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Statement of Realization and Liquidation

The document summarizes the assets realized and liabilities liquidated during the liquidation of Liquid Company over a six month period ending July 31, 2016. It shows that accounts receivable, inventory, and stock investments were realized for a total of ₱262,000 while salaries, taxes, and bank loans were liquidated for a total of ₱74,000. Land, buildings, and equipment were not realized while notes, accounts payable, salaries, taxes and loans remained to be liquidated for a total of ₱760,000. The company had a net loss during the period of ₱11,840.

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Sherilyn Bunag
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311 views2 pages

Statement of Realization and Liquidation

The document summarizes the assets realized and liabilities liquidated during the liquidation of Liquid Company over a six month period ending July 31, 2016. It shows that accounts receivable, inventory, and stock investments were realized for a total of ₱262,000 while salaries, taxes, and bank loans were liquidated for a total of ₱74,000. Land, buildings, and equipment were not realized while notes, accounts payable, salaries, taxes and loans remained to be liquidated for a total of ₱760,000. The company had a net loss during the period of ₱11,840.

Uploaded by

Sherilyn Bunag
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
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Liquid Company

Statement of Realization and Liquidation


For six months ended July 31, 2016

ASSETS
Assets to be realized: Assets realized:
Accounts Receivable ₱ 80,000.00 Accounts Receivable
Merchandise Inventory 160,000.00 Merchandise Inventory
Investment in Common Stock 26,400.00 Investment in Common Stock
Land 100,000.00 Total
Buildings 60,000.00
Machinery and equipment 48,000.00 Assets not realized:
Total 474,400.00 Land
Buildings
Assets acquired: Machinery and equipment
- Total

LIABILITIES
Liabilities liquidated: Liabilities to be liquidated
Salaries and Wages 40,000.00 Notes Payable
Taxes Payable 8,000.00 Accounts Payable
Bank Loan 26,000.00 Salaries and Wages
Total 74,000.00 Taxes Payable
Bank Loan
Liabilities not liquidated Total
Notes Payable 244,000.00
Accounts Payable 288,000.00 Liabilities assumed
Bank Loan 154,000.00
Total 686,000.00

SUPPLEMENTARY ITEMS:
Supplementary expenses: Supplementary Income
Administrative expenses 7,440.00 Net loss during the period
₱ 1,241,840.00
uidation
2016

nts Receivable ₱ 84,000.00


handise Inventory 152,000.00
ment in Common Stock 26,000.00
262,000.00

s not realized:
100,000.00
60,000.00
nery and equipment 48,000.00
208,000.00

ties to be liquidated
244,000.00
nts Payable 288,000.00
es and Wages 40,000.00
8,000.00
180,000.00
760,000.00

ties assumed
-

S:
ementary Income
ss during the period 11,840.00
₱ 1,241,840.00

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