University - Year 2

Accounting

a.) Accounts receivable - Jan 1 600,000

6,000,00
Charge sales 0
6,600,00
Total 0
5,300,00
Less: Collections from customers 0
Writeoff 35,000
Merchandise returns 40,000
-
5,400,00
Allowance to customers 25,000 0
1,200,00
Accounts receivable - Dec 31 0

b.) Subscription receivable 150,000

Deposit on contract 120,000
Claim receivable 60,000
Advances to employees 10,000
Advances to affiliated 100,000
Advances to supplier 50,000
Accounts receivable 490,000

1,200,00
c.) Accounts receivable 0
Claim receivable 60,000
Advances to employees 10,000
Advances to supplier 50,000
1,320,00
Total trade and other receivables 0

d.) Subscriptions receivable is deducted from subscribed share capital

Deposit on contract is classified as noncurrent asset
Advances to affliates is classified as noncurrent and long-term
investment.