FACULTAD DE CIENCIAS EMPRESARIALES

ESCUELA DE CIENCIAS CONTABLES Y FINANCIERAS 4/25/2019 2:04

INSTRUMENTOS FINANCIEROS II

Nombre y Apellidos

Código Ciclo Academico.

VENTUR SAC, después de verificar su liquidez en los 06 utlimos meses, quiere adquirir
maquinaria para cumplir con sus contratos. Desea efectuar un financiamiento a corto plazo.

Presentando las siguientes alternativas:

INSTITUCION FINANCIERA "BCT" INSTITUCION FINANCIERA "MICREDITO"

1 Valor Financiamiento S/. 150,000.00 Valor Financiamiento S/. 150,000.00
2 Precio/maquinaria S/. 135,000.00 Precio/maquinaria S/. 135,000.00
3 Cuotas : 8 Mensuales Cuotas : 10 Mensuales
4 TEA 16% anual TEA 15% anual
5 Fecha de desembolso 3/29/2017 Fecha de desembolso 3/26/2017

1/12
TEM= ( 1+i ) - 1

- El saldo incial de caja 25,000.00

DATOS GASTOS DE PERSONAL

Las ventas se proyectan en: (Plla.ESSALUD-VACIONES,GRATIFICACIONES,OTROS)
1 Apr-18 100,000.00 1 Apr-18 14,500.00
2 May-18 98,000.00 2 May-18 20,200.00
3 Jun-18 98,000.00 3 Jun-18 14,500.00
4 Jul-18 75,000.00 4 Jul-18 14,200.00
5 Aug-18 80,000.00 5 Aug-18 14,200.00
6 Sep-18 105,000.00 6 Sep-18 14,200.00
7 Oct-18 95,000.00 7 Oct-18 52,200.00
8 Nov-18 75,000.00 8 Nov-18 14,000.00
9 Dec-18 75,000.00 9 Dec-18 14,000.00
10 Jan-19 75,000.00 10 Jan-19 14,000.00

GASTOS OPERATIVOS

GASTOS GENERALES SERVICIOS

(,MANTENIMIENTO, GASTOS DE VENTAS Y PUBLICIDAD.) (LUZ,AGUA TELEFONO Y OTROS)
1 Apr-18 20,000.00 1 Apr-18 2,000.00 1
2 May-18 20,000.00 2 May-18 2,000.00 2
3 Jun-18 20,000.00 3 Jun-18 2,000.00 3
4 Jul-18 20,000.00 4 Jul-18 2,000.00 4
5 Aug-18 20,000.00 5 Aug-18 2,000.00 5
6 Sep-18 20,000.00 6 Sep-18 2,000.00 6
7 Oct-18 20,000.00 7 Oct-18 2,000.00 7
8 Nov-18 20,000.00 8 Nov-18 2,000.00 8
9 Dec-18 20,000.00 9 Dec-18 2,000.00 9
10 Jan-19 20,000.00 10 Jan-19 2,000.00 10
 IMPUESTO A LA
RENTA 1.5 % DE LA VENTAS TOTALES

IMP. GENERAL A
LA VENTAS 18% DE LAS VENTAS TOTALES

SE REQUIERE:
1.- Calcular la cuota fija de las alternativas de financiamiento
2.- Determinar el flujo de caja neto proyectado
3.- Elegir la alternativa financiera (I.F) es la mas adecuada para la empresa
OTROS EGRESOS OPERATIVOS
(,MANTENIMIENTO, GASTOS DE VENTAS Y PUBLICIDAD.)
Apr-18 9,850.00
May-18 9,850.00
Jun-18 9,850.00
Jul-18 9,850.00
Aug-18 9,850.00
Sep-18 9,850.00
Oct-18 9,850.00
Nov-18 9,850.00
Dec-18 9,850.00
Jan-19 9,850.00
INSTITUCION FINANCIERA "BCT"
1 Valor Financia S/. 150,000.00 1/12

2 Precio/maquina S/. 135,000.00 TEM= ( 1+i ) - 1

3 Cuotas : 8 Mensuales i=
4 TEA 16% anual
5 Fecha de dese 3/29/2017 (1+i)=
POTENCIA=
-1
TEM=

2.- CUOTA FIJA= -19,815.21

TAZA 1.24
PERIODO 8
PRESTAMO 150,000.00
 16%
0.16
1.16
1.01244513791971 1-Dec
0.01245
1.24% 1.- TAZA DE INTERES
INSTITUCION FINANCIERA "MICREDITO"
Valor Financia S/. 150,000.00 1/12

Precio/maquina S/. 135,000.00 TEM= ( 1+i ) - 1

Cuotas : 10 Mensuales i=
TEA 15% anual
Fecha de dese 3/26/2017 (1+i)=
POTENCIA=
-1
TEM=

2.- CUOTA FIJA= -15983.36

TAZA 1.24
PERIODO 8
PRESTAMO 150,000.00
 15%
0.15
1.15
1.01 1-Dec
0.0117
1.17% 1.- TAZA DE INTERES
 VENTURA SAC
0 1 2
Mar-18 Apr-18 May-18
SALDO INICIAL S/. 25,000.00 S/. 40,000.00 S/. 54,334.79
INGRESOS
VENTAS S/. 100,000.00 S/. 98,000.00
OTROS S/. 150,000.00
S/. 150,000.00 S/. 100,000.00 S/. 98,000.00
EGRESOS
GASTOS DE PERSONAL 14,500.00 20,200.00
GASTOS OPERATIVOS
GASTOS GENERALES 20,000.00 20,000.00
SERVICIOS 2,000.00 2,000.00
OTROS EGRESOS OPERATIVOS 9,850.00 9,850.00
COMPRA DE MAQUINARIA S/. 135,000.00
OTROS (COMPRA DE MAQUINARIA) S/. 135,000.00 S/. 46,350.00 S/. 52,050.00

FLUJO DE CAJA OPERATIVO S/. 15,000.00 S/. 53,650.00 S/. 45,950.00

AMORTIZACION(-) S/. -19,815.21 S/. -19,815.21

FLUJO DE CAJA FINANCIERO S/. 15,000.00 S/. 33,834.79 S/. 26,134.79

18% IGV S/. - S/. -18,000.00 S/. -17,640.00

1.5% IMPUESTO A LA RENTA S/. - S/. -1,500.00 S/. -1,470.00

FLUJO DE CAJA NETO S/. 40,000.00 S/. 54,334.79 S/. 61,359.58

Apr-18 May-18
S/. 54,334.79 S/. 61,359.58

S/.100,000.00
S/.90,000.00
S/.80,000.00
S/.70,000.00
S/.60,000.00
S/.50,000.00
S/.40,000.00
S/.30,000.00
S/.20,000.00
S/.10,000.00
S/.-
Apr-18 May-18
 3 4 5 6 7 8
Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18
S/. 61,359.58 S/. 74,084.38 S/. 68,594.17 S/. 67,128.96 S/. 85,788.75 S/. 58,398.54

S/. 98,000.00 S/. 75,000.00 S/. 80,000.00 S/. 105,000.00 S/. 95,000.00 S/. 75,000.00

S/. 98,000.00 S/. 75,000.00 S/. 80,000.00 S/. 105,000.00 S/. 95,000.00 S/. 75,000.00

14,500.00 14,200.00 14,200.00 14,200.00 52,200.00 14,000.00

20,000.00 20,000.00 20,000.00 20,000.00 20,000.00 20,000.00

2,000.00 2,000.00 2,000.00 2,000.00 2,000.00 2,000.00
9,850.00 9,850.00 9,850.00 9,850.00 9,850.00 9,850.00

S/. 46,350.00 S/. 46,050.00 S/. 46,050.00 S/. 46,050.00 S/. 84,050.00 S/. 45,850.00

S/. 51,650.00 S/. 28,950.00 S/. 33,950.00 S/. 58,950.00 S/. 10,950.00 S/. 29,150.00

S/. -19,815.21 S/. -19,815.21 S/. -19,815.21 S/. -19,815.21 S/. -19,815.21 S/. -19,815.21

S/. 31,834.79 S/. 9,134.79 S/. 14,134.79 S/. 39,134.79 S/. -8,865.21 S/. 9,334.79

S/. -17,640.00 S/. -13,500.00 S/. -14,400.00 S/. -18,900.00 S/. -17,100.00 S/. -13,500.00
S/. -1,470.00 S/. -1,125.00 S/. -1,200.00 S/. -1,575.00 S/. -1,425.00 S/. -1,125.00

S/. 74,084.38 S/. 68,594.17 S/. 67,128.96 S/. 85,788.75 S/. 58,398.54 S/. 53,108.34

Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18

S/. 74,084.38 S/. 68,594.17 S/. 67,128.96 S/. 85,788.75 S/. 58,398.54 S/. 53,108.34

Chart Title
S/.100,000.00
S/.90,000.00
S/.80,000.00
S/.70,000.00
S/.60,000.00
S/.50,000.00
S/.40,000.00
S/.30,000.00
S/.20,000.00
S/.10,000.00
S/.-
Apr-18 May-18 Jun-18 Jul -18 Aug-18 Sep-18 Oct-18 Nov-18
 VENTURA SAC
0 1 2
Mar-18 Apr-18 May-18
SALDO INICIAL S/. 25,000.00 S/. 40,000.00 S/. 58,166.64
INGRESOS
VENTAS S/. 100,000.00 S/. 98,000.00
OTROS S/. 150,000.00
S/. 150,000.00 S/. 100,000.00 S/. 98,000.00
EGRESOS
GASTOS DE PERSONAL 14,500.00 20,200.00
GASTOS OPERATIVOS
GASTOS GENERALES 20,000.00 20,000.00
SERVICIOS 2,000.00 2,000.00
OTROS EGRESOS OPERATIVOS 9,850.00 9,850.00
COMPRA DE MAQUINARIA S/. 135,000.00
OTROS (COMPRA DE MAQUINARIA) S/. 135,000.00 S/. 46,350.00 S/. 52,050.00

FLUJO DE CAJA OPERATIVO S/. 15,000.00 S/. 53,650.00 S/. 45,950.00

AMORTIZACION(-) S/. -15,983.36 S/. -15,983.36

FLUJO DE CAJA FINANCIERO S/. 15,000.00 S/. 37,666.64 S/. 29,966.64

18% IGV S/. - S/. -18,000.00 S/. -17,640.00

1.5% IMPUESTO A LA RENTA S/. - S/. -1,500.00 S/. -1,470.00

FLUJO DE CAJA NETO S/. 40,000.00 S/. 58,166.64 S/. 69,023.28

Apr-18 May-18
S/. 58,166.64 S/. 69,023.28

S/.120,000.00

S/.100,000.00

S/.80,000.00

S/.60,000.00

S/.40,000.00

S/.20,000.00

S/.-
Apr-18 May-18
 3 4 5 6 7 8
Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18
S/. 69,023.28 S/. 85,579.92 S/. 83,921.55 S/. 86,288.19 S/. 108,779.83 S/. 85,221.47

S/. 98,000.00 S/. 75,000.00 S/. 80,000.00 S/. 105,000.00 S/. 95,000.00 S/. 75,000.00

S/. 98,000.00 S/. 75,000.00 S/. 80,000.00 S/. 105,000.00 S/. 95,000.00 S/. 75,000.00

14,500.00 14,200.00 14,200.00 14,200.00 52,200.00 14,000.00

20,000.00 20,000.00 20,000.00 20,000.00 20,000.00 20,000.00

2,000.00 2,000.00 2,000.00 2,000.00 2,000.00 2,000.00
9,850.00 9,850.00 9,850.00 9,850.00 9,850.00 9,850.00

S/. 46,350.00 S/. 46,050.00 S/. 46,050.00 S/. 46,050.00 S/. 84,050.00 S/. 45,850.00

S/. 51,650.00 S/. 28,950.00 S/. 33,950.00 S/. 58,950.00 S/. 10,950.00 S/. 29,150.00

S/. -15,983.36 S/. -15,983.36 S/. -15,983.36 S/. -15,983.36 S/. -15,983.36 S/. -15,983.36

S/. 35,666.64 S/. 12,966.64 S/. 17,966.64 S/. 42,966.64 S/. -5,033.36 S/. 13,166.64

S/. -17,640.00 S/. -13,500.00 S/. -14,400.00 S/. -18,900.00 S/. -17,100.00 S/. -13,500.00
S/. -1,470.00 S/. -1,125.00 S/. -1,200.00 S/. -1,575.00 S/. -1,425.00 S/. -1,125.00

S/. 85,579.92 S/. 83,921.55 S/. 86,288.19 S/. 108,779.83 S/. 85,221.47 S/. 83,763.11

Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18

S/. 85,579.92 S/. 83,921.55 S/. 86,288.19 S/. 108,779.83 S/. 85,221.47 S/. 83,763.11

Chart Title
S/.120,000.00

S/.100,000.00

S/.80,000.00

S/.60,000.00

S/.40,000.00

S/.20,000.00

S/.-
Apr-18 May-18 Jun-18 Jul -18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Jan-19
 9 10
Dec-18 Jan-19
S/. 83,763.11 S/. 82,304.75

75,000.00 75,000.00

S/. 75,000.00 S/. 75,000.00

14,000.00 14,000.00

20,000.00 20,000.00
S/. 2,000.00 S/. 2,000.00
9,850.00 9,850.00

S/. 45,850.00 S/. 45,850.00

S/. 29,150.00 S/. 29,150.00

S/. -15,983.36 S/. -15,983.36

S/. 13,166.64 S/. 13,166.64

S/. -13,500.00 S/. -13,500.00

S/. -1,125.00 S/. -1,125.00

S/. 82,304.75 S/. 80,846.39

Dec-18 Jan-19
S/. 82,304.75 S/. 80,846.39