1. Net profit of 2017 is transferred to related account.(1/1/18)
2. Whiteware is purcahased by 140.000 (maturity to date is 6 months, cash price is
120,000). (15/1/18)Tax is paid via bank account, 16.000 $ is paid by cheques
endorsement and remainig is paid via issuing cheques.
3. Transport company carried goods at 4,720 (tax included). (16/1/18)
4. Returned half of the goods. Get issued cheques and issued new cheques. (25/1/18)
5. Tax payables are paid via bank account. (26/1/18)
6. Sold goods of 55,460 (tax included) (cash price is 40,000 $) and payment via credit cards.
(3/3/18)
7. Credit card payment is now on banks account. (3/4/18)
8. Decided on distribution of profit. First order reserve fund=%5, First order dividend
rate=%5, Second order reserve fund=%10, Stoppage=%15. (15/4/18)
9. Tax accrual. (25/4/18)
10. Tax payment. (26/4/18)
11. Rented a showroom for trade goods at fair for one month. Paid via banks account of
20,000 (tax excluded). (1/5/18)
12. Due to shareholders (profit distribution) is paid via banks account. (15/9/18)
13. Paid 944 $ to accountant (tax included). Income tax %20. (15/12/18)
14. Wage accrual information is as follows: Gross wage=10,000; SSP Employer=2,000;
Unemp. Employer=200; SSP Employee 1,400; Unemp. Employee=140; Income tax
stoppage=1,692; Stamp Tax=68.
End of period transactions:
1. Counted inventory and obsreved there are 410,000 of trade goods in the warehouse.
2. Economic life for buildings 20 years, for vehicles 10 years; for F&F 5 years. Straight line
depreciation is used. Vehicles are used for Marketing and Noncurrent Assets are used for
general administration.
3. Interest expense accrued for 40,000 $ of bank loans (1/7/2017 dated and maturity to date is
48 months) and loan turned into short term loan. Rate is %12.
4. Interest accrued on bank deposit accounts by 2,000 $. (Stoppage is %15)
5. 30.000 of accounts receivable became uncollectable. 20.000 of warrant is existing for these
receivables.
6. Prepaid taxes are transferred into related accounts.