Riesgo III

1). 𝐻𝑎𝑙𝑙𝑎𝑟 𝑒𝑙 𝑖𝑛𝑡𝑒𝑟é𝑠 𝑙𝑒𝑔𝑎𝑙, 𝑝𝑜𝑟 𝑒𝑙 𝑎𝑡𝑟𝑎𝑠𝑜 𝑒𝑛 𝑝𝑎𝑔𝑜 𝑑𝑒 𝑙𝑎 𝑉𝐴𝐿#01 = Nov-16 , 𝑒𝑙 𝑐𝑢𝑎𝑙 𝑓𝑢𝑒 𝑐𝑎𝑛𝑐𝑒𝑙𝑎𝑑𝑜 𝑒𝑙

I). 𝑀𝐶 = �/. 750,000.00 (𝑠/𝑖𝑔𝑣)

II). 𝐴𝑑. 𝐸𝑓. = 10 %∗��
III). 𝐴𝑑. 𝑀𝑎𝑡. = 20 %∗�� (𝐶𝑒)
IV). 𝑀𝑒𝑠 𝐵𝑎𝑠𝑒 = Jul-16
V). 𝑀𝑒𝑠 𝐴𝑑𝑒𝑙. = Sep-16
VI).
×𝐽_𝑟/𝐽_𝑜 + ×𝐶_𝑟/𝐶_𝑜 + ×𝐴_𝑟/𝐴_𝑜×+〖𝐿𝑀〗 _𝑟/ 〖𝐿𝑀〗×_𝑜
〖𝐸𝑄〗
+ _𝑟/ 〖𝐸𝑄〗 _𝑜 +
�= 0.183 0.196 0.185 0.125 0.111

M. Base M. Adel. V1 V2 V3
Si: Jul-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17
Im (Ce) 341.95 350.15 355.25 370.60 378.15 385.40
Val. (S/.) 250,000.00 350,000.00 150,000.00
"K" 1.007 1.012 1.015 1.019 1.024

Solución:

a). Adelantos: % 𝐼𝑛𝑐𝑖𝑑.= 100 %

𝑨�. 𝑬𝒇𝒆𝒄.=% 𝑨�. 𝑬𝒇𝒆𝒄.

×𝑴�

𝑨�. 𝑴𝒂𝒕.=% 𝑨�. 𝑴𝒂𝒕. ×𝑴�

% 𝑨_𝑴𝑨�>% 𝑨�𝒆𝒍. SÍ : Adel = 20%*MC

𝑴𝒂𝒕.

NO : Adel = %Amax*MC

𝑨_𝑴𝑨�=�𝒐𝒆𝒇. 𝑰𝒏𝒄𝒊�. 𝑴𝒂𝒕. ×% 𝑰𝒏𝒄𝒊�. ×𝑺𝒂𝒍�𝒐 𝒙 𝑽𝒂𝒍.

(𝑴�)× 〖��〗 _𝑨�𝒆𝒍/ 〖��〗 _𝟎

〖%
𝑨 〗 _𝑴𝑨�=𝑨_𝑴𝑨�/𝑴� 150,525.08 /
〖 % 𝐴 〗 _𝑀Á𝑋=(
×𝟏𝟎𝟎%

〖 % 𝑨 〗 _𝑴𝑨�=𝟐𝟎.𝟎𝟕%>% 𝑨�𝒆𝒍. 𝑴𝒂𝒕.=𝟐𝟎%⟹𝑨�.

𝑴𝒂𝒕.=𝟐𝟎%∗𝑴�

b). Valorización Bruta (Vb): 𝑀𝑒𝑠 1: Nov-16

�_𝟏=𝑽_𝟏×(𝑲_𝑶�𝑻− �_1=
𝟏)
 �_𝟏
𝑨�=(𝑨�× 〖𝑽𝒂𝒍〗 _𝟏)/𝑴�×(𝑲_𝒂𝒏
𝒕/𝑲_𝒂�𝒆𝒍 −𝟏)

�_𝟏 𝑨𝑴=�𝒐𝒆𝒇. 𝑰𝒏𝒄𝒊�. 𝑴𝒂𝒕. × 〖���〗 _𝟏×(( 〖�

�〗 _𝒂𝒏𝒕− 〖��〗 _𝒂�𝒆𝒍)/ 〖��〗 _𝒃𝒂𝒔𝒆 )

〖��〗 _𝟏=𝑽_𝟏+�_𝟏−�_𝟏
𝑨�−�_𝟏 𝑨𝑴

c). Valorización Neta (Vn): 𝑀𝑒𝑠 1: Nov-16

〖��〗 _𝟏
𝑨�=𝟏𝟎%×𝑽_𝟏 〖� 〖
� _1〗𝐴𝐷=10%∗

〖��〗 _𝟏
𝑨𝑴=𝟐𝟎%×𝑽_𝟏 〖� 〖
� _1〗𝐴𝑀=20%∗

〖��〗 _𝟏= 〖��〗 _𝟏

〖� 〖 〗
� _1=
𝑨�+ 〖��〗 _𝟏 𝑨𝑴
〖��〗 _𝟏= 〖�
�〗 _𝟏− 〖� 〖 252,145.06 −
〗
� _1=
〖��〗 _𝟏
d). Interés Legal (I.L.):

𝐹𝑎𝑐𝑡. 𝐴𝑐𝑢𝑚 𝑇.𝐼.𝐿. (𝑃𝑎𝑔𝑜 �𝑒𝑎𝑙) = 7.17334 (10-Apr-17 )

𝐹𝑎𝑐𝑡. 𝐴𝑐𝑢𝑚 𝑇.𝐼.𝐿. (𝑃𝑎𝑔𝑜 𝑉𝑎𝑙.) = 7.12018 (31-Dec-16 )

𝑰𝒏𝒕𝒆�é𝒔 𝑳𝒆𝒈𝒂𝒍=𝑽𝒂𝒍. 𝑵𝒆𝒕𝒂×((𝑭𝒂𝒄𝒕. 𝑨𝒄𝒖𝒎. 𝑻.𝑰.𝑳. 𝑷𝒂𝒈𝒐 �𝒆𝒂𝒍)/

(𝑭𝒂𝒄𝒕. 𝑨𝒄𝒖𝒎. 𝑻.𝑰.𝑳. 𝑷𝒂𝒈𝒐 �𝒆𝒂𝒍)−𝟏)

e). Impuesto General a las Ventas (IGV):

𝑰𝑮𝑽=%𝑰𝑮𝑽×𝑰𝒏𝒕𝒆�é𝒔 𝑳𝒆𝒈𝒂𝒍 𝐼𝐺𝑉=

f). Monto Facturado (MF): 𝐿𝑜 𝑞𝑢𝑒 𝑣𝑜𝑦 𝑎 𝑓𝑎𝑐𝑡𝑢𝑟𝑎𝑟

𝑴𝑭=𝑰𝒏𝒕𝒆�é𝒔 𝑳𝒆𝒈𝒂𝒍+𝑰𝑮𝑽 𝑀𝐹=

 Riesgo III

𝑐𝑢𝑎𝑙 𝑓𝑢𝑒 𝑐𝑎𝑛𝑐𝑒𝑙𝑎𝑑𝑜 𝑒𝑙 10-Apr-17 ; 𝑠𝑒𝑔ú𝑛:

× 〖𝐸𝑄〗 _𝑟/ 〖𝐸𝑄〗 ×

_𝑜〖𝐺𝑉〗
+ _𝑟/ 〖𝐺𝑉〗 _𝑜
0.200

𝐴𝑑. 𝐸𝑓𝑒𝑐.= 10 %∗ 750,000.00 = �/. 75,000.00

𝐴𝑑. 𝑀𝑎𝑡.= 20 %∗ 750,000.00 = �/. 150,000.00

Adel = 20%*MC
Adel = 20%*MC
Adel = %Amax*MC

𝐴_𝑀Á𝑋= 0.196 ∗ 100 % ∗ 750,000.00 ∗( 350.15 / 341.95 )= �/.

/ 750,000.00 )∗100%= 20.07 %

𝐴𝑑. 𝑀𝑎𝑡.=20%∗ 750,000.00 = �/. 150,000.00

�_1= 250,000.00 ∗( 1.012 −1 )= �/. 3,000.00

 𝐷_1 𝐴𝐷=[ (┤75,000.00 ∗ 250,000.00)/750,000.00
├ ]∗[ (┤1.012 / 1.007 )−1├ ]=�/. 124.13

𝐷_1 𝐴𝑀=(0.196 ∗ 250,000.00 )∗[ ┤( 355.25 − 350.15 )/ 341.95├ ]= �/. 730.81

〖� 〖 250,000.00 + 3,000.00 − 124.13 − 730.81 = �/. 252,145.06 ( Nov-16 )

〗
� _1=

250,000.00= �/.25,000.00
_1〗𝐴𝐷=10%∗

250,000.00= �/. 50,000.00

_1〗𝐴𝑀=20%∗

〖� 〖 25,000.00 + 50,000.00 = �/.75,000.00

〗
� _1=

75,000.00 = �/. 177,145.06 ( Nov-16 )

𝐿𝑜 𝑞𝑢𝑒 𝑚𝑒 𝑝𝑎𝑔𝑎𝑟á𝑛

𝑀𝑒 𝑡𝑒𝑛í𝑎𝑛 𝑞𝑢𝑒 𝑝𝑎𝑔𝑎𝑟

(〖 � 〖 Nov-16
〗
�� _1= )

𝐼𝑛𝑡𝑒𝑟é𝑠 𝐿𝑒𝑔𝑎𝑙= 177,145.06 ∗[ ┤(7.17334 / 7.12018 )−1├ ]= �/.

𝐼𝐺𝑉= 18 %

𝐼𝐺𝑉= 18 % ∗ 1,322.58 = �/. 238.06

𝑀𝐹= 1,322.58 + 238.06 = �/. 1,560.64

�/. 150,525.08
1,322.58
 Riesgo III

2). 𝐻𝑎𝑙𝑙𝑎𝑟 𝑒𝑙 𝑖𝑛𝑡𝑒𝑟é𝑠 𝑙𝑒𝑔𝑎𝑙, 𝑝𝑜𝑟 𝑒𝑙 𝑎𝑡𝑟𝑎𝑠𝑜 𝑒𝑛 𝑝𝑎𝑔𝑜 𝑑𝑒 𝑙𝑎 𝑉𝐴𝐿#02 = Dec-16 , 𝑒𝑙 𝑐𝑢𝑎𝑙 𝑓𝑢𝑒 𝑐𝑎𝑛𝑐𝑒𝑙𝑎𝑑𝑜 𝑒𝑙

I). 𝑀𝐶 = �/. 750,000.00 (𝑠/𝑖𝑔𝑣)

II). 𝐴𝑑. 𝐸𝑓. = 10 %∗𝑀𝐶
III). 𝐴𝑑. 𝑀𝑎𝑡. = 20 %∗𝑀𝐶 (𝐶𝑒)
IV). 𝑀𝑒𝑠 𝐵𝑎𝑠𝑒 = Jul-16
V). 𝑀𝑒𝑠 𝐴𝑑𝑒𝑙. = Sep-16
VI).
×𝐽_𝑟/𝐽_𝑜 + ×𝐶_𝑟/𝐶_𝑜 + ×𝐴_𝑟/𝐴_𝑜 ×
+〖𝐿𝑀〗 _𝑟/ 〖𝐿𝑀〗×_𝑜〖𝐸𝑄〗
+ _𝑟/ 〖𝐸𝑄〗 _𝑜 +
�= 0.183 0.196 0.185 0.125 0.111

M. Base M. Adel. V1 V2 V3
Si: Jul-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17
Im (Ce) 341.95 350.15 355.25 370.60 378.15 385.40
Val. (S/.) 250,000.00 350,000.00 150,000.00
"K" 1.007 1.012 1.015 1.019 1.024

Solución:

a). Adelantos: % 𝐼𝑛𝑐𝑖𝑑.= 100 %

𝑨�. 𝑬𝒇𝒆𝒄.=% 𝑨�. 𝑬𝒇𝒆𝒄.

×𝑴�

𝑨�. 𝑴𝒂𝒕.=% 𝑨�. 𝑴𝒂𝒕. ×𝑴�

% 𝑨_𝑴𝑨�>% 𝑨�𝒆𝒍. SÍ : Adel = 20%*MC

𝑴𝒂𝒕.
NO : Adel = %Amax*MC

𝑨_𝑴𝑨�=�𝒐𝒆𝒇. 𝑰𝒏𝒄𝒊�. 𝑴𝒂𝒕. ×% 𝑰𝒏𝒄𝒊�. ×𝑺𝒂𝒍�𝒐 𝒙 𝑽𝒂𝒍.

(𝑴�)× 〖��〗 _𝑨�𝒆𝒍/ 〖��〗 _𝟎

〖%
𝑨 〗 _𝑴𝑨�=𝑨_𝑴𝑨�/𝑴 150,525.08 /
〖 % 𝐴 〗 _𝑀Á𝑋=(
�×𝟏𝟎𝟎%

〖 % 𝑨 〗 _𝑴𝑨�=𝟐𝟎.𝟎𝟕%>% 𝑨�𝒆𝒍. 𝑴𝒂𝒕.=𝟐𝟎%⟹𝑨�.

𝑴𝒂𝒕.=𝟐𝟎%∗𝑴�

b). Valorización Bruta (Vb): 𝑀𝑒𝑠 2: Dec-16

�_𝟐=𝑽_𝟐×(𝑲_𝑵𝑶𝑽− �_2=
𝟏)
〖��〗 _𝟏=𝑽_𝟏∗(𝑲_𝑵𝑶𝑽
−𝑲_𝑶�𝑻 )
 〖��〗 _𝟏=𝑽_𝟏∗(𝑲_𝑵𝑶𝑽
−𝑲_𝑶�𝑻 )

�_𝟐
𝑨�=(𝑨�× 〖𝑽𝒂𝒍〗 _𝟐)/𝑴�×(𝑲_𝒂𝒏
𝒕/𝑲_𝒂�𝒆𝒍 −𝟏)

�_𝟐 𝑨𝑴=�𝒐𝒆𝒇. 𝑰𝒏𝒄𝒊�. 𝑴𝒂𝒕. × 〖���〗 _𝟐×(( 〖�

�〗 _𝒂𝒏𝒕− 〖��〗 _𝒂�𝒆𝒍)/ 〖��〗 _𝒃𝒂𝒔𝒆 )

〖��〗 _𝟐=𝑽_𝟐+�_𝟐+
〖��〗 _𝟏−�_𝟐 𝑨�−�_𝟐 𝑨𝑴
c). Valorización Neta (Vn): 𝑀𝑒𝑠 2: Dec-16

〖��〗 _𝟐
𝑨�=𝟏𝟎%×𝑽_𝟐 〖� 〖
� _2〗𝐴𝐷=10%∗

〖��〗 _𝟐
𝑨𝑴=𝟐𝟎%×𝑽_𝟐 〖� 〖
� _2〗𝐴𝑀=20%∗

〖��〗 _𝟐= 〖��〗 _𝟐

〖� 〖 〗
� _2=
𝑨�+ 〖��〗 _𝟐 𝑨𝑴
〖��〗 _𝟐= 〖�
�〗 _𝟐− 〖� 〖 351,619.39 −
〗
� _2=
〖��〗 _𝟐
d). Interés Legal (I.L.):

𝐹𝑎𝑐𝑡. 𝐴𝑐𝑢𝑚 𝑇.𝐼.𝐿. (𝑃𝑎𝑔𝑜 �𝑒𝑎𝑙) = 7.17334 ( 10-Apr-17 )

𝐹𝑎𝑐𝑡. 𝐴𝑐𝑢𝑚 𝑇.𝐼.𝐿. (𝑃𝑎𝑔𝑜 𝑉𝑎𝑙.) = 7.13654 ( 31-Jan-17 )

𝑰𝒏𝒕𝒆�é𝒔 𝑳𝒆𝒈𝒂𝒍=𝑽𝒂𝒍. 𝑵𝒆𝒕𝒂×((𝑭𝒂𝒄𝒕. 𝑨𝒄𝒖𝒎. 𝑻.𝑰.𝑳. 𝑷𝒂𝒈𝒐 �𝒆𝒂𝒍)/

(𝑭𝒂𝒄𝒕. 𝑨𝒄𝒖𝒎. 𝑻.𝑰.𝑳. 𝑷𝒂𝒈𝒐 �𝒆𝒂𝒍)−𝟏)

e). Impuesto General a las Ventas (IGV):

𝑰𝑮𝑽=%𝑰𝑮𝑽×𝑰𝒏𝒕𝒆�é𝒔 𝑳𝒆𝒈𝒂𝒍 𝐼𝐺𝑉=

f). Monto Facturado (MF): 𝐿𝑜 𝑞𝑢𝑒 𝑣𝑜𝑦 𝑎 𝑓𝑎𝑐𝑡𝑢𝑟𝑎𝑟

𝑴𝑭=𝑰𝒏𝒕𝒆�é𝒔 𝑳𝒆𝒈𝒂𝒍+𝑰𝑮𝑽 𝑀𝐹=

 Riesgo III

𝑐𝑢𝑎𝑙 𝑓𝑢𝑒 𝑐𝑎𝑛𝑐𝑒𝑙𝑎𝑑𝑜 𝑒𝑙 10-Apr-17 ; 𝑠𝑒𝑔ú𝑛:

× 〖𝐸𝑄〗 _𝑟/ 〖𝐸𝑄〗 ×

_𝑜〖𝐺𝑉〗
+ _𝑟/ 〖𝐺𝑉〗 _𝑜
0.200

𝐴𝑑. 𝐸𝑓𝑒𝑐.= 10 %∗ 750,000.00 = �/. 75,000.00

𝐴𝑑. 𝑀𝑎𝑡.= 20 %∗ 750,000.00 = �/. 150,000.00

Adel = 20%*MC
Adel = 20%*MC
Adel = %Amax*MC

𝐴_𝑀Á𝑋= 0.196 ∗ 100 % ∗ 750,000.00 ∗(350.15 / 341.95 )= �/.

/ 750,000.00 )∗100%= 20.07 %

𝐴𝑑. 𝑀𝑎𝑡.=20%∗ 750,000.00 = �/. 150,000.00

�_2= 350,000.00 ∗( 1.015 −1 )= �/. 5,250.00

 〗250,000.00 ∗( 1.015 − 1.012 )= �/. 750.00
〖 � 〖� _1=

𝐷_2 𝐴𝐷=[ (┤75,000.00 ∗ 350,000.00)/ 750,000.00

├ ]∗[ (┤1.015 / 1.007 )−1├ ]=�/. 278.05

𝐷_2 𝐴𝑀=( 0.196 ∗ 350,000.00 )∗[ ┤( 370.60 − 350.15 )/341.95├ ]= �/.4,102.56

〖� 〖 〗350,000.00 + 5,250.00 + 750.00 −

� _1= 278.05 − 4102.56 = �/.351,619.39

350,000.00= �/. 35,000.00

_2〗𝐴𝐷=10%∗

350,000.00= �/. 70,000.00

2〗𝐴𝑀=20%∗

〖� 〖 35,000.00
〗
� _2= + 70,000.00 = �/. 105,000.00

− 105,000.00 = �/. 246,619.39 ( Dec-16 )

𝐿𝑜 𝑞𝑢𝑒 𝑚𝑒 𝑝𝑎𝑔𝑎𝑟á𝑛

𝑀𝑒 𝑡𝑒𝑛í𝑎𝑛 𝑞𝑢𝑒 𝑝𝑎𝑔𝑎𝑟

(〖 � 〖 〗Dec-16)
�� _2=

𝐼𝑛𝑡𝑒𝑟é𝑠 𝐿𝑒𝑔𝑎𝑙= 246,619.39 ∗[ ┤(7.17334 / 7.13654 )−1├ ]= �/.

𝐼𝐺𝑉= 18 %

𝐼𝐺𝑉= 18 % ∗ 1,271.71 = �/. 228.91

𝑀𝐹= 1,271.71 + 228.91 = �/. 1,500.62

�/.150,525.08
( Dec-16 )

1,271.71
 Riesgo III

3). 𝐻𝑎𝑙𝑙𝑎𝑟 𝑒𝑙 𝑖𝑛𝑡𝑒𝑟é𝑠 𝑙𝑒𝑔𝑎𝑙, 𝑝𝑜𝑟 𝑒𝑙 𝑎𝑡𝑟𝑎𝑠𝑜 𝑒𝑛 𝑝𝑎𝑔𝑜 𝑑𝑒 𝑙𝑎 𝑉𝐴𝐿#03 = Jan-17 , 𝑒𝑙 𝑐𝑢𝑎𝑙 𝑓𝑢𝑒 𝑐𝑎𝑛𝑐𝑒𝑙𝑎𝑑𝑜 𝑒𝑙

I). 𝑀𝐶 = �/. 750,000.00 (𝑠/𝑖𝑔𝑣)

II). 𝐴𝑑. 𝐸𝑓. = 10 %∗𝑀𝐶
III). 𝐴𝑑. 𝑀𝑎𝑡. = 20 %∗𝑀𝐶 (𝐶𝑒)
IV). 𝑀𝑒𝑠 𝐵𝑎𝑠𝑒 = Jul-16
V). 𝑀𝑒𝑠 𝐴𝑑𝑒𝑙. = Sep-16
VI).
×𝐽_𝑟/𝐽_𝑜 + ×𝐶_𝑟/𝐶_𝑜 + ×𝐴_𝑟/𝐴_𝑜 ×
+〖𝐿𝑀〗 _𝑟/ 〖𝐿𝑀〗×_𝑜〖𝐸𝑄〗
+ _𝑟/ 〖𝐸𝑄〗 _𝑜 +
�= 0.183 0.196 0.185 0.125 0.111

M. Base M. Adel. V1 V2 V3
Si: Jul-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17
Im (Ce) 341.95 350.15 355.25 370.60 378.15 385.40
Val. (S/.) 250,000.00 350,000.00 150,000.00
"K" 1.007 1.012 1.015 1.019 1.024

Solución:

a). Adelantos: % 𝐼𝑛𝑐𝑖𝑑.= 100 %

𝑨�. 𝑬𝒇𝒆𝒄.=% 𝑨�. 𝑬𝒇𝒆𝒄.

×𝑴�
𝑨�. 𝑴𝒂𝒕.=% 𝑨�. 𝑴𝒂𝒕.
×𝑴�
% 𝑨_𝑴𝑨�>% 𝑨�𝒆𝒍. SÍ : Adel = 20%*MC
𝑴𝒂𝒕.
NO : Adel = %Amax*MC

𝑨_𝑴𝑨�=�𝒐𝒆𝒇. 𝑰𝒏𝒄𝒊�. 𝑴𝒂𝒕. ×% 𝑰𝒏𝒄𝒊�. ×𝑺𝒂𝒍�𝒐 𝒙 𝑽𝒂𝒍.

(𝑴�)× 〖��〗 _𝑨�𝒆𝒍/ 〖��〗 _𝟎

〖%
𝑨 〗 _𝑴𝑨�=𝑨_𝑴𝑨�/𝑴� 150,525.08 /
〖 % 𝐴 〗 _𝑀Á𝑋=(
×𝟏𝟎𝟎%

〖 % 𝑨 〗 _𝑴𝑨�=𝟐𝟎.𝟎𝟕%>% 𝑨�𝒆𝒍. 𝑴𝒂𝒕.=𝟐𝟎%⟹𝑨�.

𝑴𝒂𝒕.=𝟐𝟎%∗𝑴�

b). Valorización Bruta (Vb): 𝑀𝑒𝑠 3: Jan-17

�_𝟑=𝑽_𝟑×(𝑲_�𝑰�−𝟏 �_3=
)
〖��〗 _𝟐=𝑽_𝟐∗(𝑲_�𝑰�−
𝑲_𝑵𝑶𝑽 )
 〖��〗 _𝟐=𝑽_𝟐∗(𝑲_�𝑰�−
𝑲_𝑵𝑶𝑽 )
〖��〗 _𝟏=𝑽_𝟏∗(𝑲_�𝑰�−
𝑲_𝑵𝑶𝑽 )

�_𝟑
𝑨�=(𝑨�× 〖𝑽𝒂𝒍〗 _𝟑)/𝑴�×(𝑲_𝒂𝒏
𝒕/𝑲_𝒂�𝒆𝒍 −𝟏)

�_𝟑 𝑨𝑴=�𝒐𝒆𝒇. 𝑰𝒏𝒄𝒊�. 𝑴𝒂𝒕. × 〖���〗 _𝟑×(( 〖�

�〗 _𝒂𝒏𝒕− 〖��〗 _𝒂�𝒆𝒍)/ 〖��〗 _𝒃𝒂𝒔𝒆 )

〖��〗 _𝟑=𝑽_𝟑+�_𝟑+ 〖��〗 _𝟐+

〖��〗 _𝟏−�_𝟑 𝑨�−�_𝟑 𝑨𝑴
c). Valorización Neta (Vn): 𝑀𝑒𝑠 3: Jan-17

〖��〗 _𝟑
𝑨�=𝟏𝟎%×𝑽_𝟑 〖� 〖
� _3〗𝐴𝐷=10%∗

〖��〗 _𝟑
𝑨𝑴=𝟐𝟎%×𝑽_𝟑 〖� 〖
� _3〗𝐴𝑀=20%∗

〖��〗 _𝟑= 〖��〗 _𝟑

〖� 〖 〗
� _3=
𝑨�+ 〖��〗 _𝟑 𝑨𝑴
〖��〗 _𝟑= 〖�
�〗 _𝟑− 〖� 〖 152,663.88−
〗
� _3=
〖��〗 _𝟑
d). Interés Legal (I.L.):

𝐹𝑎𝑐𝑡. 𝐴𝑐𝑢𝑚 𝑇.𝐼.𝐿. (𝑃𝑎𝑔𝑜 �𝑒𝑎𝑙) = 7.17334 ( 10-Apr-17 )

𝐹𝑎𝑐𝑡. 𝐴𝑐𝑢𝑚 𝑇.𝐼.𝐿. (𝑃𝑎𝑔𝑜 𝑉𝑎𝑙.) = 7.15153 ( 28-Feb-17 )

𝑰𝒏𝒕𝒆�é𝒔 𝑳𝒆𝒈𝒂𝒍=𝑽𝒂𝒍. 𝑵𝒆𝒕𝒂×((𝑭𝒂𝒄𝒕. 𝑨𝒄𝒖𝒎. 𝑻.𝑰.𝑳. 𝑷𝒂𝒈𝒐 �𝒆𝒂𝒍)/

(𝑭𝒂𝒄𝒕. 𝑨𝒄𝒖𝒎. 𝑻.𝑰.𝑳. 𝑷𝒂𝒈𝒐 �𝒆𝒂𝒍)−𝟏)

e). Impuesto General a las Ventas (IGV):

𝑰𝑮𝑽=%𝑰𝑮𝑽×𝑰𝒏𝒕𝒆�é𝒔 𝑳𝒆𝒈𝒂𝒍 𝐼𝐺𝑉=

f). Monto Facturado (MF): 𝐿𝑜 𝑞𝑢𝑒 𝑣𝑜𝑦 𝑎 𝑓𝑎𝑐𝑡𝑢𝑟𝑎𝑟

𝑴𝑭=𝑰𝒏𝒕𝒆�é𝒔 𝑳𝒆𝒈𝒂𝒍+𝑰𝑮𝑽 𝑀𝐹=

 Riesgo III

𝑐𝑢𝑎𝑙 𝑓𝑢𝑒 𝑐𝑎𝑛𝑐𝑒𝑙𝑎𝑑𝑜 𝑒𝑙 10-Apr-17 ; 𝑠𝑒𝑔ú𝑛:

× 〖𝐸𝑄〗 _𝑟/ 〖𝐸𝑄〗 ×

_𝑜〖𝐺𝑉〗
+ _𝑟/ 〖𝐺𝑉〗 _𝑜
0.200

𝐴𝑑. 𝐸𝑓𝑒𝑐.= 10 %∗ 750,000.00 = �/. 75,000.00

𝐴𝑑. 𝑀𝑎𝑡.= 20 %∗ 750,000.00 = �/. 150,000.00

Adel = 20%*MC
Adel = 20%*MC
Adel = %Amax*MC

𝐴_𝑀Á𝑋= 0.196 ∗ 100 % ∗ 750,000.00 ∗( 350.15 / 341.95 )= �/.

/ 750,000.00 )∗100%= 20.07 %

𝐴𝑑. 𝑀𝑎𝑡.=20%∗ 750,000.00 = �/. 150,000.00

�_3= 150,000.00 ∗( 1.019 −1 )= �/. 2,850.00

 350,000.00 ∗( 1.019 − 1.015 )= �/. 1,400.00
〖 � 〖� _2=
〗

〖� 〖 250,000.00
〗
�� _1= ∗( 1.019 − 1.015 )= �/. 1,000.00

𝐷_3 𝐴𝐷=[ (┤75,000.00 ∗ 150,000.00)/750,000.00

├ ]∗[ (┤1.019 / 1.007 )−1├ ]= �/. 178.75

𝐷_3 𝐴𝑀=(0.196 ∗ 150,000.00 )∗[ ┤( 378.15 − 350.15 )/ 341.95├ ]= �/.2,407.37

〖� 〖 150,000.00 + 2,850.00 + 1,400.00 + 1,000.00 − 178.75 − 2,407.37 = �/.

〗
� _3=

150,000.00= �/.15,000.00
_3〗𝐴𝐷=10%∗

150,000.00= �/. 30,000.00

_3〗𝐴𝑀=20%∗

〖� 〖 15,000.00
〗
� _3= + 30,000.00 = �/. 45,000.00

− 45,000.00 = �/. 107,663.88 ( Jan-17 )

𝐿𝑜 𝑞𝑢𝑒 𝑚𝑒 𝑝𝑎𝑔𝑎𝑟á𝑛

𝑀𝑒 𝑡𝑒𝑛í𝑎𝑛 𝑞𝑢𝑒 𝑝𝑎𝑔𝑎𝑟

(〖 � 〖 Jan-17)
〗
�� _3=

𝐼𝑛𝑡𝑒𝑟é𝑠 𝐿𝑒𝑔𝑎𝑙= 107,663.88 ∗[ ┤(7.17334 / 7.15153 )−1├ ]= �/.

𝐼𝐺𝑉= 18 %

𝐼𝐺𝑉= 18 % ∗ 328.34 = �/. 59.10

𝑀𝐹= 328.34 + 59.10 = �/.387.44

�/.150,525.08
�/.152,663.88 ( Jan-17 )

328.34
 Riesgo III - PC2

2). 𝑃𝑎𝑟𝑎 𝑢𝑛𝑎 𝑂𝑏𝑟𝑎 𝑒𝑛 𝑇𝑎𝑐𝑛𝑎, 𝑞𝑢𝑒 𝑠𝑒 𝑖𝑛𝑖𝑐𝑖ó 𝑒𝑛 Nov-16 𝑐𝑜𝑛 𝐴𝑑𝑒𝑙𝑎𝑛𝑡𝑜 𝑒𝑛 𝐸𝑓𝑒𝑐𝑡𝑖𝑣𝑜, 𝑙𝑎 𝐸𝑛𝑡𝑖𝑑𝑎𝑑 𝑠𝑒 𝑑𝑒𝑚𝑜𝑟ó 𝑝𝑜
𝑑𝑒𝑙 𝐼𝑛𝑡𝑒𝑟é𝑠 𝑝𝑜𝑟 𝑀𝑜𝑟𝑎. 𝐻𝑎𝑙𝑙𝑎𝑟 𝑒𝑙 𝐼𝑛𝑡𝑒𝑟é𝑠 𝑐𝑎𝑢𝑠𝑎𝑑𝑜 (𝐹𝑎𝑐𝑡𝑢𝑟𝑎𝑑𝑜), �𝐼:

𝑀𝐶 = �/. 3,603,000.00 (𝑺𝒊𝒏 𝑰𝑮𝑽) 𝐹 𝑚𝑎𝑥 𝑃𝑎𝑔𝑜= 28-Feb-17

𝐴𝐷= 16 %∗𝑀𝐶 𝐹 𝑝𝑎𝑔𝑜 �𝑒𝑎𝑙= 114 𝑑í𝑎𝑠 𝑑𝑒𝑠𝑝𝑢é𝑠

ADEMÁS:

M. Ad. Efec. M1 M2 M3 M4
Mes Jul-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17
VaL (S/.) 865,750.00 892,750.00 965,750.00 878,750.00
K 1.052 1.063 1.069 1.076 1.082 1.089

Solución:

a). Adelantos:

𝑨� (𝑨�. 𝑬𝒇𝒆𝒄.)=% 𝑨�×𝑴�

b). Valorización Bruta (Vb): 𝑀𝑒𝑠 3: Jan-17

�_𝟑=𝑽_𝟑×(𝑲_�𝑰�− �_3=
𝟏)
〖��〗 _𝟐=𝑽_𝟐∗(𝑲_�𝑰�−
𝑲_𝑵𝑶𝑽 )
〖��〗 _𝟏=𝑽_𝟏∗(𝑲_�𝑰�−
𝑲_𝑵𝑶𝑽 )

�_𝟑
𝑨�=(𝑨�× 〖𝑽𝒂𝒍〗 _𝟑)/𝑴�×(𝑲_𝒂
𝒏𝒕/𝑲_𝒂�𝒆𝒍 −𝟏)

〖��〗 _𝟑=𝑽_𝟑+�_𝟑+ 〖��〗 _𝟐+

〖��〗 _𝟏−�_𝟑 𝑨�
c). Valorización Neta (Vn): 𝑀𝑒𝑠 3: Jan-17

〖��〗 _𝟑
𝑨�=𝟏𝟎%×𝑽_𝟑 〖� 〖
� _3〗𝐴𝐷=10%∗

〖��〗 _𝟑= 〖��〗 _𝟑

〖� 〖 〗
� _3=
𝑨�+ 〖��〗 _𝟑 𝑨𝑴
〖��〗 _𝟑= 〖�
�〗 _𝟑− 〖� 〖 1,047,931.33−
〗
� _3=
〖��〗 _𝟑
d). Interés Legal (I.L.):
 𝐹𝑎𝑐𝑡. 𝐴𝑐𝑢𝑚 𝑇.𝐼.𝐿. (𝑃𝑎𝑔𝑜 �𝑒𝑎𝑙) = 7.21182 (� ���� ����= 21-Jun-17 )

𝐹𝑎𝑐𝑡. 𝐴𝑐𝑢𝑚 𝑇.𝐼.𝐿. (𝑃𝑎𝑔𝑜 𝑉𝑎𝑙.) = 7.15153 (� ��� ����= 28-Feb-17 )

𝑰𝒏𝒕𝒆�é𝒔 𝑳𝒆𝒈𝒂𝒍=𝑽𝒂𝒍. 𝑵𝒆𝒕𝒂×((𝑭𝒂𝒄𝒕. 𝑨𝒄𝒖𝒎. 𝑻.𝑰.𝑳. 𝑷𝒂𝒈𝒐 �𝒆𝒂𝒍)/

(𝑭𝒂𝒄𝒕. 𝑨𝒄𝒖𝒎. 𝑻.𝑰.𝑳. 𝑷𝒂𝒈𝒐 �𝒆𝒂𝒍)−𝟏)

e). Impuesto General a las Ventas (IGV):

𝑰𝑮𝑽=%𝑰𝑮𝑽×𝑰𝒏𝒕𝒆�é𝒔 𝑳𝒆𝒈𝒂𝒍 𝐼𝐺𝑉=

f). Monto Facturado (MF): 𝐿𝑜 𝑞𝑢𝑒 𝑣𝑜𝑦 𝑎 𝑓𝑎𝑐𝑡𝑢𝑟𝑎𝑟

𝑴𝑭=𝑰𝒏𝒕𝒆�é𝒔 𝑳𝒆𝒈𝒂𝒍+𝑰𝑮𝑽 𝑀𝐹=

 Riesgo III - PC2

, 𝑙𝑎 𝐸𝑛𝑡𝑖𝑑𝑎𝑑 𝑠𝑒 𝑑𝑒𝑚𝑜𝑟ó 𝑝𝑜𝑟 𝑒𝑞𝑢𝑖𝑣𝑜𝑐𝑎𝑐𝑖ó𝑛 114 𝑑í𝑎𝑠 𝑒𝑛 𝑐𝑎𝑛𝑐𝑒𝑙𝑎𝑟 𝑠𝑢 𝑉𝑎𝑙𝑜𝑟𝑖𝑧𝑎𝑐𝑖ó𝑛 𝑁º 03, 𝑎𝑛𝑡𝑒 𝑒𝑠𝑡𝑜 𝑒𝑙 𝐶𝑜𝑛𝑡𝑟𝑎𝑡𝑖𝑠𝑡𝑎 𝑠𝑜𝑙𝑖𝑐𝑖𝑡ó 𝑒𝑙

𝐴𝑑. 𝐸𝑓𝑒𝑐.= 16 %∗ 3,603,000.00 = �/. 576,480.00

�_3= 965,750.00 ∗( 1.076 −1 )= �/. 73,397.00

〗892,750.00 ∗( 1.076 − 1.069 )= �/. 6,249.25

〖 � 〖� _2=

〖� 〖 865,750.00 ∗( 1.076 − 1.069 )= �/. 6,060.25

〗
�� _1=

𝐷_3 𝐴𝐷=[ (┤576,480.00 ∗ 965,750.00)/ 3,603,000.00├ ]∗[ (┤ 1.076 / 1.052 )−1├ ]=�/.3,525.17

〖� 〖 〗965,750.00 + 73,397.00 + 6,249.25 + 6,060.25 − 3,525.17 = �/. 1,047,931.33

� _3= (

965,750.00= �/. 96,575.00

_3〗𝐴𝐷=10%∗

〖� 〖 96,575.00 + 0.00 = �/. 96,575.00

〗
� _3=

− 96,575.00 = �/. 951,356.33 ( Jan-17 )

 𝐿𝑜 𝑞𝑢𝑒 𝑚𝑒 𝑝𝑎𝑔𝑎𝑟á𝑛 ( 114 𝑑í𝑎𝑠 𝑑𝑒𝑠𝑝𝑢é𝑠) 𝐹 𝑝𝑎𝑔𝑜 �𝑒𝑎𝑙=𝐹 𝑚𝑎𝑥 𝑃𝑎𝑔𝑜−#𝑑í𝑎𝑠+1

𝑀𝑒 𝑡𝑒𝑛í𝑎𝑛 𝑞𝑢𝑒 𝑝𝑎𝑔𝑎𝑟

(〖 � 〖 Jan-17 )
〗
�� _3=

𝐼𝑛𝑡𝑒𝑟é𝑠 𝐿𝑒𝑔𝑎𝑙= 951,356.33 ∗[ ┤(7.21182 / 7.15153 )−1├ ]= �/.

𝐼𝐺𝑉= 18 %

𝐼𝐺𝑉= 18 % ∗ 8,020.28 = �/. 1,443.65

𝑀𝐹= 8,020.28 + 1,443.65= �/. 9,463.93

𝑡𝑜 𝑒𝑙 𝐶𝑜𝑛𝑡𝑟𝑎𝑡𝑖𝑠𝑡𝑎 𝑠𝑜𝑙𝑖𝑐𝑖𝑡ó 𝑒𝑙 𝑝𝑎𝑔𝑜

Jan-17 )
𝑎𝑙=𝐹 𝑚𝑎𝑥 𝑃𝑎𝑔𝑜−#𝑑í𝑎𝑠+1

8,020.28