Accounting Lecturer:

University of Economics in Wrocław dr Wojciech Hasik

Case no. 12. (no dev.)

The balance sheet as at 31st March 20...r. is as below:
As at As at
Assets 31/03/0x Equity & Liabilities 31/03/0x
A. Fixed Assets A. Owners' Equity
I Intangible fixed assets I Share equity 645 000,-
II Tangible fixed assets 350 000,-
1. Machines and equipment 350 000,- B. Liabilities & provisions for liabil.
B. Current Assets III Short term liabilities
I Inventories 350 000,- 2. To other entities
1. Raw materials 100 000,- a) credits & loans 40 000,-
3. Finished goods 250 000,- d) trade payables 18 000,-
II Trade receivables 3 000,-
III Short term investments g) VAT due 6 300,-
Cash at vault 1 000,-
Cash at bank 5 000,-
Short term deferrals 300,-
Total Assets 709 300,- Total Equity & Liabilities 709 300,-

The additional information from the trial balance:

➢ Accumulated depreciation 10 000,-
Your task is to:
I. open the ledger accounts concerting additional data from trial balance
II. perform the accounting entries of below transactions:
1. Invoice VAT no. 105/02/1 from supplier Mining Wisznia Ltd. for purchased sand:
a) net value (5 tons @120) 600,-
b) transport 100,-
c) VAT 22% 49,-
d) total 749,-
2. Invoice VAT no. 342/072 from supplier Mining Bystrzyca Ltd. for purchased sand:
a) net value (2 tons @160) 320,-
b) VAT 22% 70,-
c) total 390,-
3. The premium for office spaces insurance for annual period was paid 3 600,-
4. Settlement of insurance premium (to be deferred within 12 months) ………
5. Sand from Mining Bystrzyca was delivered (delivery measured at purchasing price) …….
6. Sand delivery from Mining Bystrzyca was settled - VAT treatment (possible in the moment of invoice
submitting)
7. Sand from Mining Wisznia Ltd. was delivered (delivery measured at purchasing price) …….
8. Invoice VAT no. 34556234 from energy supplier consumed energy:
a) net value 300,-
b) VAT 22% 66,-
c) total 366,-
9. Settlement of energy consumption expense …….

10. Sand delivery from Mining Wisznia was settled:

a) accounting for transport costs
b) VAT treatment
11. Settlements of deferred costs of insurance to be allocated in current period 300,-
12. Settlements of transportation costs 100,-
13. Materials were disposed from the warehouse for production site 5 000,-
Accounting Lecturer:
University of Economics in Wrocław dr Wojciech Hasik

14. Settlement of cost of materials consumed in production process:

a) direct production consumption 3 000,-
b) indirect materials for production 1 500,-
c) materials consumed for general purposes 500,-

III. interpret the essence of closing balances of account Other deferrals