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







Related Discussions:- Accounts required-bankruptcy and liquidation, Assignment Help, Ask Question on Accounts required-bankruptcy and liquidation, Get Answer, Expert's Help, Accounts required-bankruptcy and liquidation Discussions

Write discussion on Accounts required-bankruptcy and liquidation
Your posts are moderated
Related Questions
what is ex interest accounting,uses,types

Q. What do you understand by Measurement Date in stock option? Measurement Date - The date at which equity share price and other pertinent factors, like expected volatility tha

Problem: (a) Many businesses find it useful to maintain a control account in respect of both their trade receivables and trade payables. Describe why such control accounts ar

Beginning balance 24,000 cash Sales 250,000 Gross profit 45% of sales Accounts receivable increase by 24,000 Accounts payable increased by 51,000 Inventory increased by 98,000 Sell

1) Inventory of raw material are held to make sure that the production process is not disrupted because of shortage of raw material. The amount of raw material inventory would base

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

Cleaning Co. began business on March 1, 2011. The company provides specialized cleaning services to corporate clients. Listed below are the transactions entered into by Cleaning Co

What are the legal distinctions between a business combination, a merger, and a consolidation? Mergers Vs Acquisitions: When one company takes over another and clearly esta

Ask questSarah is the sole distributor agent in her area for Holmes Kitchen Tiles. Sarah purchases the titles at a trade discount and annually in May receives an agency commission

Q. The following selected amounts are available for Vizio Company. Retained earnings (beginning) $1,600 Net loss 300 Cash dividends declared 200 Stock dividends declared 200 What i