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Today we will leave some of the accounting side to dive into the legalization of books because as you know in 2008 is taking its last legs as far as accounting and taxation is concerned, one of the last steps us is precisely the legalization of books whose term ends on 30 April.
From Circle Gazelle, we want to clarify any doubts that may arise over this issue, because the date is fall and it is good that we caught unprepared, so here goes ...
Who should legalize books?
Every employer required to keep accounts.
Where are legalizing books?
In the commercial register of the place where the employer is domiciled.
What books do I have to legalize?
1. The book of inventories and financial statements that will open with detailed initial assessment of the company. At least quarterly rewritten to amounts and balances trial balances. Also rewritten the year-end inventory and annual accounts.
2. The journal that will record every day for all operations relating to the business of the company. Is valid, however, the total joint annotation of operations for periods not exceeding one month, provided that your details appear in other books and records consistent, according to the nature of the activity in question.
What time do I have?
Books must be submitted within 4 months of the financial year, which is why the deadline is April 30, 2009 .
If the legalization application is made on time and the books have no errors, the probate registrar shall within 15 days of submission.
Should I keep the books?
If there is an obligation to preserve the books, correspondence, documents and evidence related to his business properly sorted for 6 years from the last entry made in the books, except as established by general or special provisions. According
Tax legislation sets a deadline of 4 years for the preservation of books and other documentation since this is the limitation period.

IMPORTANT: The cessation of the employer not exempt from the requirement to maintain documentation, even if the employer dies this obligation applies to your heirs.

These are the basic questions we face when dealing with customers Circle Gazelle, if any of your questions not settled or need more information, see the following link: commercial code.

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book capital loss reduction effects

Given the current economic situation there are many companies that get results negative year after year, when that happens we find that reflecting our accounts in terms of capital does not correspond exactly with the real situation, to remedy this, Gazelle Circle recommend you make a capital reduction to cover these debts.
From the Department of Management Circle Gazelle, then try to leave this movement in the clearest possible through an example and a few basics to consider in drawing up these seats.
Corporations Act says that capital reduction shall be binding on the company when the losses its net assets have fallen below the 2 / 3 parts of the share capital and a fiscal year has elapsed without having recovered equity.
Let's see an example:
We have a company with net assets consist of: Capital Social € 10,000 € 7,500 voluntary reserves and legal reserve € 750. Drag
losses of previous years from 12,000 €
The first thing to do is see if it has forced the curtailment of mandatory capital losses: Equity
+750-12000 7500 = 10,000 = € 6,250 € 6,250
< 6.666 (2/3 de 10.000€)
Therefore, we would be required to make the capital reduction as new equity it to the underside 2 / 3 share capital company.
The law also says that not be able to deduct the capital in order to restore the balance between capital and equity when the society has some kind of voluntary reserves, or when the legal reserve, one after the reduction exceeds 10% of the capital.
continue with the example above:
will be affected by the reorganization the following accounts: Voluntary reserves
: 7,500 € and up to € 12,000 (loss we had) we must also reduce social capital and legal reserve, we will make representations of the following Mode:
12000-7500 = 4,500 €
To reduce the exact quantities and respect the ceiling of 10% mentioned above. Use a system of equations which we call Social Capital and Legal Reserves = X = Y to find the new amounts
X + Y = 4,500 €
750-Y = 10% (10,000-X) we have Solving
Social Capital = 4,318 ' 19 and Legal Reserve = € 181.81
When it is inscribed in the Commercial Register the new script with new equity will be held the following entry:
should: 7,500
113.Reserva Volunteer (equity) 181'81
Legal 112.Reserva (equity) 4,318
Social 100.Capital '19 (equity)
Haber: 12,000
negative 121.Resultados previous years (equity)

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