Mariana Beetar Vélez
COLEGIO DE ESTUDIOS SUPERIORES DE ADMINISTRACIÓN
NOTES TO THE FINANCIAL STATEMENTS
NOTE No.1 Overall Standard Disclosures
The company, HALO CORPORATION, NIT. 126 9077885-01 and primary residence in the city of Bogotá, Colombia. Carrera 5ta No.71 07. Constituted by Escritura Publica of Notary No. 3 dated December 31, 2008, registered with the Chamber of Commerce 24. January 31st 2009 under the Registration Book No. 5678 98. Its terms are until December 31, 2014. Its purpose is dedicated to sales of lamps and providing repairing services focused mainly on electric instances taken from the Certificate of Existence and Legal Representation issued by the chamber of commerce.
NOTE No. 2 Principal Accounting Policies and Practices
For the Financial Statement the accounting system of Halo Corp. includes T-accounts, Trial Balance, Income Statement, and Balance Sheet for the years of 2010 and 2011 and follows the rules of COLGAAP. The set of basic concepts and rules that should be observed when registering and informing about topics and activities that natural people or juridical persons relying accounting. It helps identify, classify, register and analyze the operation done by an economic entity. The currency used in the accounting system is in Colombian pesos. All people should use it by law, and accounting should be required to be used by all companies or juridical persons. The main qualities of COLGAAP are that financial information should be comprehensible, useful and or comparable.
NOTE No. 3 Common Stock
The four partners invested in December of 2010 $74.000 on inventory, $ 12.000 in a car and $71.500 in cash. The total amount of common stock at the end of the year was 157.500.
NOTE No.4. Note Receivable
For December of 2010 the corporation lend a note receivable for the amount of 1.500 pesos....