CHAPTER-I FINANCIAL STATEMENTS LEARNING OBJECTIVES After studying this chapter‚ you will be able to: • Explain the meaning of financial statements of a company; • Describe the form and content of balance sheet of a company; • Prepare the Balance Sheet of a company as per Schedule VI Part I of the Companies Act 1956. • Know the major headings under which the various assets and liabilities can be shown. • Explain the meaning‚ objectives and limitations of analysis using accounting
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financial institutions can treat consumer data in general. The Right to Financial Privacy Act may also apply. Case 20-9 To become a secured party‚ the creditor must obtain a security interest in the collateral of the debtor. Three requirements must be met for a creditor to have an enforceable security interest: Unless the creditor has possession of the collateral‚ there must be written or authenticated security agreement that clearly describes the collateral‚ there must be written or authenticated
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made on the next succeeding business day) The burden of proving that the obligation has been extinguished by payment devolves upon the debtor who offers such a defense to the claim of the plaintiff creditor The issuance of a receipt is a consequence of usage and good faith which must be observed (although our Code has no provision on this) and the refusal of the creditor to issue a receipt without just cause is a ground for consignation under Art 1256 ( if a receipt has been issued by payee‚ the testimony
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either (1) accept the plan of reorganization or (2) receive or retain under the plan property of a value‚ as of the effective date‚ that is not less than the value such holder would receive or retain under the plan or reorganization if the applicable debtor were liquidated under Chapter 7 of the Bankruptcy Code on the effective date. This is referred to as the “best interests” test. To make these findings‚ a bankruptcy court must (1) estimate the cash liquidation proceeds that a Chapter 7 trustee would
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G.R. No. L-42091 November 2‚ 1935 GONZALO CHUA GUAN‚ plaintiff-appellant‚ vs. SAMAHANG MAGSASAKA‚ INC.‚ and SIMPLICIO OCAMPO‚ ADRIANO G. SOTTO‚ and EMILIO VERGARA‚ as president‚ secretary and treasurer respectively of the same‚ defendants-appellees. Facts: 1. Gonzalo Toco‚ the owner of the 5‚894 shares of capital stock mortgaged these shares to Chua Chiu to guarantee the payment of debt of 20‚000. -These shares were represented by 9 certificates; having a par value of P5 per share
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REPORT ON THE PERFORMANCE OF NEXT PLC. BUSINESS ACCOUNTING SPRING 2013 Table of Contents Introduction 3 Profitability Analysis by Sinthusa Muralitharan 4 Working Capital Analysis by Saranya Ratnasingham 9 Conclusion on Next Performance 13 Recommendation 14 Reference/ Bibliography 15 Appendices 16 Introduction Next is one of a main UK based retail company. It offers fashion and accessories for men‚ women and children as well as full range of home-wares. In this
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1 Insolvency is the inability of a debtor to pay their debt.[1] Cash flow insolvency involves a lack of liquidity to pay debts as they fall due. Balance sheet insolvency involves having negative net assets—where liabilities exceed assets. Insolvency is not a synonym for bankruptcy‚ which is a determination of insolvency made by a court of law with resulting legal orders intended to resolve the insolvency. A business may be cash-flow insolvent but balance-sheet solvent if it holds illiquid assets
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The Origins of Guilt In both Nietzsche’s book The Genealogy of Morals and Freud’s Civilization and its Discontents‚ both authors address the origins of guilt and the effects it has on society. While they both address these origins‚ the two philosophers differ in their beliefs. Nietzsche deduces that guilt is a result of a man turning inward. Freud on the other hand relates guilt to the subconscious struggle between the ego and the superego. To understand Nietzsche’s version of the origin of guilt
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to people’s reluctance of having anything to do with bill collectors or collection agencies. Considering an average savings cost of $0.50 on the dollar or less (Brinker)‚ creditors are still willing to negotiate debt settlement with debtors. When looking at the type of strategies that are imposed by either debtors or creditors to reach a negotiation‚ there needs to be collaboration between both sides. This allows for the two parties to reach a degree of assertiveness and cooperativeness that enables
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impermissible. All of the fiqh scholar was agreed on bay al dayn at par value to issuer. This permissible based on concept of hiwalah which is the transfer of debt by the principal debtor‚ with express permission from the principal creditor‚ to another party who then becomes responsible for repaying the principal creditor. (Siti Salwani‚ 2008). The next sale is bay al dayn at discount to third party (trader). This sale is impermissible at Middle East‚ while at Malaysia it is permissible but subjected
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