Q.7 A Co. Ltd. went into Liquidation with following liabilities: Secured creditors. 40,000 [Securities realised 50,000] 1,200. Preferential. creditors Unsecured creditors. 61,000 Liquidation Expenses 500 The liquidator is entitled to a remuneration of 3% on amount realised [including securities].. 1.5% on amount distributed to unsecured creditors Various Assets. [Excluding securities realised as 52,000] Prepare liquidator final statement of A/c. May 2014
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![Q.7 A Co. Ltd. went into Liquidation with following liabilities:
Secured creditors. 40,000 [Securities realised 50,000]
1,200.
Preferential. creditors
Unsecured creditors.
61,000
Liquidation Expenses
500
The liquidator is entitled to a remuneration of 3% on amount realised
[including securities],
1.5% on amount distributed to unsecured creditors
Various Assets. [Excluding securities realised as 52,000]
Prepare liquidator final statement of A/c.
May 2014](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F443ce76e-9966-4a7c-b77b-dab587c15634%2F10b3761e-d112-4a7d-9b40-f2346d2e1a01%2F03ezxsd_processed.jpeg&w=3840&q=75)
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- 20 he following amounts were taken from the statement of affairs for Aray Company: Unsecured liabilities with priority P 52,500 Stockholders’ equity 189,000 Estimated liquidation expenses that have not been entered in the accounting records 23,625 Unsecured liabilities without priority 472,500 Loss on realization of assets 236,250 What is the amount of total free assets? Group of answer choices 425,250 408,675 401,625 454,1254.Assume the following independent cases: (a) At the beginning of the year, a check was issued for P400,000 as payment for a piece of land and the buyer assumed the liability for unpaid taxes in arrears for the previous year, P10,000 and those assessed for the current year, P9,000.(b) A company issued 14,000 ordinary shares (P50 par) with a market value of P60 per share (based upon a recent sale of 100 shares) for the land. The land was recently appraised at P800,000 by independent and professional appraisers.(c) A company rejected an offer to purchase the land for P8,000,000 cash two years ago. Instead, the company issued 100,000 ordinary shares for the land (market value of the ordinary share, P78 each based on several recent large transactions and normal weekly stock trading volume).How much is the cost of land acquired in (a), (b), and (c), respectively? a. 419,000; 800,000; 7,800,000 b. 410,000; 800,000; 7,800,000 c. 410,000; 840,000; 7,800,000 d. 419,000; 840,000;…Under HKFRS 9 'Financial Instruments', which of the following assets should be held at fair value? 1) An investment in 1 million ordinary shares of Edward Ltd with no intention to control, significant influence or joint control 2) $3 million of 5% bonds with a term of 10 years. The company intends to sell the bonds within the next three years. Until then the company will receive interest 3) $500,000 loan to supplier. Interest charged at 4% and due for repayment in two years A. All of them B. 2 and 3 C. 1 only D. 1 and 2
- On Jan. 1, 2021, Gel Co. settled a P 1,000,000 loan by issuing to the lender 10,000 shares with par value of P 50 per share. The shares are selling at 120 per share on Jan. 1, 2021. How much gain/(loss) on extinguishment of debt is to be recognized? *a. P 200,000b. (P 200,000)c. P 500,000d. (P 500,000)The following information for Neptune Ltd has been provided for the year ended 31 March 2022. Balances as at 31 March 2022. R Gross Profit 12 500 000 Trade payables 900 000 Land and Buildings 11 500 000 Mortgage loan (repayable in full on 31 August 2022) 2 750 000 Trading inventory 8 750 000 Ordinary share capital (R30 per share) 15 000 000 Earnings attributable to ordinary shareholders 5 000 000 Trade receivables 3 250 000 Fixed deposit (Maturing 28 February 2026) 1 450 000 Interest on loan 915 000 Bank (debit balance) 180 000 Additional information: The mark up percentage has been correctly calculated as 25% for the year ended 31 March 2022. Trading inventory was calculated at R7 125 000 at 31 March 2021. The shares are currently trading at R50 per share and total dividends paid at 31 March 2022 amounted to R2 000 000. REQUIRED: Calculate the following ratios for the year ended 31 March…he following is an extract from the trial balance of Tempo Ltd on 30 June 2022:£Land and buildings 114 000Equipment 210 000Investment (80 000 shares of £1 each in Rhythm Ltd at cost price) 650 000Inventory (30/6/2008 - £382 000) 418 000Trade receivables (30/6/2021 – £180 000) 206 000Cash and cash equivalents 92 000Share capital:Ordinary share capital including premium 450 000Preference share capital 200 000Retained earnings:Balance – beginning of year 160 000Retained profit for the year 40 00012% Long term loan 420 000Trade payables (30/6/2021 – £190 000) 210 000Tax payable 110 000Dividends payable 100 000Additional information:1. Issued share capital:- 400 000 ordinary shares of £1 each- 40 000 10% preference shares of £5 each.2. Gross profit for the year amounted to £1 344 000 and represents 40% of turnover for the year.3. All sales and all purchases are on credit.4. Income from investment for the year amounted to £24 000.5. The dividends payable represents the total amount of…
- 33. On December 31, 2018, Calm Company appropriately reported P80, 000 unrealized loss in OIC for equity securities measured irrevocably at FVOCI. Security Cost Fair value at 12/31/19 X 1, 250, 000 1, 600, 000 Y 1, 000, 000 950, 000 Z 1, 750, 000 1, 250, 000 What amount of unrealized loss is recognized in the 2019 statement of changes in equity? a.280,000 b.200,000 c.120,000 d.0The following is an extract from the trial balance of Tempo Ltd on 30 June 2022:£Land and buildings 114 000Equipment 210 000Investment (80 000 shares of £1 each in Rhythm Ltd at cost price) 650 000Inventory (30/6/2008 - £382 000) 418 000Trade receivables (30/6/2021 – £180 000) 206 000Cash and cash equivalents 92 000Share capital:Ordinary share capital including premium 450 000Preference share capital 200 000Retained earnings:Balance – beginning of year 160 000Retained profit for the year 40 00012% Long term loan 420 000Trade payables (30/6/2021 – £190 000) 210 000Tax payable 110 000Dividends payable 100 000Additional information:1. Issued share capital:- 400 000 ordinary shares of £1 each- 40 000 10% preference shares of £5 each.2. Gross profit for the year amounted to £1 344 000 and represents 40% of turnover for the year.3. All sales and all purchases are on credit.4. Income from investment for the year amounted to £24 000.5. The dividends payable represents the total amount of…14 - On 04.05.2020, our enterprise sold 1,000 shares of Kardemir A.Ş., which it had purchased for a temporary investment of 12 TL, for 10 TL each, after paying a commission of 250 TL to the relevant bank, the remaining amount was deposited into the bank account of the enterprise. Which of the following calculations is incorrect? a) 110 Stocks Hs. 12.000 TL Creditor B) 655 Securities Sales Losses Hs. 2.000 TL Debt NS) 653 Commission Expenses Hs. 250 TL Borrowed D) 102 Banks Hs. 9.750 TL Borrowed TO) 655 Securities Sales Losses Hs. 2.000 TL Creditor
- nEED IN 10 MINUTES 9. On January 1, 20x1, an entity purchased marketable equity securities for P2,500,000. The entity paid commission and taxes of P190,000. The equity securities do not qualify as financial asset held for trading. The entity made irrevocable election to present unrealized gain and loss in other comprehensive income. The securities have a market value of P2,600,000, and P2,750,000 on December 31, 20x1 and December 31, 20x2. On July 1, 2022, half of the securities are sold for P1,400,000. On July 1, 2022, the net increase/ decrease in retained earnings account is (sample answer: 10,500 increase or 10,500 decrease)Presented below is the trial balance of Walter Corporation at December 31, 2020.Cash 197,000Sales 7,900,000Trading Securities (at cost, P145,000) 153,000Cost of goods sold 4,800,000Long-term investments in bonds 299,000Long-term investment in share capital - ordinary 277,000Short-term notes payable 90,000Accounts payable 455,000Selling expenses 2,000,000Investment revenue 63,000Land 260,000Buildings 1,040,000Dividends payable 136,000Accrued liabilities 96,000Accounts receivables 435,000Accumulated Depreciation – Building 352,000Allowance for doubtful accounts 25,000Administrative Expenses 900,000Interest Expense 211,000Inventories 597,000Provision for pension (long term) 80,000Long term notes payable 900,000Equipment 600,000Bonds Payable 1,000,000Accumulated Depreciation – Equipment 60,000Franchise 160,000Shares Capital – Ordinary 1,000,000Treasury Shares 191,000Patent 195,000Retained Earnings 78,000Other comprehensive income 80,000 Requirements:1. How much is the total assets?2. How…1. Avalanche Inc. revealed the following information for the year ended December 31. 2021 Preference share. P100 par-P2.4 million; Share premium, preference - P700,000; Ordinary share, P15 par-P3.5 million, Share premium, ordinary-P1.5 million. Subscribed ordinary share - P100,000, Retained earnings - P2 million, Subscription receivable, ordinary - P20,000 How much is the legal capital? A.P6 million B.PB 1 million CP5.9 million D.P8 2 million 2.At the beginning of 2021, DAI Corp. was organized with authorized capital of 200,000, P500 par value shares. The following transactions transpired during its first year of business. February 4- Issued 15.000 shares at P510 per share April 10- Issued 3,000 shares for services received (FMV of the services is P1.7 million). October 23-Issued 5,000 shares in exchange for a land (FMV) the land is P3 million) What amount should be reported as share premium? A.11.500.000 B. 23.000 C.850.000 D.12.350.000 3. At the beginning of 2021, DAI Corp. was…