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EXERCISE 3 – Company Ockland
1. Creation of a company with a capital of 15000 €. Commercial activity
– X brings 10000 € in cash (bank)
– Y brings 4000 € in cash (bank)
– Z brings a computer worth 1000 €
2. The company obtains a bank loan of 15 000 €
3. The company buys furniture for its premises; cost 5000 € without VAT payable at 30 days
4. The company buys goods for 5000 € without VAT; cash settlement by check
5. Reception and payment by check of the rent invoice: 600 € without VAT
6. Withdrawal of 500 € in bank to supply the cash register
7. Purchase of administrative supplies for 100 € without VAT; cash settlement
8. Sales for 3000 € without VAT of goods; 50% cash (bank), 50% to 30 days
9. Sales for 4000 € without VAT of goods; check payment
10. Reception and payment by check of the telephone bill: 100 € without VAT
11. Receipt and payment by check of the electricity bill: 200 € without VAT
12. Purchase for 1000 € of goods; 50% payment by check, 50% to 30 days
13. Payment of the furniture bill (bank)
14. Collection of € 1800 corresponding to a previous sale (no. 8) (bank)
15. Sale of goods: 6000 € without VAT cash (bank)
NB : all the goods have been sold, there is no inventory
Record the transactions in the T accounts below, do not forget to record the VAT to pay
Bank
Capital
(1) 14 000
(2) 15 000
(8) 1 800
(9) 4 800
(14) 1 800
(15) 7 200
6 000 (4)
720 (5)
500 (6)
120 (10)
240 (11)
600 (12)
6000 (13)
Equipment
Furniture
(1) 1 000
(3) 5 000
Deductible VAT
Inventory
(3) 1 000
(4) 1 000
(5) 120
(7) 20
(10) 20
2 400 (16)
(4) 5 000
(12) 1 000