Answer: Liquidator’s statement is prepared under section 45of companies act.

What is liquidation Statement?

A Statement of Affairs – or a SOA – is a document typically prepared by an accountant, which details a company’s assets and liabilities. It is designed to provide an overview of the company’s financial position and is particularly useful during when a com. Insolvency.

Which item comes first in payment of liquidators final statement?

The liquidator has to settle down the liability of the company on the following priority: Expenses incurred in liquidating the company. Salaries and wages, provident fund, gratuity and other amounts payable to employees and other workers. Taxes, charges, fees, royalties, etc.

What is meant by liquidator?

A liquidator is a person or entity that liquidates something—generally assets. A liquidator refers to an officer who is specially appointed to wind up the affairs of a company when the company is closing—typically when the company is going bankrupt.

What is LIST H in accounting?

Deficiency Account as per List H − As name suggests, deficiency account means the deficiency, which the insolvent debtor is not able to pay.

What is the final statement of account?

The final accounting is the final step of the accounting process. Final accounting includes the Statement of Profit & Loss and Balance Sheet, which provide the presentation of the financial status and position of the entity. They are prepared for the specified period and are legally obligated. The financial statement.

What is a liquidator’s final statement of account?

Liquidator’s Final Statement of Account. Corporate Accounting. The statement prepared by the liquidator showing receipts and payments of cash in case of voluntary winding up is called “Liquidators’ statement of account” (Form No. 156 Rule 329 of the Companies Act, 1956).

What do you need to know about a final statement of account?

Read this article to learn about the liquidator’s final statement of account! It is the duty of the liquidator to realize the assets and disburse the same among those who have a proper claim. He is to prepare a statement showing how much he has realized and how the same would be disbursed.

What do you need to know about liquidation basis of accounting?

Under the liquidation basis of accounting, a business must issue two new statements, which are as follows: The statement of net assets in liquidation. Shows the net assets available for distribution at the end of the reporting period. The statement of changes in net assets in liquidation.

How does a liquidator submit a report to the Cro?

The liquidator has to submit a report along with the audited final accounts to the CRO. The liquidator has to submit the statement to the court in the case of compulsory liquidation and to the company in a voluntary liquidation. The liquidator has to settle down the liability of company on the following priority: i.