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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
This assignment requires you to pretend you have $10,000 to invest for 4 weeks. You are to "invest" this money in stocks or mutual funds and to track your investments on a weekly
2000
15445323
Since 1968, Dracula Limited has traded in Doncaster, South Yorkshire as a manufacturer of fancy-dress and theatrical costumes. It produces a wide range of general theatrical costum
Various types of accounting changes can affect the financial statements of a business enterprise differently. Assume that the following list describes changes that have a material
“Ledger is said to be the principal book entry and the transactions can even be directly entered into the ledger account.” Elaborate and explain why journal is necessary.
QUESTION 1: P A RT A You are given with the following information relating to Rooney PLC . The accountant is currently developing the budget for the next three mo
1) Which inventory methods are used by Lowe's? (Mark all that apply.) a. Weighted-average b. FIFO c. LIFO d. Dollar-value LIFO e. Retail LIFO f. Retail Dollar-value LIFO g. If mult
need and important of final account
Q. Evaluate Weighted average cost of capital? As the investment is an extension of existing activities the risk of the investment will be estimated using the company's current
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