Question
Link and Pen Partnership company that was to be liquidated had the following liabilities: Particulars Amount (RO) Salaries to the employees 8,900 Long term loans
- Link and Pen Partnership company that was to be liquidated had the following liabilities:
| Particulars | Amount (RO) |
| Salaries to the employees | 8,900 |
| Long term loans | 40,500 |
| Bills payable | 78,000 |
| Taxes payable | 5,200 |
| Expenses for administering liquidation process | 13,000 |
The company had the following assets (Fair value)
Inventory RO 21,450
Property RO 59,500
Investments RO 71,500
What is total liabilities with Priority are calculated to be? Show all steps in the answer with analysis.
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Guide To Audit Data Analytics
Authors: AICPA
1st Edition
1945498641, 978-1945498640
