Question
PLEASE HELP ME ANSWER THE QUESTIONS BELOW. Please NOTE THAT IT SHOULD INCLUDE THE T ACCOUNTS . FOR EXAMPLE: THE FIRST QUESTION, YOU SHOULD ANSWER
PLEASE HELP ME ANSWER THE QUESTIONS BELOW. Please NOTE THAT IT SHOULD INCLUDE THE T ACCOUNTS. FOR EXAMPLE: THE FIRST QUESTION, YOU SHOULD ANSWER LIKE THIS: Cash in the bank (debit) 12,500 / Share capital (Credit) 12,500
the second question is like this: Bank charges (Dr) 150 / Bank (CR) 150
question 6 ( please can you show me more details about which account debit side and credit side, and the details calculation, and would be useful u can do the same with the other questions)
Please answer the following questions with some examples given above.
Thank you
1 | Luxco 1 has been incorporated on 1 February 2018, with a share capital of EUR 12,500. As per Lux law, the share capital has been initially transfered to a bank account opened with JP Morgan; |
2 | On 5 March 2018, EUR 150 of bank charges were deducted from the bank account of Luxco 1; |
3 | On 12 March 2018, the shareholder of Luxco 1 decided to increase the share capital by 1 and the share premium by 1Mio by cash transfer to Luxco 1; |
4 | A loan was granted from the shareholder to Luxco 1 for a nominal amount of EUR 1Mio on 30 June 2018. Terms of the loan are as follows: interest @ 2% per annum based on 30/360 basis, maturity on 31 December 2018; |
5 | The annual accounts of Luxco 1 will be audited by LuxAudit in January the following year. The quote received from LuxAudit amounts to EUR 5,000 excl VAT; |
6 | On 1 May 2018, Luxco 1 made the following payments: |
| - EUR 1,250 for the purchase of IT equipment (to be amortised over 3 years - straight line basis); |
| - EUR 1,500 as notary fees for its incorporation ; incorporation fees are directly charged to the profit and loss of the year in which they are incurred. |
7 | On 30 June 2018 the Company withdraw the loan from the shareholder and received the cash on its JP Morgan bank account. On 1 August the EUR 1Mio was used to purchase 100% of the shares in Luxco 2. |
| The subscribtion price of the shares have been paid from the cash account. |
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