Accounts required-bankruptcy and liquidation, Financial Accounting

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

 

xx

Trade debtors

 

xx

Stock-in-trade

 

xx

Fixed Assets

 

xx

 

 

xx

Assets specifically

 

 

pledged

 

 

 

Est. Realisable

Values (sh)

Due to secured

crs (sh)

Deficiency unsecured (sh)

Surplus to last (sh)

 

Asset 1

xx

xx

xx

xx

 

Asset 2

xx

xx

xx

xx

 

 

xx

xx

xx

xx

 

 

 

 

 

 

 

Estimated Surplus from assets specifically pledged

 

xx

ESTIMATED TOTAL ASSETS

 

xx

 

 

 

Gross

Liabilities

 

 

Liabilities (sh)

 

 

 

xx

Secured creditors (Fixed charge)

 

 

xx

Preferential creditors

 

(xx)

 

Estimated surplus for unsecured creditors and

 

xx

 

Creditors secured by a floating charge.

 

 

xx

Secured creditors (Floating charge)

 

(xx)

 

Estimated surplus for unsecured creditors

 

xx

 

Unsecured creditors:

 

 

xx

     -Trade creditors

xx

 

xx

     - Bank overdraft

xx

 

xx

     - Contingent liabilities

xx

 

xx

     - Unsecured deficiency on pledged assets

xx

 

xx

 

 

xx

 

Estimated deficiency as regards unsecured creditors

 

(xx)

 

Issued and called up share capital

 

(xx)

 

ESTIMATED DEFICIENCY AS REGARDS MEMBERS

 

 

xx

 

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)

 

xx

2)       Dividends and bonuses declared

 

xx

3)       Net trading losses

 

xx

4)       Losses other than trading losses written off

 

xx

5)       Estimated realization losses

 

xx

6)       Other items contributing to deficiency

 

xx

 

 

xx

Items reducing deficiency (or contributing to surplus)

 

 

7)       Excess of assets over capital and liabilities 3 years

 

 

       before winding up order (if any)

xx

 

8)       Net trading profits

xx

 

9)       Profits and income other than trading profits

xx

 

10)   Other items reducing deficiency or contributing surplus

xx

 

 

 

xx

DEFICIENCY AS PER STATEMENT OF AFFAIRS

 

xx

Posted Date: 12/13/2012 3:07:27 AM | Location : United States







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