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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. Show danger of high financial gearing? A additional danger of high financial gearing is that a company may move into a loss-making position as a result of high interest paym
What is financial Accounting
Alexandria Co. Ltd has an authorized capital of Rs 25,000,000 divided into 250,000 equity shares of Rs 100 each. 100,000 shares were issued to public and Rs 80 per share were paid.
The following items are found in the trial balance of M/s Sharada Enterprise on 31st December, 2000. 10 marks Summer 2013 Sundry Debtors Rs.160000 Bad Debts written off Rs 9000 Dis
Series Arithmetic Mean Standard Deviation Small-company stocks 15.9 % 32.8 % Large-company
Q. Explain bonus or capitalisation issues? A rights issue is a approach of raising finance via the issue of shares to existing equity shareholders. Consecutively to make such a
Calculate the Return on Sales and Asset Turnover 1. Complete a trend analysis for the items below for the last three years using the earliest year as the base year. Cash
The payoffs from lookback options depend on the maximum or minimum asset price during the life of the option. The payoff of a floating lookback put is the amount by which the maxim
What are the effects on current income and on future income, if a firm incorrectly capitalizes an expenditure that it should have expensed? State your answer for both current inc
Q. Andy Eggers has invested $150,000 in a privately held family corporation. The corporation does not do well and must declare bankruptcy. What amount does Eggers stand to lose? a.
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