April. Appliances LTD - April - WORKING FILE

JOURNAL
DATE
SUBJECT
ACC.
DEBIT
ACCOUNT TITLE
AMOUNT
ACC.
april 1
40
Purchase of merchandise
600
81,000.00
572
400
april 1
41
Payment of building's rent
621
Renting expenses
10,000.00
572
april 15
42
Sale of appliances
572
4310
Bank current account

Drafts in portfolio
34,200.00
136,800.00
700
april 25
43
Provision for doubtful receivables
694
Provisions for doubtful clients
9,870.00
490
april 25
44
Discount to suppliers for promp paym.
706
Discounts on sale prompt paym.
200.00
4310
april 30
45
Payment of payroll
640
Salary expenses
25,000.00
4751
476
572
april 30
46
Company's Social Security
642
6,250.00
572
april 30
47
Payment of withholding tax and S.Sec.
4751
476
Public Treasury, creditor (w/h tax)

Social Security, creditor
7,500.00
4,000.00
572
april 30
48
Payment of suppliers' matured A/P
400
Suppliers of merchandises
54,000.00
572
april 30
49
Discounting drafts in banks
572
660
4311
Bank, current account

Financial expenses
Discounted drafts
55,766.67
233.33
56,000.00
5,208
4,310
april 30
50
Monthly payment of leasing
660
173
Financial expenses
L/T suppliers of fixed assets
1,503.00
3,161.00
572
april 30
51
Adjusting entry (loan's interest)
660
Financial expenses
1,000.00
5200
april 30
52
Adjusting entry (grant)
130
Capital grants
500.00
740
april 30
53
Adjusting entry (leasing depreciation)
681
Depreciation of tangible assets
3,472.22
282
april 30
54
Adjusting entry (regulariz. of invent.)
300
Inventory of merchandise
10,800.00
610
april 30
55
Closing entry (expenses)
129
Profit and loss account
383,841.89
600
621
627
640
642
660
681
694
706
april 30
56
Closing entry (revenues)
606
610
700
740
Discount on purch. prompt paym.

Variation of merchandise stock
Sale of merchandise
Income of grants
0.00
10,800.00
317,000.00
2,000.00
129
TOTAL
1,214,898.11
MONTH:
CREDIT
ACCOUNT TITLE
April
AMOUNT

8,100.00
72,900.00
10,000.00
Sale of merchandise
171,000.00
Deterioration in the value of A/R

Drafts in portfolio
Public Treas, creditor (withh. tax)
9,870.00
200.00
3,750.00
2,000.00
19,250.00
6,250.00
11,500.00
54,000.00
Debt for discounted drafts

Drafts in portfolio
56,000.00
56,000.00
4,664.00
Short-term debt with banks
1,000.00
Income from grants

Accum. deprec. tang. assets
500.00
3,472.22
10,800.00
Purchase of merchandises
Renting expenses
Advertising expenses
Salary expenses
Financial expenses
Depreciation tangible assets
Discounts on sale prompt paym.
195,000.00
35,000.00
15,000.00
75,000.00
18,750.00
11,789.00
13,888.89
19,214.00
200.00
329,800.00
1,214,898.11
0.00
LEDGER
MONTH:
100. Capital stock
121. Accumulated los

40,000.00
100,000.00
140,000.00
0.00
129. Profit and Loss

55
383,841.89
383,841.89
130. Capital grants

329,800.00
56
329,800.00
10
500.00
21
500.00
35
500.00
52
500.00
2,000.00
140. Provisions for L/T liabilities
170. L/T debt with ba
0.00
173. L/T suppliers of fixed assets
8
3,102.00
204. Goodwill
250,000.00
19
3,102.00
33
3,102.00
50
3,161.00
12,467.00
250,000.00
0.00
211. Fixed assets in leasing

2
281. Accum. Deprec. Intan
250,000.00
250,000.00
0.00
300. Inventory of mercha
282. Accum. Deprec. Tangible Assets
3,472.22
11
3,472.22
22
3,472.22
36
3,472.22
53
13,888.89
54,000.00
10,800.00
10,800.00
400. Suppliers of merchandises

48
54
410. Suppliers of serv

54,000.00
14
48,600.00
27
72,900.00
40
54,000.00
175,500.00
0.00
4310. Drafts in portfo

16
56,000.00
28
60,800.00
42
136,800.00
253,600.00
4311. Discounted drafts
49
4315. Unpaid draft
56,000.00
56,000.00
0.00
0.00
432. Due from factor
436. Doubtful custom
0.00
0.00
4751. Public Treas. creditor (withholding tax)
47
7,500.00
3,750.00
17
3,750.00
31
3,750.00
7,500.00
45
11,250.00
476. Social Security creditor

47
4,000.00
4,000.00
480. Prepaid expen

2,000.00
17
2,000.00
31
2,000.00
45
6,000.00
30,000.00
30,000.00
485. Anticipated revenue
0.00
490, Deterioration in the va
0.00
5200. Short-term debt with banks
5208. Debt for discounte

866.67
1,000.00
20
1,000.00
34
1,000.00
51
5209. Debt for factoring op
0.00
3,866.67
572. Bank, current accounts
600. Purchase of mercha
40,000.00
30,000.00
14
60,000.00
100,000.00
5,000.00
27
54,000.00
148,500.00
4,664.00
40
81,000.00
30,000.00
6,000.00
14
16
14,000.00
19,250.00
17
28
15,200.00
6,250.00
18
42
34,200.00
10,000.00
15
49
55,766.67
4,664.00
19
5,400.00
27
10,000.00
26
15,000.00
29
19,250.00
31
6,250.00
32
4,664.00
33
8,100.00
40
10,000.00
41
19,250.00
45
6,250.00
46
195,000.00
606. Discounts on purch. for pr
11,500.00
47
54,000.00
48
4,664.00
50
0.00
610. Variation of stock of me

56
10,800.00
10,800.00
621. Renting expens
437,666.67
5,000.00
15
10,000.00
26
10,000.00
41
10,000.00
260,156.00
627. Advertising expenses

29
15,000.00
15,000.00
15,000.00
15,000.00
55
35,000.00
628. Other supplies
0.00
640. Salary expense

17
25,000.00
31
25,000.00
45
25,000.00
75,000.00
642. Company's Social Security
18
6,250.00
32
46
660. Financial expen

4
1,500.00
6,250.00
1,562.00
6,250.00
866.67
19
1,562.00
20
1,000.00
33
1,562.00
34
1,000.00
49
233.33
50
1,503.00
51
1,000.00
18,750.00
18,750.00
55
18,750.00
11,789.00
680. Depreciation of intang. assets
681. Depreciation of tangib

11
3,472.22
22
3,472.22
36
3,472.22
53
3,472.22
0.00
13,888.89
693. Provisions for stocks' depreciation
694. Provisions for doubtfu

30
9,344.00
43
0.00
0.00
19,214.00
700. Sale of merchandise

56
317,000.00
9,870.00
706. Discounts on sales for pr

70,000.00
16
76,000.00
28
171,000.00
42
44
200.00
200.00
740. Income of gran

56
317,000.00
2,000.00
317,000.00
2,000.00
1,556,225.56
2,215,517.44
1,541,211.56
659,291.89
2,215,517.44
0.00
April
121. Accumulated losses
0.00
130. Capital grants
30,000.00
30,000.00
170. L/T debt with banks
150,000.00
150,000.00
204. Goodwill
281. Accum. Deprec. Intang. Assets
0.00
300. Inventory of merchandises
0.00
410. Suppliers of services
0.00
4310. Drafts in portfolio
200.00
44
56,000.00
49
56,200.00
4315. Unpaid drafts
436. Doubtful customers
480. Prepaid expense
0.00
490, Deterioration in the value of A/R
9,344.00
30
9,870.00
43
19,214.00
5208. Debt for discounted drafts
56,000.00
56,000.00
49
5209. Debt for factoring operations
0.00
600. Purchase of merchandises

195,000.00
195,000.00
606. Discounts on purch. for prompt paym.
55
0.00
610. Variation of stock of merchandises
10,800.00
54
10,800.00
621. Renting expenses
35,000.00
55
35,000.00
640. Salary expenses
75,000.00
55
75,000.00
660. Financial expenses
11,789.00
55
11,789.00
681. Depreciation of tangible assets
13,888.89
55
13,888.89
694. Provisions for doubtful clients
19,214.00
55
19,214.00
706. Discounts on sales for prompt paym.
200.00
55
200.00
740. Income of grants
500.00
10
500.00
21
500.00
36
500.00
52
2,000.00
674,305.89
2,215,517.44
TRIAL BALANCE (Before regularisation)
ACC.
CONCEPT
100
Capital stock
130
Capital grants
170
Long-term debt with banks
173
204
Goodwill
212
Fixed assets in leasing
281
SUM
DEBIT
CREDIT
0.00
140,000.00
2,000.00
30,000.00
0.00
150,000.00
12,467.00
250,000.00
0.00
0.00
250,000.00
0.00
Accum. Deprec. Intang. Assets
0.00
0.00
282
Accum. Deprec. Tang. Assets
0.00
13,888.89
300
Inventory of merchandises
10,800.00
0.00
400
54,000.00
175,500.00
410
Suppliers of services
0.00
0.00
4310
Drafts in portfolio
253,600.00
56,200.00
4311
Discounted drafts
56,000.00
0.00
432
Due from factor
0.00
0.00
4751
Public Treasury, creditor (withholding tax)
7,500.00
11,250.00
476
4,000.00
6,000.00
480
Prepaid expenses
30,000.00
0.00
485
Anticipated revenue
0.00
0.00
490
Deterioration in the value of receivables
0.00
19,214.00
5200
0.00
3,866.67
5208
0.00
56,000.00
5209
Debt for factoring operations
0.00
0.00
572
437,666.67
260,156.00
600
195,000.00
606
Discount on purch. for prompt paym.
610
621
Renting expenses
35,000.00
627
Advertising expenses
15,000.00
640
Salary expenses
75,000.00
642
18,750.00
660
Financial expenses
11,789.00
681
Depreciation tangible assets
13,888.89
693
Provisions for stock's depreciation
694
700
Sale of merchandise
706
Discounts on sale for prompt payment
740
Income of grants
0.00
0.00
10,800.00
0.00
19,214.00
317,000.00
200.00
2,000.00
TOTAL
1,501,875.56
1,501,875.56
0.00
MONTH:
April
BALANCE
DEBIT
CREDIT
Err:518
140,000.00
Err:518
28,000.00
Err:518
150,000.00
Err:518
237,533.00
Err:518
Err:518
250,000.00
Err:518
Err:518
Err:518
Err:518
13,888.89
10,800.00
Err:518
Err:518
121,500.00
Err:518
Err:518
197,400.00
Err:518
56,000.00
Err:518
Err:518
Err:518
Err:518
3,750.00
Err:518
2,000.00
30,000.00
Err:518
Err:518
Err:518
Err:518
19,214.00
Err:518
3,866.67
Err:518
56,000.00
Err:518
Err:518
177,510.67
Err:518
195,000.00
Err:518
Err:518
Err:518
Err:518
10,800.00
35,000.00
Err:518
15,000.00
Err:518
75,000.00
Err:518
18,750.00
Err:518
11,789.00
Err:518
13,888.89
Err:518
Err:518
Err:518
19,214.00
Err:518
Err:518
317,000.00
200.00
Err:518
Err:518
2,000.00
1,105,552.56
1,105,552.56
0.00
TRIAL BALANCE After regularisation)
ACC.
CONCEPT
100
Capital stock
129
130
Capital grants
170
Long-term debt with banks
173
204
Goodwill
212
Fixed assets in leasing
281
SUM
DEBIT
CREDIT
0.00
140,000.00
383,841.89
329,800.00
2,000.00
30,000.00
0.00
150,000.00
12,467.00
250,000.00
0.00
0.00
250,000.00
0.00
Accum. Deprec. Intang. Assets
0.00
0.00
282
Accum. Deprec. Tang. Assets
0.00
13,888.89
300
Inventory of merchandises
10,800.00
0.00
400
54,000.00
175,500.00
410
0.00
0.00
4310
Drafts in portfolio
253,600.00
56,200.00
4311
Discounted drafts
56,000.00
0.00
432
Due from factor
0.00
0.00
4751
7,500.00
11,250.00
476
4,000.00
6,000.00
480
Prepaid expenses
30,000.00
0.00
485
Anticipated revenue
0.00
0.00
490
Deterioration in the value of receivables
0.00
19,214.00
5200
0.00
3,866.67
5208
0.00
56,000.00
5209
Debt for factoring operations
0.00
0.00
572
437,666.67
260,156.00
1,501,875.56
1,501,875.56
TOTAL
0.00
MONTH:
April
BALANCE
DEBIT
CREDIT
0.00
140,000.00
54,041.89
0.00
0.00
28,000.00
0.00
150,000.00
0.00
237,533.00
0.00
0.00
250,000.00
0.00
0.00
0.00
0.00
13,888.89
10,800.00
0.00
0.00
121,500.00
0.00
0.00
197,400.00
0.00
56,000.00
0.00
0.00
0.00
0.00
3,750.00
0.00
2,000.00
30,000.00
0.00
0.00
0.00
0.00
19,214.00
0.00
3,866.67
0.00
56,000.00
0.00
0.00
177,510.67
0.00
775,752.56
775,752.56
0.00
PROFIT AND LOSS ACCOUNT
70
Sales
74
Other income
MONTH:
April
AMOUNT
316,800.00
2,000.00
JANUARY
TOTAL INCOME
318,800.00
100.0
Cost of materials
184,200.00
57.8
600
- Purchases
195,000.00
610
- Variation of merchandise stock
-10,800.00
GROSS MARGIN
42.2
Personal expenses
93,750.00
29.4
640
- Salaries (gross)
75,000.00
642
- Social Security (company)
18,750.00
Other operational expenses
50,000.00
EBITDA (*)
-9,150.00
68
Depreciation of fixed assets
13,888.89
69
Provisions for stocks and clients
19,214.00
66
Financial expenses
11,789.00
PROFIT BEFORE TAX
-54,041.89
FEBRUARY
MARCH
134,600.00
62
PROFIT BEFORE TAX
-2.9
-17.0
APRIL
(*) EBITDA = Earnings before interest, taxes, depreciation and amortization.
PROFIT BEFORE TAX
(Aggregate)
-11,900.89
-30,685.11
-70,813.33
-54,041.89
BALANCE SHEET
ACC.
AMOUNT
ACC.
FIXED ASSETS
20+21
Property, plant and equipment
250,000.00
100
28
Less: Accumulated depretiation
-13,888.89
129
TOTAL FIXED ASSETS
236,111.11
CURRENT ASSETS
300
Inventories of merchandise
Receivables
130
10,800.00
253,400.00
17
(4310)
- Drafts in portfolio
197,400.00
(4311)
- Discounted drafts
56,000.00
520
(432)
- Due from factor
0.00
400
410
490
480
Deterioration in the value of A/R

Prepaid expenses
-19,214.00
30,000.00
4751
572
Bank accounts
177,510.67
476
452,496.67
485
TOTAL CURRENT ASSETS
5,208
TOTAL ASSETS
(*) Positive or negative sign, depending on the account's balance.
688,607.78
MONTH:
April
AMOUNT
OWNERSHIP INTEREST (O/I)

Capital stock
140,000.00
Profit and loss (*)
-54,041.89
TOTAL O/I
Capital grants
85,958.11
28,000.00
LIABILITIES
Long term debt
387,533.00
TOTAL NON-CURRENT LIABILITIES

Suppliers of merchandise
387,533.00
3,866.67
121,500.00
0.00
3,750.00
2,000.00
Anticipated revenue
0.00
56,000.00
TOTAL CURRENT LIABILITIES
187,116.67
TOTAL LIABILITIES
574,649.67
TOTAL O/I + LIABILITIES
688,607.78
0.00
FINANCIAL ANALYSIS
RATIO
MANAGEMENT PERFORMANCE
-Return on shareholders' equity
-Gross profit
Total assets usage
LIQUIDITY AND WORKING CAPITAL
-Current ratio
-Stock holding period
-Customers' collection period
-Suppliers' payment period
GEARING
-Debt / equity ratio
-Interest cover
MONTH:
April
DEFINITION
VALUE
(Profit before tax / Ownership interest) x 100
-62.87
(Gross profit / Sales) x 100
42.22
(Sales / Total assets)
0.46
Current assets / Current liabilities
2.42
(Average inventories held / Cost of sales ) x 365
28.53
(Average receivables / Credit sales) x 365 (*)
142.59
(Average payables / Credit purchases) x 365 (**)
147.83
(Long-term liabilities / Ownership interest)
4.51
EBITDA / Interest expense
-0.78
(*) Percentage of credit sales:
80
(**) Percentage of credit purchases:
90
DRAFTS' MATURITIES CONTROL

February
RECEIVABLES (Drafts in portfolio)
Date of issue
Amount
Maturity date
February
56,000.00
May
(April)
March
Date of issue
Amount
Maturity date
February
56,000.00
May
March
60,800.00
June
RECEIVABLES (Drafts discounted)
RECEIVABLES (Bills in factoring)
PAYABLES (Drafts accepted)

Date of issue
Amount
Maturity date
February
54,000.00
April

Date of issue
Amount
Maturity date
February
54,000.00
April
March
48,600.00
May
April
Date of issue
Amount
March
April
60,800.00
136,800.00

February
56,000

Date of issue
Amount
March
April
48,600.00
72,900.00
April
Maturity date
June
July
May

Maturity date
May
June
INVENTORY OF MERCHANDISES
(April)
January
February
March
April
Initial inventory (units)
30
50
Purchases (units)
100
100
150
600
540
540
Cost per unit

Initial inventory (euros)
18,000
27,000
Sales (units)
70
80
180
Ending inventory (units)
30
50
20
Ending inventory (euros)
18,000
27,000
10,800
Note: Valuation criteria: FIFO

April. Appliances LTD - April - WORKING FILE

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April. Appliances LTD - April - WORKING FILE

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JOURNAL

Payment of building's rent

Bank current account

Provision for doubtful receivables

Provisions for doubtful clients

Discount to suppliers for promp paym.

Discounts on sale prompt paym.

Company's Social Security

Company's Social Security

Payment of withholding tax and S.Sec.

Public Treasury, creditor (w/h tax)

Payment of suppliers' matured A/P

Discounting drafts in banks

Bank, current account

Monthly payment of leasing

Adjusting entry (loan's interest)

Adjusting entry (grant)

Adjusting entry (leasing depreciation)

Depreciation of tangible assets

Adjusting entry (regulariz. of invent.)

Closing entry (expenses)

Profit and loss account

Closing entry (revenues)

Discount on purch. prompt paym.

Bank, current account

Bank, current account

Deterioration in the value of A/R

Bank, current account

Bank, current account

Bank, current account

Debt for discounted drafts

Bank, current account

Short-term debt with banks

Income from grants

Profit and loss account

121. Accumulated los

129. Profit and Loss

130. Capital grants

170. L/T debt with ba

211. Fixed assets in leasing

281. Accum. Deprec. Intan

300. Inventory of mercha

282. Accum. Deprec. Tangible Assets

400. Suppliers of merchandises

410. Suppliers of serv

4310. Drafts in portfo

4315. Unpaid draft

432. Due from factor

436. Doubtful custom

4751. Public Treas. creditor (withholding tax)

476. Social Security creditor

480. Prepaid expen

485. Anticipated revenue

490, Deterioration in the va

5200. Short-term debt with banks

5208. Debt for discounte

5209. Debt for factoring op

572. Bank, current accounts

600. Purchase of mercha

606. Discounts on purch. for pr

610. Variation of stock of me

621. Renting expens

627. Advertising expenses