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Purchase at target
Liquid to be a young entrepreneur transfers his business account starting capital. He buys merchandise at target, payment of goods purchased and delivered at a few months later.
In the business process are following accounts involved:
2800 Bank - 0€, 3001 private-0€, 3000 equity-0€, 2280 merchandise-0€, 2281 costs-0€, 2282 discounts-0€, 4400 liabilities-0€, 2600 tax-0€, vendor account 6000 - 0€, vendor account 6001 - 0€.
Borrowing
Young entrepreneur has recorded with a bank credit €10000. He pays 3% (€300) interest for the credit.
In the business process are following accounts involved:
2800 Bank - €916, 4210 Short-term bank liabilities –0, Vendor account 6002 - 0€, Cost center 1 - 0€, 7510 interest expenses - 0€, 3000 equity - € 1000, profit and loss account - 0€.
Sales at target
Young entrepreneur has bought previously 100 chairs, as trade goods, wholesalers. Subscription price for each Chair was €41.93. A customer has purchased 50 chairs for €100 net plus 19% VAT. Because the customer has purchased a large number of chairs, he got 10% discount, which is €500 of net amount. The customer pays somewhat later, when delivered, so sales on target.
In the business process are following accounts involved:
2280 Trade goods- €4193,28, 2420 Purchase price claims - 0€, 4800 Value added tax- 0€, Accounts receivable10000 - 0€, Cost center 2 - 0€, 3000 Equity capital- €700, 6080 Expenses for goods - 0€, 5100 Revenues for merchandise- 0€, 5101 Revenue adjustments - 0€,8020 P&L (Profit and loss account) --minus €300.
Receipt of payment
After some time, the customer Outgoing invoice OI-1 has paid. Not only early amount of €5355 has entered the young entrepreneurs on business account.
In the business process are following accounts involved:
2800 Bank - €10660 2420 Purchase price claims - €5355, Accounts receivable10000-5355.
Outgoing payment
The young entrepreneur has paid invoice Ii-1. Not only early €4950 is been charged from the business account of the young entrepreneurs.
In the business process are following accounts involved:
2800 Bank - €16015, 4400 Liabilities- €4950, Vendor account 60000-€4950.
Rental expenses
Rent for business premises (€ 600 net plus 19% Value added tax) will be deducted from the business account of the young entrepreneur.
In the business process are following accounts involved:
2800 Bank - €11065, 6700 Rent - €0, Cost center 3 - 0€, 2600 Before tax - €796,72, 3000 Equity capital - € 3103,50, 8020 P&L (Profit and loss account) - €2103,50.
Rental income
The young entrepreneur rents out small area of rented business space to a lodger. The rent €119 gross (including 19% Value added tax) is transferred to a business account.
In the business process are following accounts involved:
2800 Bank - €1351, 5400 Rental income - €0, Cost center 3-€600, 4800 Value added tax - €855, 3000 Equity capital- €2503,50, 8020 P&L (Profit and loss account) - €1503,50.
Prepaid expenses
The young entrepreneur paid and recorded the rent for business premises (€600 net plus Value added tax 19 %) always advance. The pre-booked Centre is 31 December accrual basis to delineate the.
In the business process are following accounts involved:
2800 Bank - €10470, 2900 Prepaid expenses - 0€, 6700 Rent - €600, Cost center 3-€500, 2600 Before tax - €910,72, 3000 Equity capital - € 2603,50, 8020 P&L - €1603,50.
Passive income
The young entrepreneur rents out small area of rented business space to a subtenant, the rent (€119 gross including 19% Value added tax) is paid in advance. The pre-booked rent is the 31 December accrual basis to delineate.
In the business process are following accounts involved:
2800 Bank - €9756, 4900 Passive income - 0€, 5400 Rental income - €100, Cost center 3-€500, 4800 Value added tax - €874, 3000 Equity capital - € 2603,50, 8020 P&L - €1603,50.
Results of the fiscal year
Technically, starts the year with the opening balance sheet and ends at the reporting date, not more than 12 months after the date of the opening must be. Normally is the match of the year with the calendar year.
The young entrepreneur's business year is the calendar year. The first short fiscal year (short business year) ending on 31 December
In the business process are following accounts involved:
3000 Equity capital - €2603,50, 8020 P&L - €1603,50, Results table and Vote results.
At the beginning of the fiscal year
The young entrepreneur's business year is the calendar year and starts on 1 January. All stocks of the previous financial year are taken over in the new fiscal year. The existing stocks can be seen in the 8010 FBSA (Final balance sheet account). That are in Balance sheet accounts assets: 2280 Trade goods - €2096,78, 2600 Before tax - €910,72, 2800 Bank - €9875, 2900 Prepaid expenses - €714. In Balance sheet accounts liabilities: 3000 Equity capital- €2603,5, 4210 Short-term bank liabilities - €10000 4800 Value added tax - €874, 4900 Passive income - €119.
Prepaid expenses are reclassified
All prepaid expenses are reclassified in the new fiscal year.
In the business process are following accounts involved:
2900 Prepaid expenses - €714, 6700 Rent - 0€, Cost center 3 - 0€ 2600 Before tax - €910,72, 4900 Passive income - €119, 5400 Rental income - 0€, 4800 Value added tax - €874 3000 Equity capital - € €2603,50, 8020 P&L account - €0.