Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. q1: the extraordinary general assembly of a joint

Q1: The extraordinary general assembly of a joint stock company decided to liquidate the company,...

90.2K

Verified Solution

Question

Accounting

image
image
Q1: 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 5,000,000 Issued and authorized capital (50,000 shares with a par value of 100 BHD per share) 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. . 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

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students