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How much is the deficiency to creditors

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Question - Corporate Liquidation - BANGKRAP Enterprises is in bankruptcy and is in the process of liquidation. The trustee has converted all non-cash assets into P60,000 cash and has prepared the following list of approved claims:

Accounts payable, unsecured 15,000.00

Trustee's fees & other costs of liquidation 9,000.00

Mortgage payable, secured by property that was sold for P40,000 30,000.00

Notes payable to bank, secured by all the accounts receivable of which P15,000 were collected and P5,000 were written off 20,000.00

Prepaid revenue {P50 from each 2 customers that ordered products that were never delivered) 1,000.00

Property taxes payable 2,000.00

Required - How much is the deficiency to creditors?

Reference no: EM133091414

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