solutions 15 20

Exercise 15:
Table 1: Interim balance sheet as of July 1, 200x.
AssetsAmountEquity, LiabilitiesAmountBank account
Cash300 000
30 000Registered capital
VAT320 000
10 000Total330 000Total 330 000
Table 2: Journal of third VAT period
NoDateTransactionCZK
DebitCredit 1.July 1Merchandize acquisition on credit
Purchase price
VAT 19%
Invoiced price
100 000
19 000
119 000
Merchan.
VAT


T.payabl 2.July 3Office supply acquisition in cash and its consumption
Purchase price
VAT 19%
Total amount

10 000
1 900
11 900
Consum.
Material
VAT



Cash 3.July 15Suppliers settlement from bank 119 000T.payabl.Bank acc. 4July 25Settlement of VAT liability 10 000VATBank acc. 5Aug. 8All merchandize sale
a) store outgoing
b) issued invoice - Sale price
- VAT 19%
- Total amount
100 000
120 000
22 800
142 800
Merc.sold


T.receiv.
Merchand
Rev.mer.
VAT 6.Sep. 20Merchandize acquisition on credit
Purchase price
VAT 19%
Total amount
150 000
28 500
178 500
Merch.
VAT


T.payabl. 7.Sept. 23Bank account statement
a) payables settlement
b) receivables settlement
178 500
142 800
T.payabl
B.acc.
Bank acc.
T.receiv.
VAT

1) 19 000
2) 1 900
4) 10 000
6) 28 500

26 60010 000
5) 22 800







Interim balance as of September 30, 200x
AssetsEquity + LiabilitiesMerchandize 150 000
VAT 26 600
Bank account 135 300
Cash 18 100Registered capital 320 000
Profit 10 000

Balance sheet sum 330 000

Table 3: Journal of forth VAT period
NoDateTransaction CZK
DebitCredit 8.Oct. 1All merchandize sale, cash received
a) store outgoing
b) issued invoice - Sale price
- VAT 19%
- Total amount
150 000
180 000
34 200
214 200
Mer.sold


Cash
Merchan
Rev.mer
VAT 9.Nov.5VAT return26 600Bank accVAT10.Dec. 10Technical publication acquisition in cash
Purchase price
VAT 5%
Total amount

2 000
100
2 100

Cons.m.
VAT



Cash

VAT
26 600
10) 100
34 200






Closing balance sheet on the end of accounting period
AssetsEquity + Liabilities
Bank account 161 900

Cash 230 200


Registered capital 320 000
Profit 38 000
VAT 34 100
Balance sheet sum 392 100Exercise 16

Table 1: VAT registered person X records
NoTransactionAmount
DebitCredit 1.Received invoice for services
Sale value
VAT 19%
Invoiced price
30 000
5 700
35 700
Service
VAT


T.pay. 2.Issued invoice for services
Sale value
VAT 19%
Total amount
90 000
17 100
107 100


T.rec.
Rev
VAT 3.VAT settlement from bank 11 400VATBank account
Table 2: Records of person not VAT registered (person Y)
NoTransactionAmount
DebitCredit 1.Received invoice for services
Sale value
VAT 19%
Invoiced price
30 000
5 700
35 700


Service


T.pay. 2.Issued invoice for services
Sale value
107 100
T.rec.
Rev

Exercise No 17: Employees payroll

Year 2007:
MonthlyAnnuallyGross salary
Social security and health insurance
Tax base
Tax base rounded
Income tax before credits
Credits:
Person (Tax payer)