Insolvency Account

Partner: Udemy
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Description: Insolvency AccountsContents : 1. Protection to debtor ( insolvent ) 2. Safeguard to creditor3. Helpful in development of business.4. Accounting records maintained properly.Person Covered (1) Individual / sole proprietor / sole trader (2) Partnership firm (3) Hindu undivided familyInsolvency Procedure  1. Petition 2. Order of adjudication 3. Protection order 4. Realization of assetIMPORTANT TERMS 1. Unsecured Creditor as per list A : For example :- Bills payable, Creditor, Trade creditor, Loan, Personal loan, Loan from wife, bank overdraft, Outstanding expense, Bill discounted “dishonored” , creditor on open a/c2. Fully Secured Creditor as per List B3. Partly Secured Creditor as per List C4. Preferential Creditor as per list D : For example :- Any type of tax, any amount due to government, salary, Wages, Rent, Compensation, Retirement benefits (pension, Gratuity provident fund etc.)5. Asset not specifically pledged as per List E : (a) cash in Hand, (b) cash at bank, (c) Stock-in-Trade, (d) Machinery, (e) Furniture, etc.6. Debtor as per List F : (a) Good Debtors : It means those debtors form whom the full amount will be received. (b) Doubtful Debts: It means those debtors from whom the partial amount may be received. (c) Bad Debts : It means those debtors from whom nothing can be recovered7. Bills Receivable or Bills of Exchange as per list G8.Deficiency as per list HDetermination of preferential creditor under both insolvency ActStatement Required (1) Statement of Affair (2) Deficiency AccountDeficiency AccountInsolvency AccountsPractical and Illustration with solution for better understanding.
Category: Finance & Accounting > Accounting & Bookkeeping > Accounting
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Price: 19.99
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Source: Impact
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