Definition of bankruptcy, Financial Accounting

DEFINITION OF BANKRUPTCY

Bankruptcy is another key area of accounting . The issues addressed here deal with the properties of an individual (a sole trader or partner in a partnership) when they become bankrupt. There is a lot of legal issues and most of these are addressed under the Bankruptcy Act. Please go through the notes patiently but emphasise more on the final accounts i.e. the statement of affairs and the deficiency account.

Posted Date: 12/12/2012 5:44:28 AM | Location : United States







Related Discussions:- Definition of bankruptcy, Assignment Help, Ask Question on Definition of bankruptcy, Get Answer, Expert's Help, Definition of bankruptcy Discussions

Write discussion on Definition of bankruptcy
Your posts are moderated
Related Questions
Weighing up the costs and benefits You may feel that, when considering a piece of accounting information, provided four main qualities identified are present and it's material

for a typical manufacturing company, the most common critical point for recognizing revenue is the date a an order is recieved b. production is completed c the product is delievere

Q.2  Explain different methods of costing. Your answer should be studded with examples (preferably firm name and product) for each method of costing.

Clemens Cars' job cost sheet for job A40 shows that the cost to add security features to a car was $10,500. The car was delivered to the customer, who paid $14,900 in cash for the

Distribution of Assets 1. Proof of debts : If the company is insolvent, the rules in bankruptcy as to provable debts, secured creditors, interests, mutual dealings, annuiti

You are preparing and income statement and analysis of retained earnings for Pacioli Wholesale Corporation for the years ended June 30, 2011 and 2012 based on the following informa

Q. What is Credit Analysis? Potential credit customers must be carefully screened using such methods as bank references, trade references, credit reports from credit reference

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.

Would you invest in a project that has a net investment of $14,600 and a single net cash flow of $24,900 in 5 years, if your required rate of return was 12 percent?

Presentations of Financial Statements The objective is to give guidance regarding the preparation of published financial statements and prescribe the content of the published fin