solutions 15 20

00
Year 200x+3:

022-082-.551-800 000


800 000




800 000



800 000600 000

200 000

800 000



200 000


Exercise 19: Intangible long-term assets

Table 1: Journal
NoTransactionAmount
(CZK)DebitCredit 1.Received invoice, software acquisition
Software A value
VAT 19%
Invoiced price
71 000
13 490
84 490041 Acq.of
intang. ass
VAT


Creditors 2.Software installation
Service
VAT 19%
Total amount
7 000
1 330
8 330041 Acq.of
intang. ass
VAT


Creditors
3.
Software transfer to use
78 000
013 Softw041 Acq.of
intang. ass
4.
Trade payables settlement from bank
92 820
Creditors
Bank acc.
5.
200x year amortization
12 000551
Amortiz.073
Accum.am
6.
200x+1 amortization
36 000551
Amortiz.073
Accum.am
7.
200x+2 amortization
30 000551
Amortiz.073
Accum.am
8.
Taking from evidence
78 000073
Accum.am
013 Softw
9.Received invoice for software B acquisition
15 000Other services
Creditors
Amortization amount calculation:
CZK 78 000 : 26 month = CZK 3 000/month
200x year: 4 * 3 000 = 12 000
200x+1:12 * 3 000 = 36 000
200x+2:10 * 3 000 = 30 000

Exercise 20: Corporate income tax I

Table 1: Transactions
NoTransactionsAmount

DebitCredit 1.Issued invoice for services provided1 500T.receiv.Reven.serv. 2.Material consumption4 000Cons.mater.Mateial 3.Gross wages of employees1 000WagesEmployees 4Energy consumption – received invoice2 000Energy conT.payables 5Production of final products7 000F.productsChanges in 6.Final products consumption1 500Changes in F.products 7.Final products sale
a) store outgoing (requisition)
b) issued invoice  (non VAT taxable person)
5 000
7 500
Changes in
T.receivab.
F.products
Reven.prod. 8.Income tax recording400591 341P/L accounts closing 9.Consumed materials
Wages and salaries
Energy consumption
Income tax (591)4 000
1 000
2 000
400P/L account
P/L account
P/L account
P/L accountCons.mater
Wages, sal.
Energy con.
Income tax10.Revenues from services
Changes in finished products
Revenues from products1 500
500
7 500Rev.serv.
Changes in
Rev.prodP/L account
P/L account
P/L accountBS accounts closing11.Material in store
Bank account
Trade receivables (Debtors)
Final products 4 000
10 000
9 000
500Cl.BS acc
Cl.BS acc
Cl.BS acc
Cl.BS accMaterial
Bank acc.
T.receiv.
F.products12.Registered capital
P/L from previous years
Employees
Trade payables (Creditors)
Income tax (341)15 000
3 000
1 000
2 000
400Regis.cap.
P/L prev.y.
Employees
T.payabl.
Income taxCl.BS acc
Cl.BS acc
Cl.BS acc
Cl.BS acc
Cl.BS acc13.P/L from current year2 100710 P/L acc702Cl.BS acc
Table 1: Position statement
Position statement (Closing balance sheet)AssetsAmountEquity, LiabilitiesAmount
Material in store
Final products
Trade receivables
Bank account

4 000
500
9 000
10 000Equity
Registered capital
P/L from previous year
P/L from current year
Liabilities
Employees
Trade payables
Income tax
15 000
3 000
2 100
1 000
2 000
400
Total amount23 500Total amount23 500

Table 2: Profit/loss account
Profit/loss account (Income statement)ExpensesAmountRevenuesAmountConsumed material
Wages and salaries
Energy consumption4 000
1 000
2 000Revenues from services
Changes in finished products
Revenues from own products1 500
500
7 500Total amount7 000Total amount9 500Gross Profit/loss 2 500Income tax expense 400Profit/loss of current year 2 100
Income tax calculation: 2 500 2 000 * 0.2 = 400