is required for recording its transactions which have also expanded with the business. Since the bulk of the entries are made in the accounts of debtors and creditors‚ these two classes of accounts are taken out of the General Ledger and put in separate ledgers - the Sales Ledger for debtors’ accounts and the Purchases Ledger for creditors’ accounts. There may be more than three ledgers but for simplicity‚ we shall limit the ledgers to three for the moment. The use of more than one ledger makes
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existence of a company abolishes it is called the winding up of a company. Following are the various kinds or methods of winding up the company: 1. Compulsory winding up by the court 2. Voluntary winding up i. Members Voluntary Winding up ii. Creditors Voluntary Winding Up 3. Winding up under the supervision of the court 1. Compulsory Winding Up By the Court: Under the following circumstances a court can wind up the company: 1. If a special resolution has been passed to wind it up by the court
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STUDENTS CERTIFICATE Certified that this report is prepared based on the term paper project undertaken by me on the topic Liquidation Of A Company‚ under the able guidance of Ms Rashmi Tirpathi in partial fulfillment of the requirement for award of degree of B.Com(H) from Amity University‚ Uttar Pradesh. Date -------------------- --------------- ----------------- ----------------- Ankit Sinha Ms.Rashmi Tirpathi Prof. V.
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CHAPTER 24 Winding-Up (Sections 425 – 560) Contributories Liability as contributories of present and past members (Section 426) Question 1 By an order of the Court M/s ABC Limited was wound up with effect from 15.3.2002. Mr. Gupta‚ who ceased to be a member of the Company from 1.6.2001 received a notice from the liquidator to deposit a sum of ` 15‚000 as his contribution towards the liability on the shares previously held by him. Mr. Gupta seeks your opinion about his liability. Answer
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Testbank to accompany Applying International Financial Reporting Standards 3e By Prepared by Yeny Lukito and Emma Holmes John Wiley & Sons Australia‚ Ltd 2013 Chapter 23 Consolidation: Controlled Entities Learning Objectives Learning Objective 23.1 Explain the meaning of consolidated financial statements Learning Objective 23.2 Discuss the meaning and application of the criterion of control Learning Objective 23.3 Discuss which entities should prepare consolidated financial
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and other creditors may try to get involved into the management and operations of the business in the way of giving advice and providing assistance to the directors of those distressed companies so as to protect their interests as much as possible. But as a result‚ the banks and creditors might be at a risky situation where they could be liable as shadow directors which could be captured by the sections in Companies Act 1993. This essay will talk about the risks for banks and creditors deemed as
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tortuous restructuring‚ during which it moved its headquarters from Germany to Britain to take advantage of the flexible insolvency laws there. Along the way‚ its debt burden was cut by 47% and its founder had to give up three-quarters of his shares to creditors. These things happen in business. But the reason for the gleam in the eyes of the London specialists is Schefenacker’s bill for legal and advisory work: well over €40m ($59m). Compared with the £121m ($242m) that British Energy paid between 2003
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BREACH OF CONTRACT 1. 2. 3. 4. 5. Default of the debtor (Mora Debitoris) Default of the creditor (Mora Creditoris) Positive malperformance Repudiation Prevention of performance (rendering performance impossible) Default of the debtor (Mora Debitoris) Any obligation under a contract has a time limit for its performance‚ be it an agreed fixed period or in the absence thereof a reasonable period. If the debtor neglects or fails to perform timeously‚ he/she commits breach of contract. Lawyers then
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asking the court to discharge their debt. The basic idea in Chapter 7 bankruptcy is to wipe out one ’s debt. It does not involve the filing of a plan of repayment. There is no property which is non exempt that one can sell to pay creditors; all unsecured creditors are paid nothing. On October 17‚ 2005‚ the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 make it difficult for one to file Chapter 7 Bankruptcy. One may not file bankruptcy
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INTRODUCTION Winding up of a company is defined as a process by which the life of a company is brought to an end and its property administered for the benefit of its members and creditors. A liquidator is appointed and he takes control of the company‚ collects its assets‚ pays debts and finally distributes any surplus among the members in accordance with their rights. At the end of winding up‚ the company will have no assets or liabilities. When the affairs of a company are completely wound up‚
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