Question
: The extraordinary general assembly of a joint stock company decided to liquidate the company, and its financial position on the date of the liquidation
: The extraordinary general assembly of a joint stock company decided to liquidate the company, and its financial position on the date of the liquidation were as shown in the following table: Assets Liabilities Fix Assets 6,500,000 Issued and authorized capital (50,000 shares with a par value of 100 BHD per share) 5,000,000 Current Assets 5,200,000 Reserves 4,000,000 Bank 300,000 Creditors 3,000,000 Total Assets 12,000,000 Total liabilities 12,000,000 It was liquidated as follows: Fixed assets were sold for 7,100,000 BHD. liquidator obtained from the current assets the amount of 6,200,000 BHD. Liquidation expenses and liquidator fees amounted to 100,000 BHD. Required: change the numbers mentioned in the liquidation processes and use them in the following requirements. Do the necessary entries? Prepare the following accounts: liquidation account, shareholders account, the bank? How much each share get from the net result of the liquidation.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started