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NORTH STAR ., Ltd. Shows the following accounts in its trial balance al 30th November 2011: Accounts Debit Balance Credit Balance Share Capital 0 150.000, Reserves 0 37.500, Long Term bank loan 0 82. 6 00, Short Term bank loan 6.500, Equipment 101.475,00 0 Furniture 15.000,00 0 Vehicles 33.000,00 0 Software 2.250,00 0 Accumulated depreciation 0 36.750, Inventories 9.750,00 0 Accounts Payable 0 96.750, Accounts payable due to discounted notes 0 24.000, Accounts receivable 36.225,00 0 Discounted notes 24.000,00 0 Allowance for uncollectible accounts 0 5.175, Input VAT 9.450,00 0 Output VAT 0 32.400, Bank Account 126.750,00 0 Purchases 217.500,00 0 Sales 0 294.825, Sales Returns and Allowances 5.400,00 0 Purchases returns and Allowances 0 3.300, Interest expense 2.250,00 0 Other services revenue 0 1.650, Rent expense 6.000,00 0 Wages expense 128.400,00 0 Social Security contribution of the company 36.000,00 0 Supplies expense 18.000,00 0 Total 771.450,00 771.450, Record the following transactions that are still unrecorded:
- The company pays the bank loan installment corresponding to December:
- Capital: 6.
- Interest: 2. The part of the loan to be repaid to the bank during 2012 is 78.000,00€.
- Sold inventories on credit for 75 .000,00 (VAT 18 % not included). The company pays the freight out expenses for 1.900,00 (VAT 18 % not included) by bank transfer.
- Because of having been spoilt during transportation, NORTHSTAR decides to return some goods valued at 9 .000,00 (VAT 18 % not included). Assume that the company bought the goods on credit.
- On December 1 st^ , the company signs a premises rental contract. The company pays in advance 12.000,00 corresponding to the next year rental (from 1st^ December-‐11 until 30th November-‐ 12 ) (VAT 18 % not included).
- On December 1st^ the company sells on credit half of the furniture for 6.000,00 (VAT not included). Its accumulated Amortization at the beginning of the year was 2.000,00. (Straight line method. Useful life 6 years. No residual value.)
- Only half of the discounted notes are paid at their maturity date. Assume all the maturity dates have elapsed. The bank charges expenses of 1.200,00. The company decides to consider the dishonored notes uncollectible and to write them off the balance.
- The payroll corresponding to December is as follows (the net amount is paid through the bank account): - Gross Salaries: 46 .000, - Withholding tax: 20% - Social Security payable by employees: 6% - Company Social Security contribution: 26%
- The company prepares the VAT return corresponding to the last quarter. Record the following Year End adjustments:
- Inventories: The ending inventories net value is 4.500,00.
- Depreciation of non current assets: o Equipment: Straight-‐line method. Useful life 10 years. Residual value 6.500,00. o Furniture: Straight-‐line method. Useful life 6 years. No residual value. o Vehicles: Production method. Useful life 28 0.000 km years. 9 0.000 Run km during 2011. Non residual value o Software: Straight-‐line method. Useful life 4 years. No residual value. Prepare the Balance Sheet on 31st^ December 2011
