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adjudication orderthe court may adjudge the debtor bankrupt on the application of the or or any creditor in the following casesif the creditors so
compositions and schemes of arrangementthe debtor may lodge a written proposal with the official receiver for a composition or other arrangement of
receiving orderit includes five main important points as followseffect of receiving order the consequences of the making of the receiving order
first meeting of creditorsthe official receiver must convene this meeting within 60 days of the receiving order unless the court extends the time by
rescission of receiving orderthe order may be rescinded by the court ifthe court has sanctioned a composition or scheme of arrangementthe debts have
effect of receiving orderthe consequences of the making of the receiving order arethe debtor retains ownership but loses possession and control of
petition by creditorany creditor including an assignee of a debt may petition providedthe debt due to him amounts to at least shs 1000the debt is
presentation and hearingthe petition is presented to the court and must be served on the debtor at least eight days before the hearing if the debtor
the petitionpetition by debtorif the debtor presents his own petition a receiving order is made at once without a court hearing and an adjudication
acts of bankruptcythe following are the acts of bankruptcy on which a petition may be foundeda assignment of property to trustee whereby one
bankrupt persona bankrupt is a person against whom an adjudication order has been made by the court primarily on the grounds of his insolvency any
definition of bankruptcybankruptcy is another key area of accounting the issues addressed here deal with the properties of an individual a sole
illustration of consolidated cashflow statementsthe voice of the nation limited is a nairobi based media company its consolidated income statement
preparation of cashflow statementsias 7 recommends that the cashflow statement can be prepared using two methods-i direct methodwhereby cash from
cashflows from financing activitiesfinancing activities are those activities that will lead to either an increase or decrease in shareholders funds
cashflows from investing activitiesinvolving activities involve the acquisition and disposal of non-current assets such as property plant and
cashflows from operating activities operating activities are the principle revenue generating activities of the business and examples of such
consolidated cashflow statements ias 7the basic cash flow statement has been covered under financial accounting ii the following introduction will
inter-company transactions and balancesas the associate company is not consolidated care should be taken when there are trading transactions and
normal 0 false false false en-us x-none x-none microsoftinternetexplorer4
associate companies ias 28an associate company is a company in which the investing company owns more than 20 but less than 50 of the voting
subsidiary company exclusion features1 the standard does not require consolidation of a subsidiary acquired when there is evidence that the control
circumstances under which a subsidiary company can be excluded from consolidationconsolidated financial statements shall include all subsidiaries of
acquisition of a subsidiary company during the yearwhen the holding company acquires a subsidiary company portray during the financial period and
illustrations of retained profits brought forwardh ltd acquired 75 of the ordinary shares of s ltd since s ltd was incorporated the summarized income