Question

In: Accounting

BACKGROUND We are providing you with the balance sheet of a Spanish company at the end...

BACKGROUND

We are providing you with the balance sheet of a Spanish company at the end of the year. The company carried out its accounting according to the PGC 2007. You have to analyse each of the items and specify which group of the Chart of Accounts they belong to and the specific coding that corresponds to it according to the Chart of Accounts of the General Accounting Plan to each entry.

Once all the accounts have been coded, create the closing entry for the company.

ASSETS

LIABILITIES

Non-current assets

Net equity

Intangible fixed assets:

Equity capital:

Industrial Propriety

40.500

Capital Social

3.000.000

Cumulative depreciation II

-5.000

Legal reserve

348.180

Tangible fixed assets:

Profit and Loss

158.810

Constructions

3.900.000

ICT Equipment.

9.000

Non-current liability

Furniture

70.000

Long-term debts

Transport

35.000

Long-term debt to institutions.

710.000

Cumulative depreciation IM

-122.000

Current liability

Current Asset

Short-term debts

Stock:

Short-term debts to institutions.

38.000

Goods

62.000

Suppliers

200.000

Impairment loses

-1.150

Creditors

3.560

Debtors:

Clients

236.200

Short-Term investments

Short-term investments (shares)

9.000

Liquidity:

Banks

225.000

TOTAL ASSETS

4.458.550

TOTAL LIABILITIES

4.458.550

Solutions

Expert Solution

The entry will be

Date Accounts and Explanation Debit Credit
31-Dec Industrial Property A/c Dr             40,500
Constructions A/c Dr        3,900,000
ICT Equipment A/c Dr               9,000
Furniture A/c Dr             70,000
Transport Cumulative A/c Dr             35,000
Goods A/c Dr             62,000
Clients A/c Dr           236,200
Short Term Investment Shares A/c Dr               9,000
Banks A/c Dr           225,000
Capital Social A/c        3,000,000
Legal Reserve A/c           348,180
Profit and Loss A/c           158,810
Long Term Debt to institutions A/c           710,000
Short Term Debt to institions A/c             38,000
Suppliers A/c           200,000
Creditors A/c               3,560
Cumulative Depreciation A/c               5,000
Cumulative Depreciation IM A/c           122,000
Impairement Loss A/c               1,150

Both sides Net Balance is 4586700


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