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ACCOUNTS REQUIRED
This can be summarized depending on the nature of the situation. In a receivership you may be required to prepare a receivers receipt and payments. In the process of liquidation you have various reports. They can be summarsed as follows:Pro-forma Statement of Affairs of a Company in Compulsory or Creditors’ Voluntary Liquidation
STATEMENT OF AFFAIRS AS AT…….
Assets not specifically Pledged:
Est. Realisable
Values (Sh)
Balance at bank
xx
Investments
Trade debtors
Stock-in-trade
Fixed Assets
Assets specifically
pledged
Values (sh)
Due to secured
crs (sh)
Deficiency unsecured (sh)
Surplus to last (sh)
Asset 1
Asset 2
Estimated Surplus from assets specifically pledged
ESTIMATED TOTAL ASSETS
Gross
Liabilities
Liabilities (sh)
Secured creditors (Fixed charge)
Preferential creditors
(xx)
Estimated surplus for unsecured creditors and
Creditors secured by a floating charge.
Secured creditors (Floating charge)
Estimated surplus for unsecured creditors
Unsecured creditors:
-Trade creditors
- Bank overdraft
- Contingent liabilities
- Unsecured deficiency on pledged assets
Estimated deficiency as regards unsecured creditors
Issued and called up share capital
ESTIMATED DEFICIENCY AS REGARDS MEMBERS
Pro-Forma “Deficiency or Surplus Account”
DEFICIENCY OR SURPLUS ACCOUNT
Items contributing to deficiency (or reducing surplus)
Shs
shs
1) Excess of capital and liabilities over assets 3 years
before winding up (if any)
2) Dividends and bonuses declared
3) Net trading losses
4) Losses other than trading losses written off
5) Estimated realization losses
6) Other items contributing to deficiency
Items reducing deficiency (or contributing to surplus)
7) Excess of assets over capital and liabilities 3 years
before winding up order (if any)
8) Net trading profits
9) Profits and income other than trading profits
10) Other items reducing deficiency or contributing surplus
DEFICIENCY AS PER STATEMENT OF AFFAIRS
Q. Bento, Inc. had 500,000 shares of common stock outstanding before a stock split occurred, and 1,500,000 shares outstanding after the stock split. The stock split was a. 2-for-5.
Members Voluntary Winding Up The company may be wound up by the members themselves without reference to the creditors, if the company is solvent. 1) Declaration of solvency
Q. Explain the Negative Assurance? Negative Assurance - Report issued by an ACCOUNTANT based on limited procedures which states that nothing has come to accountant's attention
Table on subsequent page lists 21 ratios being calculated by the Bombay Stock Exchange. Tick the board class to that each of the 21 ratios belongs to the blank columns of the Table
THE STATEMENT OF CHANGES IN EQUITY This is a very important report because it explains the movements in the shareholder funds during the year and also acts as a link between the
The Soft-Flow Ink Company's income statement for the preceding year is presented below. Except as noted, the costs revenue relationship for the coming year is expected to follow t
APPLICABILITY OF THE OPERATING CYCLE IN VEGETABLE GROWING BUSINESS
Describe:-1. Compare the American Institute of CPAs' (AICPA) Statements on Tax Standards (SSTS) and the Treasury Department Circular 230 rules to practice before the Internal Reven
Assume that prices and wages adjust rapidly so that the markets for labor, goods, and assets are always in equilibrium. What are the effects of each of the following on real money
Tally & Co. incurred a pretax operating loss of $100,000 in its first year of operations for both financial reporting and income tax purposes. However, it expects to be profitable
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