or use in te bar Other balances iv 650.000 75.000 December 2004 to April 2005 1.500 7.500 B April 2005 5.000 5.000 January to April 2005 3.000 12.000 D December 2004 to April 2005 600 3.000 E March & April 2005 5.000 10.000 F December 2004 to April 2005 900 4,500 G March & April 2005 1.000 2000 44.000 A further sum of shs 12.000 is expected to be payable to other workers i M. Mwakibete is compelled to lay them off due bankruptcy. This amount is not yet due. Mr. Mwakibete has a private house which was recently independent valued at shs 200.000. It is, however, expected that I would fetch only shs. 150,000 in a forced sale vi. Mwakibete's domestic servant who won shs 100,000 in Mbeya District lottery had deposited this amount with him for safe custody. She was now thinking of claiming this money, together with 5 months unpaid salay, at shs 2,000 per month vii Mwakibete having divorced his first wife is paying alimony of shs 2,000 per month. He is in areas for alimony payments for 6 months vii. Mzee Hamisi, a close friend of Mwakibete, is known to have given refuge to Mwakibete in mid February 2005, so as to give him a breathing space from pressing creditors. He subsequently sold goods to Mwakibete amounting to shs 20,000 ne bar, this amount being included in the trade creditors and lent him shs 50,000 for children's school fees. The owner of Ndaga Supermarket has stopped supplying Mwakibete with food on credit because Mwakibete seems reluctant to pay back an accumulated debt of shs 75.000 In attempt to increase his fortunes, Mr. Mwakibete took to gambing, but unfortunately he has run up gambling debt of shs 33.000 Mwakibete's personal belongings-Clothe, beddings etcare valued at shs 40,000 Required: Prepare a Statement of Affairs and Deficiency Account to be submitted to the official receiver Tade credito 02 Mwakibete of Karell suffered a series of misfortunes and was unable to meet his maturing debts obligations. Following a creditor's petition, a R/O was made on him at the end of April 2005 and he was subsequent adudged bankrupt. The following is a list of his assets and Liabilities for his business, Karel New Life Bar, as at 30 April 2005: Book Values ERV Sh. Shs Shs Land and Building 1,125.000 1.325.000 Motor vehides 750.000 650.000 Cooling equipment 500.000 375.000 Furniture and finings 425.000 297.000 Current assets Stock in trade 45.000 20.000 Debtors 987.500 Cash and bank balance Current Current abilities 500.000 Expense creditor 600,000 50.000 Tax payable 125.000 Drawings for the year 360.000 Long term Loans Igurusi Credit union (secured on Land bulding) 1.500.000 Karatha Lidseared on Motor vehicles) Loan 500.000 12% interest 60.000 560.000 Tanzania Oxygen Lid secured on Cooling equipments Loan 400.000 10% interest 40.000 440,000 You ascertain that M. Mwakibete made a loss of shs 250.000 during the year ended April 2005 In addition you are informed that Expense creditors include local government rates for two years at shs 5,000 per annum Tax payable indudes shs 60.000 which is preferential in nature, and a sum of shs 15,000 which Mr. Muskibete owes as value added tax due to the Malawi Goverment following his recent participation in trade exhibitions in that country Wages and salaries payable include shs. 6.000 payable to bartender who was recently laid of in a cost reduction exerdise, the amount being that workmanis compensation Other amounts induded in wages are Worker's name Period Monthly pay Total shs. Wages and salaries Q3 After the of your clients, you have PUTO Wages Debtors Creditors 6.000 19.000 or use in te bar Other balances iv 650.000 75.000 December 2004 to April 2005 1.500 7.500 B April 2005 5.000 5.000 January to April 2005 3.000 12.000 D December 2004 to April 2005 600 3.000 E March & April 2005 5.000 10.000 F December 2004 to April 2005 900 4,500 G March & April 2005 1.000 2000 44.000 A further sum of shs 12.000 is expected to be payable to other workers i M. Mwakibete is compelled to lay them off due bankruptcy. This amount is not yet due. Mr. Mwakibete has a private house which was recently independent valued at shs 200.000. It is, however, expected that I would fetch only shs. 150,000 in a forced sale vi. Mwakibete's domestic servant who won shs 100,000 in Mbeya District lottery had deposited this amount with him for safe custody. She was now thinking of claiming this money, together with 5 months unpaid salay, at shs 2,000 per month vii Mwakibete having divorced his first wife is paying alimony of shs 2,000 per month. He is in areas for alimony payments for 6 months vii. Mzee Hamisi, a close friend of Mwakibete, is known to have given refuge to Mwakibete in mid February 2005, so as to give him a breathing space from pressing creditors. He subsequently sold goods to Mwakibete amounting to shs 20,000 ne bar, this amount being included in the trade creditors and lent him shs 50,000 for children's school fees. The owner of Ndaga Supermarket has stopped supplying Mwakibete with food on credit because Mwakibete seems reluctant to pay back an accumulated debt of shs 75.000 In attempt to increase his fortunes, Mr. Mwakibete took to gambing, but unfortunately he has run up gambling debt of shs 33.000 Mwakibete's personal belongings-Clothe, beddings etcare valued at shs 40,000 Required: Prepare a Statement of Affairs and Deficiency Account to be submitted to the official receiver Tade credito 02 Mwakibete of Karell suffered a series of misfortunes and was unable to meet his maturing debts obligations. Following a creditor's petition, a R/O was made on him at the end of April 2005 and he was subsequent adudged bankrupt. The following is a list of his assets and Liabilities for his business, Karel New Life Bar, as at 30 April 2005: Book Values ERV Sh. Shs Shs Land and Building 1,125.000 1.325.000 Motor vehides 750.000 650.000 Cooling equipment 500.000 375.000 Furniture and finings 425.000 297.000 Current assets Stock in trade 45.000 20.000 Debtors 987.500 Cash and bank balance Current Current abilities 500.000 Expense creditor 600,000 50.000 Tax payable 125.000 Drawings for the year 360.000 Long term Loans Igurusi Credit union (secured on Land bulding) 1.500.000 Karatha Lidseared on Motor vehicles) Loan 500.000 12% interest 60.000 560.000 Tanzania Oxygen Lid secured on Cooling equipments Loan 400.000 10% interest 40.000 440,000 You ascertain that M. Mwakibete made a loss of shs 250.000 during the year ended April 2005 In addition you are informed that Expense creditors include local government rates for two years at shs 5,000 per annum Tax payable indudes shs 60.000 which is preferential in nature, and a sum of shs 15,000 which Mr. Muskibete owes as value added tax due to the Malawi Goverment following his recent participation in trade exhibitions in that country Wages and salaries payable include shs. 6.000 payable to bartender who was recently laid of in a cost reduction exerdise, the amount being that workmanis compensation Other amounts induded in wages are Worker's name Period Monthly pay Total shs. Wages and salaries Q3 After the of your clients, you have PUTO Wages Debtors Creditors 6.000 19.000