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Liquidation of companies

In the illustration 5 of new icai book of advance accounting module 2 chapter 7 how did trade payables became 75,500 in liquidator's final statement?


Amal Antony

Amal Antony

CA Inter

3K+

01-Aug-20 12:52

15

Answers (1)

As it is given paid 75,000 less 2% and also outstanding expenses were settled for 2,000 Creditors including Outstanding expenses => 75,000 X 98% + 2,000 = 75,500


Lavanya Chitturi

Lavanya Chitturi

Moderator

01-Aug-20 14:58