The financial statements are prepared based on the Mexican Financial Reporting Standards in force until 2011.
For the adjustment entries they did not consider the effects of the Value Added Tax (VAT), Income Tax (ISR) and the Participation of the Workers in the Profits (PTU)
practical-case-of-worksheet-and-preparation-of-financial-statementsAdjustment seats
Record the adjustment entries listed below and recalculate the adjusted balances for the corresponding appropriation to the worksheet. Subsequently, cancel the income statements to determine the profit or loss for the year and, the latter pass it to the balance sheet or statement of financial position.
Statement of income
Based on the columns of the income statement (profit and loss) of the worksheet, we proceed to prepare the income statement, according to the financial reporting standard NIF B-3 Income Statement, in this case it will be presented by "Function" and not by "Nature", since for this second method a breakdown of the concepts that make up the cost of sales and operating expenses is required, which is not counted for this case study.
Balance sheet
Based on the columns of the balance sheet in the worksheet, we proceed to prepare the balance sheet or statement of financial position.
Statement of cash flows
Preparation of statement of cash flows by the indirect method. To prepare the cash flow statement by the direct method, you do not have all the necessary information in this case study.
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Through the following video-tutorial (6 videos, 1 hour and 47 minutes), by Lic. Elsa Marina Rangel Hernández, you will be able to learn more about what the Accounting Worksheet is and how it is made, its importance and applications.
