The first meeting of creditors’ voluntary winding up should be held on the same day when the members have passed a resolution to wind up the company or on the day after. In this meeting the creditors shall:
- Appoint among-st them a chairman
- Join the members to appoint a liquidator
- Join the members to appoint a committee of inspection of up to 5 people.
The directors must present to the members the statement of affairs and the list of creditors.
The creditor may also terminate the liquidator earlier appointed by the members
- When the liquidation commenced the creditors shall meet one year after commencement to review the progress and attend to any pending matters. Such meetings are called by the liquidator.
- If the liquidation is not complete after one year the creditors shall meet after lapse of one year for all years in which the liquidation is incomplete.
- When the liquidation is complete the liquidator must call a final meeting and lay before the company and creditors the accounts of winding up.
Wilfykil answered the question on February 12, 2019 at 05:30
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The following trial balance was extracted from the books of ABC Retirement Benefits Scheme for the year ended 30 September 2003:
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The following trial balance was extracted from the books of ABC Retirement Benefits Scheme for the year ended 30 September 2003:
Date posted:
February 12, 2019
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Date posted:
February 12, 2019
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Date posted:
February 12, 2019
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Date posted:
February 11, 2019
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In the context of International Accounting Standard (IAS) 19, explain the term "multiemployer plans".
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Date posted:
February 11, 2019
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Date posted:
February 11, 2019
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Date posted:
February 11, 2019
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Answers (1)
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(Solved)
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Date posted:
February 11, 2019
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Answers (1)
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Date posted:
February 11, 2019
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Answers (1)
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(Solved)
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Date posted:
February 11, 2019
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Answers (1)
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(Solved)
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Date posted:
February 11, 2019
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Answers (1)
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(Solved)
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Date posted:
February 11, 2019
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Answers (1)
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(Solved)
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Date posted:
February 11, 2019
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Answers (1)
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(Solved)
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The Nairobi and Kampala branches mainly deal with goods sent from Mumias branch. The goods are transferred from Mumias branch at a mark-up of 25% on cost to Nairobi and a margin of 25% to Kampala
The following trial balances were extracted from the books of the company as at 30 September 2008
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Date posted:
February 11, 2019
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Answers (1)
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With reference to International Accounting Standards(IAS)21 The effects of changes in foreign Exchange rates:
(i) Define the term “exchange difference”
(ii) Briefly explain the exchanging differences that...
(Solved)
With reference to International Accounting Standards(IAS)21 The effects of changes in foreign Exchange rates:
(i) Define the term “exchange difference”
(ii) Briefly explain the exchanging differences that should be recognized in the profit and loss and exchange differences that should be recognized initially as a separate component of equity.
Date posted:
February 11, 2019
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Answers (1)
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Determine:
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(iii) Branch debtors accounts
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(Solved)
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Goods are transferred from the head office to Meru Branch at a mark-up of 25% and to Eldoret branch at a gross profit margin of 25%. The branches do not maintain separate books of accounts.
The following information relates to the transaction at both branches during the year ended 31 March 2008
Date posted:
February 11, 2019
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Answers (1)
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(Solved)
Briefly explain four purposes of the branch accounts to an organisation which sells goods through various outlets
Date posted:
February 11, 2019
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Answers (1)
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The trial balances below were extracted from the books of Shakers Enterprises with respect to its operations at the head office in Nakuru and Busia branch as at 30 April 2010.
(Solved)
The trial balances below were extracted from the books of Shakers Enterprises with respect to its operations at the head office in Nakuru and Busia branch as at 30 April 2010.
Date posted:
February 11, 2019
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Answers (1)
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Determine:
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(Solved)
Elgon Ltd., a manufacturing concern, exports some of its products through an overseas branch whose currency is the "Mil". The reporting currency of Elgon Ltd. is the Kenya Shilling (Ksh.). The overseas branch carries out the final assembly for the products before the goods are sold to customers. The trial balances of the head office and overseas branch as at 31 March 2012 was as follows;-
Date posted:
February 11, 2019
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Answers (1)
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In the context of International Accounting Standard (IAS) 21, The Effects of Changes in Foreign Exchange Rates:
i) Define monetary items.
ii) Explain how foreign currency monetary...
(Solved)
In the context of International Accounting Standard (IAS) 21, The Effects of Changes in Foreign Exchange Rates:
i) Define monetary items.
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end of each reporting period.
Date posted:
February 11, 2019
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Answers (1)