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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
For several firms trade payables - suppliers of goods and services - represent the major component of current liabilities the amounts owed by the company which have to be repaid wi
Choice of an appropriate discount rate The difficulty with selecting a discount rate rests on whether the correct rate for the risk/return has been derived. A number of things
A Company policy calls for keeping safety-stock equal to 25% the forecasted demand for that month. The company currently has a work force of 12 people. It takes a worker 3 hours
Heather & Terry have a mortgage on their primary residence of $750,000 and a mortgage on their vacation home of $410,000. In 2013, they incurred $46,400 of mortgage interest expens
ADVANCEMENT Trustees may apply not more than half of the presumptive or vested share of the capital held in trust for any person (infant or adult) for his advancement or ben
Cashflows from investing activities Involving activities involve the acquisition and disposal of non-current assets such as; property, plant and equipment, intangible assets, a
Q. A prior period adjustment that corrects income of a prior period requires that an entry be made to a. an income statement account. b. a current year revenue or expense account.
Arnot International's bonds have a present market price of $1,250. The bonds have an 11% annual coupon payment, a $1,000 face value, and 10 years left until maturity. The bonds may
Rehab Health Co. offers personal weight reduction consulting services to individuals. On June 30, 2010, the balances of selected accounts of Rehab Health Co. are as follows: Acc
1. Select a publicly traded company (preferably manufacturing oriented; do not use a financial services company such as a bank or a bank holding company) and obtain a copy of their
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