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?
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
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