Q.7 A Co. Ltd. went into Liquidation with following liabilities:Secured creditors. 40,000 [Securities realised 50,000]1,200.Preferential. creditorsUnsecured creditors.61,000Liquidation Expenses500The liquidator is entitled to a remuneration of 3% on amount realised[including securities],1.5% on amount distributed to unsecured creditorsVarious Assets. [Excluding securities realised as 52,000]Prepare liquidator final statement of A/c.May 2014

In preparation for discontinuing all operating activities, an entity may choose to liquidate itself…

Answered: Q.7 A Co. Ltd. went into Liquidation…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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