Advance Payments Practice
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ScribdTranslationsAdvance Payments Practice
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ScribdTranslationsPRACTICE OF ADVANCED PAYMENTS
Alpha y Omega, S.A. starts operations on January 1, 20X3 with the following balances:
ACTIVE TOTAL MONTHLY
Rentas AC $ 36,000.00 $ 3,000.00
Primas AC $ 150,000.00 $ 12,500.00
Stationery $ 15,000.00 $ 1,250.00
$36,000.00
$60,000.00
AC - 12 months after the purchase
ANC - after the closure of the fiscal year
AA__________________________________
Banks $ 2,603,000.00
Clients $ 150,000.00
Warehouse $ 800,000.00
Rents paid in advance $ 36,000.00
Insurance premiums and finance $ 150,000.00
Stationery and supplies $ 15,000.00
Prepaid rents to LP $ 36,000.00
Insurance premiums and finances to LP $ 60,000.00
Transport team $ 1,500,000.00
Social Capital 5,845,000.00
Net loss $ 495,000.00
2__________________________________
Prepaid rents AC (12m) $ 84,000.00
Prepaid rent ANC (24m) $ 168,000.00 $7,000.00
Creditable VAT $ 40,320.00
Various creditors $ 292,320.00
2a_______________________________
Various creditors $ 292,320.00
VAT Paid $ 40,320.00
Banks $ 292,320.00
Creditable VAT $ 40,320.00
3__________________________________
Insurance premiums and finances 12 $ 42,000.00
Insurance premiums and finance ANC 12 $ 42,000.00
Creditable VAT $ 13,440.00
Various Creditors $ 97,440.00
3A____________________________
Various creditors $ 97,440.00
VAT Paid $ 13,440.00
Banks $ 97,440.00
Creditable VAT $ 13,440.00
4_________________________________
Stationery and supplies AC (9 months) $ 20,000.00
Creditable VAT $ 3,200.00
Various Creditors $ 23,200.00
4a_______________________
Creditors $ 23,200.00
VAT paid $ 3,200.00
Banks $ 23,200.00
Creditable VAT $ 3,200.00
5________________________________
Propaganda and advertising $ 250,000.00
Creditable VAT $ 40,000.00
Various Creditors $ 290,000.00
5a_______________________
Creditors $ 290,000.00
VAT paid $ 40,000.00
Banks $ 290,000.00
Creditable VAT $ 40,000.00
6_________________________________
Selling expenses $ 250,000.00
Advertising $ 250,000.00
7___________________________________
Sales expenses $ 56,500.00
Administrative expenses $ 56,500.00
Rents paid in advance $ 113,000.00
8__________________________________
Rents paid in advance AC $ 120,000.00
Rent paid in advance ANC $ 120,000.00 if
2)
9
Selling expenses $ 94,250.00
Administrative expenses $ 94,250.00 yes
Insurance and bond premiums $ 188,500.00 3)
10____________________________
AC insurance premiums $ 102,000.00 yes
ANC insurance premiums $ 102,000.00 3)
11____________________________
Selling expenses $ 17,500.00 yes
Administrative expenses $ 17,500.00 4)
Stationery and supplies $ 35,000.00
$ 84,000.00
3500
YES Rentals AC 36000 12 months 113000
2) Rentals AC 84000 11 months 77000
ANC Rents $ 36,000.00
Prepaid rents ANC (24m) $ 168,000.00 $ 7,000.00
Primas AC $150,000.00
Insurance and finance premiums 12 11 months $ 42,000.00 $ 3,500.00 $ 38,500.00
ANC sisters $ 60,000.00
Insurance premiums and ANC finances 12 $ 42,000.00
Stationery $ 15,000.00
Stationery and supplies AC (9 months) $ 20,000.00
$84,000.00
Prepaid rent AC (12m) $ 84,000.00
Prepaid rents ANC (24m) $ 168,000.00
Creditable VAT $ 40,320.00
Various creditors $292,320.00
Various creditors $ 292,320.00
VAT Paid $ 40,320.00
Banks $ 292,320.00
Creditable VAT $ 40,320.00
Insurance and finance premiums 12 $ 42,000.00
Insurance premiums and ANC finance 12 $ 42,000.00
Creditable VAT $ 13,440.00
Various Creditors $97,440.00
Various creditors $ 97,440.00
VAT Paid 13,440.00
Banks $ 97,440.00
Creditable VAT 13,440.00
Stationery and Supplies AC (9 months) $ 20,000.00
Creditable VAT $ 3,200.00
Various Creditors $ 23,200.00
Creditors $ 23,200.00
VAT paid $ 3,200.00
Banks $23,200.00
Creditable VAT $ 3,200.00
Propaganda and advertising $ 250,000.00
Creditable VAT $ 40,000.00
Various Creditors $ 290,000.00
Creditors $290,000.00
VAT paid $ 40,000.00
Banks $ 290,000.00
Creditable VAT $40,000.00
Sales expenses $ 250,000.00
Advertising $ 250,000.00
Selling expenses $ 56,500.00
Administration expenses $ 56,500.00
Rents paid in advance $113,000.00
Rents paid in advance AC $ 120,000.00
Rents paid in advance ANC $120,000.00
Sales expenses $ 94,250.00
Administrative expenses $94,250.00
Insurance premiums and bonds $188,500.00
Insurance premiums AC $ 102,000.00
Insurance premiums ANC $102,000.00
Selling expenses $ 17,500.00
Administration expenses $ 17,500.00
Stationery and supplies $35,000.00
