Corporate Liquidation Flashcards
1
Q
Statement of Affairs
A
NPA-TUL
2
Q
Statement of Realization
A
to fill up
3
Q
Recoverable Amount Per Peso Invested
A
Total Shareholders’ Equity +- Gains/Losses on Realization - Unrecorded Liabilities - Liabilities to be Assumed + Unrecorded Assets = Estate Equity/BV of SHE
4
Q
Assets Realized (General)
A
Cash received from non-cash assets
5
Q
Assets Realized: Sale of Inventory
A
BV of Inventory (COGS)
6
Q
Assets Realized: Writedown/Impairment of Assets
A
BV of written off/impaired asset
7
Q
Net Income
A
Debit Side
8
Q
Net loss
A
Credit Side
