Class notes
Financial Accounting Class Notes
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The notes include everything my instructor mentioned during 14 weeks of the class period.
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Pro t Distribution1) Individual Proprietorship Owner is the tax payer.
• One person owns the whole company
2) Partnerships
• Joint Venture Not the company, but the
• General Partnership partners are tax payers.
Pays income tax
• Limited Partnership
• Limited Company Tax payer is the
3) Corporation company itself. Pays corporation tax
Income Tax
(2023 data in Turkey)
Income Tax Rate
0 — 70K 15%
Ex 70K x 15% = 10,500
70K — 150K 20% 80K x 20% = 16,000
150K — 370K 27% 220K x 27% = 59,400
370K — 1,900K 35% 630K x 35% = 220,500
1,900K — 40%
1,000,000 306,400
income incometax
12131122
Revenue
Income Statement
Income Statement
Expenses
Expenses
Income Statement
11000
Net Income
11000
fi
, 0210712023 NI
Net Income 1.0006
1,000 11000
got Drawing
11000
0210712023
Net Income
11000
Drawing A
300
Drawing B
500
Drawing C
200
After getting their money from the company, they should declare their income and pay
their tax incomes.
Balance Sheet Balance Sheet
12/31/2022 02/01/2023
. . . .
. . . Drawing 1,000
. . Drawing … .
Net Income 1,000 . Net Income —
.
, 1,000
500 500
drawing capitaltogrow
thecompany
tothe
owner
go
Drawing 1,000 go
or 30 drawall
1,000
Cash 1,000 or 100
or 30 capitalizeall
It’s advised remaining some amount of money in order to grow the company.
Corporation Tax
Only one tax rate is applicable contrary to income tax. 2023 rate in Turkey is 20%.
12312022
Revenue
Income Statement
Income Statement
Expenses
Expenses
Income Statement
11000
Net Income
11000
, Pro t Distribution Table (in Turkey)
Dividends Payout Ratio x Capital
11000
0110312022 12312023
J F ME
General AssemblyMeetin
Theytalkaboutthe
companyandoneofthings
thattheywillbetalkingis
thatwhattheywilldowith
thatElooo
Let'ssayit'sdeclared
that 500willbedistributed
asdividends
Net Income………..….1,000
Corporation Tax.……....(200)
Net Income After Tax..…800
Legal Reserve………..…(40)
Legal Reserve…………..(50)
Dividends………….…..(500)
Extraordinary Reserve.210
030512023
Net Income
1,000
Taxes Paid
200
Dividends Paid
500
Retained Earnings
300
fi
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