiving the loan, the value of the loan plus the corresponding interest
is paid.
11. The company sells the vehicle on July 31 for a value of Lps. 280,000.00.
12. Determine at the end of the month if we have a credit in favor or we must pay the
Sar in Sales Tax
REQUIRED: Record in the journal, using the detailed system, wholesale and prepare the
trial balance.
EXERCISE No. 2
The company “ El Prójimo, S. A. ” began operations on January 1, 2020, with a share
capital of L. 500,000.00, deposited in a checking account at the Commercial bank.
1. A vehicle was purchased for staff use by L. 500,000.00, with tax included, paying
from commercial bank L. 100,000.00 and the difference will be paid in two months
with documentary guarantee.
2. The company requested a loan for L. 300,000.00 to Banco Mercantil, for which he
signed a promissory note, and deposited the liquid value of the loan in the same
Bank. The bank charged him interest in advance amounting to L. 30,000.00.
3. Merchandise is purchased from our supplier Christian Belisle by L. 500,000.00 plus
sales tax, we pay in cash L. 100,000.00, leaving the difference due by signing bills
MARCELIN JAKELINE LUQUE AGUILAR 30 de diciembre de 1899
2
of exchange. It gives us a 5% discount on purchases and we also pay L. 5,000.00 for
freight to transport the merchandise to the store.
4. Merchandise is sold to our client Jorge Luis Amador by L. 800,000.00 plus sales
tax, customer paid in cash L. 300,000.00, leaving the difference owed in a current
account. We give them a 2% discount on sales and we also pay L. 8,000.00 for
freight to transport the merchandise to the client's store.
5. We return merchandise to our supplier worth L. 50,000.00 value that includes sales
tax, value that is credited to our account.
6. A computer is purchased for L. 15,000.00, paying by check from our commercial
bank account.
7. Administration and sales salaries worth L were paid by check. 50,000.00, 50% each
department.
8. The customer returns merchandise worth L to us. 100,000.00, the value of the
refund and the tax will be credited to your account.
9. At the end of the loan term, the bank debits us the value of the loan.
10. A secretary is hired for the administration department, who will earn a salary of L.
8,000.00
11. Determine at the end of the month if we have a credit in favor or we must pay the
Sales Tax to the Sar
REQUESTED:
1. Accounting Records by the analytical system
2. Elaborate the majors
3. Prepare the trial balance
EXERCISE 3
On January 2, 2020, Compu Servis S. A. , is established as a computer sales and services
company, for which L. invested. 1,000,000.00, deposited in a BAC account, the new
company carried out the following transactions during the month.
1. Payment L. 114,180.00 for three months of advance rent for its offices, exhibition
room and spaces for repairs.
2. $ 5,000.00 is purchased at T/C 24.8076 and a savings account is opened in BAC $
3. Purchase 10 personal computers at a cost of L. 22,836.00 each, 6 computers with
graphing at a cost of L. 47,575.00 each, and 5 printers at L. 7,612.00 each. Payment
was made in cash on delivery.
4. From the previous purchase, 2 personal computers and 1 computer with a graphing
device are returned.
5. The January salaries of sales, repair and office employees totaled L. 39,778.00, of
which are L. 7,090.00 pending payment at the end of January.
6. Sell 5 personal computers to L. 39,963.00 each, 2 computers with L-shaped grapher.
72,314.00 each and 3 printers at L. 12,369.50 each, received in January L.
236,950.00 in cash and the difference remain pending collection.
3
7. From the previous sale, clients return us 1 personal computer, 1 computer with
graphing device and 1 printer, the value is credited to our clients' account.
8. Administration expenses are incurred by L. 159,852.00 that were paid in the month
of January; Other expenses are incurred by L. 38,060.00 payable the following
month.
9. L worth of supplies were purchased. 50,000.00 for the repair shop.
10. Services were provided for the repair of computer equipment worth L. 75,000.00
using 60% of the supplies previously purchased.
11. At the end of the month the T/C is 24.8176
12. Determine at the end of the month if we have a credit in favor or we must pay the
Sar in Sales Tax
It is requested:
Record the previous operations in the journal and under the analytical or detailed
system.
Make passes to older schemes.
Prepare the Trial Balance.
EXERCISE #4
The company “Los Mejores Momentos” restarted operations on January 2, 2012 with the
following items: Cash on hand L. 95,000.00, checking account at FICOHSA L. 450,000.00,
clients (Mario Díaz) with L. 180,000.00, merchandise L. 650,000.00 and suppliers
(Comercial Ríos) with L. 250,000.00
During the month of January they carried out the following operations: (consider the
corresponding tax on each purchase and sale of merchandise)
January 3, Merchandise is sold to Distribuidora los Ángeles according to invoice No. 2345
with conditions 2/10 and n/30 with value of L. 150,000.00, receiving cash L. 40,000.00 and
the difference is owed to us without documentary guarantee.
January 5, we purchased merchandise according to invoice No. 350 to Comercial Ríos for
the amount of L. 56,000.00 value that includes the respective tax. They pay L. 5,000.00
with check, the difference remains due without documentary guarantee with conditions
2/10 and n/30.
January 12 , Distribuidora Los Ángeles pays us the total value of their account with $.
3,826.64 with a T/C per day of 24.6529.
January 15, 10 chairs are purchased at a price of L. 1,200.00 each. The total value together
with the tax remains owed without documentary guarantee to Escritorios y Más.
4
January 31 ,
Salaries are paid by FICOHSA bank check for administration employees totaling L.
30,000.00 and sales amounts to L. 50,000.00.
At the end of the month the T/C is 24.6511
Determine at the end of the month if we have a credit in favor or we must pay the
Sar in Sales Tax
It is requested:
Record the previous operations in the journal and under the analytical or detailed
system.
Make passes to older schemes.
Prepare the Trial Balance.
EXERCISE No. 5
The Universal S. TO. of C. V. It begins operations on January 2, 2017, with contributions
from L. 300,000.00 each partner composed of 5 partners with equal contributions of capital,
the contributions were deposited in the Felicidad bank. During the month the following
operations were carried out:
January 03, A vehicle was purchased for the delivery of merchandise valued at L.
900,000.00 plus sales tax, the tax is paid in cash and the difference is owed
in 10 equal monthly payments.
January 05, Merchandise is purchased on credit for value L. 1,000,000.00 value that
includes sales tax, with conditions 5/10, n/30.
January 10, Merchandise for value L is returned. 100,000.00 value that is credited to our
account.
January 15, A loan worth L is obtained. 100,000.00 at 10% within 30 days, the cash was
deposited in our La Felicidad bank account.
January 18, Cash merchandise worth L is sold. 1, 000,000.00 plus tax, a 5% discount on
sales is granted to customers and freight of L is paid. 1,500.00.
January 25, The salaries of employees worth L are cancelled. 50,000.00. 50% for each
department.
January 30, The first installment of the vehicles purchased at the beginning of the month
is paid and the loan obtained with the bank is cancelled.
January 31, Customers return merchandise worth L. 200,000.00 from the sale made on
January 18 and determine at the end of the month if we have a credit in favor
or we must pay the Sar in Sales Tax
MARCELIN JAKELINE LUQUE AGUILAR 30 de diciembre de 1899
5
It is requested:
Record the previous operations in the journal and under the analytical or detailed
system
Make passes to older schemes.
Prepare the Trial Balance.
EXERCISE No. 6
Comercial El Éxito presents the following balances as of January 1, 2016:
During the month of March the following operations were carried out:
March 10 , sells merchandise worth L. 840,000.00, a value that includes sales tax, they pay
us 60% in cash, the value that we deposit in BANCATLAN and the difference is owed to
us against the invoice.
March 15 , the debt to Commercial Source and German Commercial is paid with a
BANCATLAN check.
March 20 , customers return merchandise worth L. 56,000.00, value that includes sales tax,
said value was paid in cash.
March 25 , we purchased furniture and equipment worth L. 30,000.00 plus sales tax,
paying 50% in cash for the difference we signed bills of exchange.
March 31, We paid salaries worth L. 150,000.00, 40% correspond to the sales department
and the difference to the administration department.
REQUESTED: Record previous operations in the journal under the analytical system,
calculate and prepare the trial balance.
EXERCISE No. 7
Cosmos, S. TO. dedicated to the purchase and sale of merchandise of all types, presents its
initial values for the year beginning January 1, 2017.
Box L. 490,000.00
MARCELIN JAKELINE LUQUE AGUILAR 30 de diciembre de 1899
6
Accounts payable 15,000.00
Capital 692,000.00
Accounts receivable 12,000.00
Suppliers 170,000.00
Inventory 250,000.00
Furniture and equipment 125,000.00
Merchandise is sold to Mr. Juan Diego for a total of L. 120,000.00, value that
includes sales tax. Paying us 30% in cash of the total invoice and we owe the
difference without documentary guarantee.
20% of the debt we have with suppliers and 10% of the accounts payable balance
are paid in cash.
Merchandise worth L was purchased. 210,000.00, tax included, paying 50% of the
total invoice, and for the difference we signed bills of exchange.
Merchandise worth L is returned. 25,000.00 from the previous purchase.
Six days after the sale, Mr. Juan Diego pays us the total amount owed.
The salaries of the administrative staff for the month amounting to L are owed.
20,000.00
Determine at the end of the month if we have a credit in favor or we must pay the
Sar in Sales Tax
REQUIRED: Record in T accounts under the analytical system and prepare the trial
balance for the ending month
EXERCISE No. 8
The LOS GEMELOS Service company is presenting the accounting balances as of June
30, 2017 as follows:
Banks L. 50,000.00
Accounts receivable 250,000.00
Accounts payable 100,000.00
Jaime Salinas capital account 200,000.00
1) Mr. Salinas requested a loan for L. 300,000.00 to Banco Mercantil, for which I sign a
promissory note, and deposit the liquid value in the same Bank. The document charged
interest in advance, which is L. 30,000.00.
2) He bought land for the value of L. 160,000.00 plus cash tax. paying by check.
3) He received the value of L in cash. 100,000.00 for the services provided to a client.
4) Bought L. 20,000.00, value that includes tax, in supplies, paying 30% in cash and the
difference to credit.
5) He provided his services worth L. 58,000.00 on credit and received 50% of the value
owed by clients
6) L paid. 20,000.00 of the account payable that is outstanding in cash
MARCELIN JAKELINE LUQUE AGUILAR 30 de diciembre de 1899
7
7) He received the payment from L. 1,800.00 for public services that will be paid in the
following month.
REQUESTED:
EXERCISE No. 9
Carol Belisle is a public accountant. During the month of April, the following events and
transactions occurred during the business activities:
11/4/17 Completes a job on taxes and uploads to client L. 28,545.00 for services provided
(Use the Professional Services account.)
4/15/17 Buy at L. 50,000.00 a new computer, with personal funds. (The computer will be
used exclusively for business purposes.)
4/17/17 Receives L. 17,127.00 in cash for service provided to the Yonkers company.
4/30/17 Indicates the respective account that supplies have been used by L. 2,283.00.
REQUESTED:
a) Journal Entries b) Majorize in T account c) Trial balance.
EXERCISE No. 10
The La Metódica warehouse, S. A ., which sells a single product, presents the following
movement of purchase and sale transactions during the month of July 2017.
8
July 5 , 5,000 units are purchased, unit cost of L. 44.00, we pay freight worth L. 6,000.00
July 6 , 4,000 units are sold at L. 80.00 each, 5% on the sale was granted, freight worth L
was paid. 3,000.00.
July 10 , 3,000 units are purchased, unit cost of L. 50.00, freight worth L is paid. 6,000.00.
It is requested:
Prepare auxiliary warehouse card using the FIFO AND AVERAGE methods.
Determine net purchases, cost of sales , and cost of ending inventory by both
methods.
Consider that the estimated selling price is L. 100.00 each, and the cost to sell them
is L. 50.00 each. What would be the effect and its registration according to the Net
Realization Value?
Record in the journal under the perpetual system the operation of July 5, July 6 and
July 10, 2017.
EXERCISE No.11
The company Distribuidora, SA , buys and sells wholesale and retail merchandise. The
following are the transactions carried out in the month of June 2016:
Purchases Sales
June 1 1500 units at L 5.00 each June 15 1000 units at L 15.00 each
June 5 2000 units at L 7.00 each June 20 1500 units at L 15.00 each
June 10 2500 units at L 8.00 each June 25 2500 units at L 15.00 each
Freight is paid for the sale made on June 25 for a value of L. 1,000.00
Discounts on purchases
June 10 5% of purchase
Returns on purchase
June 2, 500 units of the June 1 purchase are returned.
Freight on purchase
L is paid. 500.00 transportation for the purchase of June 10
9
The estimated selling price is L. 14.00 and the estimated costs to sell is L. 5.00 each.
It is requested:
1. Calculate net purchases, the cost of ending inventory, the cost of goods sold, under
the FIFO and AVERAGE method.
2. Record the journal operations only for the purchases on June 10 and the sales on
June 25, under the PERPETUAL System, (include tax.)
3. Determine the value of the inventory, the effect and its registration according to the
net realizable value.
EXERCISE No. 12
During the month of March, the following operations are carried out that have to do with
the purchase and sale of merchandise. All purchases and sales are in cash.
REQUESTED:
A) Determine the Cost of Sales and the value of the Final Inventory by the FIFO and
AVERAGE method.
B) Determine the Gross Profit on Sales by both methods.
C) Determine the Cost of Sales and the value of the Final Inventory by the AVERAGE
and FIFO method.
D) Prepare the items in sections 4 and 5 using the AVERAGE method. The company
uses the perpetual system.
EXERCISE No: 13
The company “SONIMAS, S. DE R. “L.” is dedicated to the purchase and sale of sound
equipment and as of June 1, 2017 it has the following information:
Banks L. 500,000.00
Store “ 810,000.00
(90 Sound equipment at L. 9,000.00 Each)
During the month of June they carried out the following operations:
10
On June 10, 30 sound equipment was purchased from L. 11,200.00 each, value that
includes sales tax and expenses were l. 3,000.00 completely canceling the invoice and
freight.
On June 23, 100 Sound Equipment were sold for L: 15,000.00 each, plus cash sales tax.
On June 30, 10 Sound Equipment was returned to us for not meeting the specifications
Required, for which we issue the corresponding check. This same day the Sales Tax is
settled
The company uses the First In, First Out inventory method. (FIFO)
REQUESTED:
EXERCISE 14
The “La Economico, SA” warehouse, which sells a single product, presents the following
movement of purchase and sale transactions during the month of July 2017.
Stock as of June 30 was 4,000 units total cost L. 360,000.00
RETURNS
On July 14 on the purchase of July 10: 75 units
On July 23 on the sale of July 12: 100 units
DISCOUNTS ON SALES
5% was granted on the sale of July 6
It is requested:
MARCELIN JAKELINE LUQUE AGUILAR 30 de diciembre de 1899
11
Prepare auxiliary warehouse card using the "FIFO" and "AVERAGE" method.
Determine the cost of sales and the cost of ending inventory for both methods.
Determine the comparative gross profit on sales for both methods.
Which method favors the company from the point of view of paying tax?
Consider that the estimated selling price is L. 185.00c/u, and the cost to sell them is
L. 100.00 each. What would be the effect and its registration according to the Net
Realization Value?
EXERCISE No: 15
The company “La Florida” is dedicated to the purchase and sale of washing machines and
as of June 1, 2016, it has the following information:
Banks L. 500,000.00
Store “ 900,000.00
(90 washing machines at L. 10,000.00 Each)
During the month of June they carried out the following operations:
On June 10, 30 washing machines were purchased from L. 11,000.00 each, plus sales tax
And the expenses were his. 3,000.00 fully paying the invoice including tax and freight.
On June 23, 100 washing machines were sold for L: 15,000.00 each, plus cash sales tax.
On June 30, 10 washing machines were returned to us for not meeting the required
specifications, for which we issued the corresponding check.
REQUESTED:
Prepare the control card
Determine the cost of sales and inventory.
Determine gross profit.
Prepare journal entries under the perpetual system.
EXERCISE No: 16
The company “LA ESPERANZA, S. TO." It began operations on June 1, 2017, with
contributions from L. 200,000.00, each of the 5 partners that make up the company, which
were deposited in a checking account at La Bendiciones bank.
12
leaving the difference due by signing bills of exchange. With conditions: 6/10,
n/30
On June 5 , merchandise was sold to our client María Luisa Sánchez for a value of
L. 500,000.00 plus sales tax, the client made a deposit to our account in the
amount of L. 200,000.00, leaving the difference in current account. We grant you
the following conditions:3/10, n/30.
On June 7 , the client returned merchandise worth L. 150,000.00, the value of the
refund and the tax will be credited to your account.
On June 13 , Mrs. Sánchez pays the balance owed with an electronic transfer in
our favor.
REQUESTED:
1. Accounting Records by the Analytical System
2. Elaborate the majors
3. Prepare the trial balance
EXERCISE No: 17
The company “La Surtidora” began operations on June 1, 2005, with a capital of L.
2,000,000.00 deposited in a checking account at BAMER and during the month they
carried out the following transactions:
13
1. A vehicle was purchased for delivery of merchandise by L. 1,000,000.00, with tax
included, paying L. 400,000.00 and the difference will be paid in two months
without documentary guarantee.
2. Merchandise worth L was purchased. 4,000,000.00 plus sales tax and payment in
cash L. 1,000,000.00 and the difference remained as a debit against the invoice.
3. Merchandise was sold for L. 6,000,000.00 including sales tax, customers paid in
cash L. 5, 000,000.00, leaving the difference against the invoice, the cash received
was deposited in BAMER.
4. The clients paid 60% of their debt and for prompt payment were granted a 5%
rediscount, depositing the cash in BAMER.
5. A check for the value of L was issued. 5,000.00 for the payment of the month's rent.
6. Furniture and office equipment worth L were purchased on credit. 100,000.00 plus
sales tax.
7. Administration and sales salaries worth L were paid by check. 50,000.00, 50% each
department.
8. 50% of the debt to suppliers was paid by check, so we were granted a 10% discount
for prompt payment.
9. The balance of the sales tax was paid by check.
REQUESTED:
EXERCISE No: 18
The company “ Jesus Nuestro Pastor ” began its operations on June 1, 2017 with
the following values:
14
4. The clients paid 60% of their debt and for prompt payment were granted
a 2% discount, depositing the cash in BAC.
5. Furniture and office equipment worth L were purchased on credit.
100,000.00 plus sales tax.
6. Lps administration salaries were paid by check. 68,000.00 and sales
worth L. 82,000.00.
7. 50% of the debt to suppliers was paid by check.
8. A check for the value of L was issued. 15,000.00 for the payment of rent
for the months of June to August.
9. Determine if there is a tax credit or we will have to pay the SAR, if your
balance is creditable, make the payment by check.
REQUESTED:
EXERCISE No. 19
The company “ Jesus Es Fiel SA ” began operations on August 1, 2018 with the
following values:
15
7. 25% of the debt to suppliers was paid by check.
8. Determine if there is a tax credit or we will have to pay the SAR, if your
balance is creditable, make the payment by check.
REQUESTED:
16