The Balance Sheet of ABC & Co., as on 31st December 2019 is as given in Table
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Question:
The Balance Sheet of ABC & Co., as on 31st December 2019 is as given in Table No. 7.
The Company went into liquidation on the above date. Prepare liquidator?s Statement of Account after taking into account the following:
i. Liquidation expenses $8,000 and Liquidator?s remuneration amounted to 20,000
ii. Bank Loan was secured by pledge of stock
iii. Fixed Assets were realized at book values and Current Assets at 80% of book value
iv. Debentures and Interest on Debentures both are secured by floating charge on all assets.
v. Creditors 90,000 are all unsecured
Related Book For
College Accounting Chapters 1-30
ISBN: 978-0077862398
14th edition
Authors: John Price, M. David Haddock, Michael Farina
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