PART 1 // Please detail the accounting entry(ies) (Debit/Credit) of Luxco for each of the following scenarios/questions. It is not necessary to mention the account numbers but please specify the name of account (trade creditors, cash at bank, interest expenses etc ..) and whether the account to be used is a balance sheet (B/S) or a profit and loss (P/L) account. Background information : ABC Luxco S.A r.I. ("Luxco") is a Luxembourg company - Luxco maintains its accounting records in EUR - The financial year of Luxco begins on January 1 and ends on December 31 of each year Luxco is VAT registered but has a VAT recoverability right of only 80% Period EUR/USD October 15, 2016 1,30 October 20, 2016 1,28 November 3, 2016 1,32 Example : Luxco is incorporated on January 1,2012 with a share capital of EUR 12.500. The payment is made in cash. Debit Credit B/S Cash in bank 12 500 B/S Share capital 12 500