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hello everyone you're watching saheb.Academy if you like our videos then.please subscribe to our Channel and also.hit the bell again for the regular.updates and also follow us on Instagram.so have Academy now let's go to the.video hi everyone welcome back to the.second video of liquidation chapter now.in this video what are they going to do.is in this video we are going to focus.on as you can see liquidate our.statement of account this is a simple.cash book ok receipts and payments it's.very simple so we are going to.understand the format of this right and.the format is very important in this.chapter you have to know the format.right so now let's start this video now.see here let's understand this liquidate.our statement of account so now who.prepares this liquidate our statement of.account liquidate our statement of.account is prepared by the liquidator.the person who is appointed by the.tribunal or the company to carry out the.liquidation process isn't it so what.does he do how does he do the.liquidation see what he does is he sells.all the assets yeah he realizes all the.assets and pays the liabilities in a.particular order mentioned by the Indian.Companies Act 2013 so this is what he.does and to show what he has done in a.company he prepares liquidate our.statement of account ok it's a summary.of what he did find that is what.liquidate our statement of account at.simple cash look at how much he sold the.assets fine and then what all payments.he made that is what is mentioned in the.liquidator statement of accounts simple.cash book so as you can see here.receipts and payments so first what you.have to do now since here we are.preparing right we are going to give the.exam so here we have to prepare this so.here as you can see here first you have.to take all the assets yeah first you.are going to take the most liquid assets.and then the least liquid asset that is.the order the format is very important.over here the sequence of how you write.these things you have to remember that.you don't have to remember that you will.understand it if you solve many many.problems right yeah only if you solve 4.to 5 problems you will get the ID of all.this rights very simple so as you can.see the most liquid will come first the.order in which the assets will be sold.most liquid and the least liquid okay so.the cash is most liquid right so cash in.hand cash out bank will come first these.are the opening bar.you haven't sold anything these are just.the opening balances and then you will.write down the asset data realize.so first marketable securities if it is.given in the question if it is given in.the question okay current assets such as.trade receivables stock inventory bills.you know business wobbles all that you.have to take and then loans and advances.if you have given loans to anybody then.that's your asset right so that is loans.and advances and then fix the asset such.as building land and machinery all that.will come right and then there is one.important thing called us you know.secured creditor now secured creditor is.liability and you will be wondering why.is it coming over here why is it not.coming over here in payments we are.going to pay to secured creditors right.yes but do you know what is secured.creditor secured creditors means they.will have a charge on specific assets.for example we have you know we have.taken a loan from ICICI Bank on our.building or on our some asset yeah then.it is called you know it is called loan.that is specifically charged on that.land or that building so what will.happen here is that bank or that lender.or the creditor we are that Bank that.institution financial institution will.sell off that asset yeah and then they.will deduct their liability from it yeah.with their money from it and if there is.anything left they will be handed over.to the company fine so if there is any.surplus arising from that that is only.we are going to take over here right to.surplus from securities you will write.as to surplus from securities see here.for example I will just give you a.simple example for example let's say we.had a loan on building so building ok.asset realized building let's say the.building was sold for 10 lakh and the.liability that was there the loan that.was there on it was let's say seven lakh.how much seven like ten like in seven.left.so the surplus which the company will.get is three lakh is ended so you are.going to write over here three lakh but.for example let's say the SLDS was also.ten lakh and the secured traders were.also ten lakh so ten like ten like means.it's nil now right.so no surplus nothing.okay you don't have to write anything.over here that's how you do it but what.if what if there is a deficiency what if.the acid realized is off ten lakh but.the secured creditor are the liabilities.of 15 lakh it's more than the acid.realized then that means there's a.deficiency the whole payment is not made.so you don't have to take here- no you.are not going to take here you know -.five lakh negative no you are going to.just deduct 10 lakh by 10 lakh and that.that five lakh which is deficiency that.it will go to unsecured creditors okay.that will go to unsecured creditors fine.right you understand that if we we solve.the problems okay and then they'll come.to amount received from calls and.contribute is made so what is this.amount receipt from calls and.contributory is made see first you have.to understand who are contributors.contributors are any persons who are.liable to pay to the company okay on the.event of liquidation contributors are.the shareholders the present as well as.the past shareholders okay past.shareholders also so if there is any.money that is spending to come from the.shareholders any call that has to be.made then those calls will be made on.the event of liquidation and we will get.the money I got the company will get the.money okay.that is called to a mounted street from.calls on contributory is made fine.simple thing right so what did we saw.the assets and then any asset that is.sold on which there is a specific charge.then you have to deduct the liability on.that and then take the surplus and then.the calls that will be received from the.contributory is on the event of.liquidation if we are in need of money.we will make the calls fine and we'll.ask them shareholders to pay us right.because we need the money right to pay.the creditors and lenders and all the.liabilities yeah so now let's come to.the payment site see here up the.payments very simple now here what is.happening we are doing liquidation of.company so now if you have to do.liquidation of company of course there.will be some expenses and there will be.some you know something you have to pay.to do that liquidation process right so.first you have to understand who is.doing that liquidation process who is.doing of course the Tribunal is involved.and all the charges will be there the.legal charges so that has to be paid.first isn't it it's common sense.yeah you have to pay that first and then.who is doing all this selling and making.payments and everything who is in charge.of all this the liquidator.now this liquidator is doing work of.this company ABC company limiter so now.will he work for free of course not.he will not work for free right he is.not doing charity work over here no so.that's why we have to pay to this guy.right his remuneration Liquidators.remuneration now he will charge you no.Commission Commission on asset realized.yeah the question we may come like that.the liquidators remuneration may be on.commission on asset realize how much you.know at what amount assets he realized.on that he will get a commission to.person 1% Commission and then the.payment on unsecured creditors on that.also or on preferential creditor also he.will get commission fined by liquid as.remuneration and then of course there.will be some expenses also by.liquidation expenses so those things.will be paid in priority you have to.remember this order okay legal charges.first then liquidator remuneration then.liquidation expenses okay this order is.very important so you have to understand.that order.fine legal charges Liquidators.remuneration liquidation expenses and.then comes the debenture holders at.turnoff debenture holders now what do.you pay to debenture holders you pay to.dimension holders their face value as.well as their interest I have written.over here including interest you also.have to pay them interest and here.there's a simple rule in Indian.Companies Act see here interest on.dementia you are going to pay their face.value back whatever it is but also the.interest and if the company is solvent.if the company has money if it is.solvent then interest will be paid till.the date of payment till the date of.payment whatever interest that is.outstanding and till the date of payment.also you have to pay to them okay are.going to pay them two things one is.accrued interest and one is the interest.till the date of payment fine and then.if company's insolvent if the company is.insolvent if company doesn't have.sufficient money then you will only pay.up to the date of winding up till the.date of winding up right so this is what.is the rule regarding that interest.on dementia you have to understand it's.very simple while solving a problem you.will get it very easily right and then.comes the turn of the creditors that.turn off creditors now there are two.types of creditors that you have to.understand the one is preferential.creditors and the second is unsecured.creditors preferential creditors and.unsecured creditors now preferential.creditors are the creditors right to.whom you have to pay or get things from.the point of view of liquidator now you.are preparing liquidate our statement of.account so these preferential creditors.are paid in priority to the unsecured.creditors okay preferential traders will.be paid first.then unsecured creditors this is the.order of Indian companies security you.have to go through this order so now you.have to understand what is this.preferential creditors what all payments.comes under preferential creditors see.here it's very simple seven payments are.there that comes under the preferential.creditors which you have to make in.priority the first is the government.taxes the government taxes says that is.due to you know the state government.central government or the local.authority and the taxes that are due in.preceding twelve month okay from the.date of winding up from the date of.commencement of liquidation proceeding.12-month taxes that are due right that.will be preferential creditors that will.be paid in preference okay in priority.and the remaining before 12-month.whatever that was due that will be.unsecured creditors are you getting my.point the taxes in the says that is due.to the government in preceding 12 month.from the date of winding up will be.treated as preferential the remaining.will be treated as unsecured the.remaining I mean before the 12-month.anything that is before 12 months such.as the tax that was that is due from the.two years back that will be treated as.unsecured creditor right and then the.second will be expenses of investigation.some expenses will be incurred by the.company you know to investigate because.of the liquidation process so those.expenses will also be paid in the.priority that is that will be treated as.preferential creditors and then the.remaining that are there are really.with employees and those are very simple.as you can see holiday remuneration any.payment that is outstanding to the.employee on the paid leaves on the paid.listener leave in catchment any days.there were holidays and still the.payment has to be made and those who are.called holiday remuneration so if there.is any outstanding to the employee those.payment will also be treated as.preferential creditors and then comes.the contribution under ESI under this.ESI scheme there is any contribution by.employer is outstanding then that will.also be treated as preferential.corridors and then workmen compensation.act if there is any payment to be made.to the employee due to the workmen.compensation act you know any.compensation that is due to the employee.for example if any employee was you know.if an employee died on an accident you.know in the company and any disablement.happened to that employee you know.anything like that happens then that.payment that is due to the employee will.be also treated as preferential creditor.or he will be treated as beneficial.creditor and that is a preferential.payment you have to take it and off.preferential creditors fine and then the.contribution that is under you know P of.the employees contribution all Provident.Fund pension fund or gratuity fund that.is to be made to the employees will also.be treated as preferential trade a.simple thing and then comes the salary.or wages to employees okay that will.also be treated as preferential credit.all right so now here in salary or wages.there is a limit here with limit so you.have to understand this limit it's very.simple in Beacom exams and all mostly.this will not be tested but in the CA.intermediate students you guys have to.know about this okay.in previous two elements see here salary.or wages there is a limit see here.maximum your maximum any four months.salary can be paid to the employee it.will be treated as I mean it will be.treated as preferential any form on.salary in previous 12 months in previous.12 months from the data winding up yeah.any four month salary can be paid but.that foreman salaries should not exceed.20,000 it should not exceed 20,000.20,000 per employee.the condition has to be satisfied it.should be met okay for month any foremen.salary in previous 12-month and the.maximum limit that is their 20000 per.employee let's take an example okay you.can understand that with the example.very better see here for example let's.say a employee his per month salary is.6000 his Perman seller is 6000 okay and.let's say 4 months salary is outstanding.his four month salary is outstanding.so now the total salary that is.outstanding to him that employee is 6000.into for right so it is 24,000 so now.what are you going to do here 20,000.will be treated as preferential credit.hour it will be paid in priority and the.remaining 4,000 will be paid in you know.in unsecured creditor it will be treated.as unsecured creditors are you getting.my point.6000 was the Pearlman celery for one.celery was outstanding so in total.24,000 was outstanding but there is a.maximum limit of 20,000 right so 20,000.will be only between a TAS preferential.Kreider even though it is only 4 months.salary so the remaining 4,000 is there.it will go to unsecured creditor let's.take one more example see here for.example let's say an employee salary per.month salary is 3000 and let's say his.ten months salary is outstanding how.much 10 months salaries outstanding but.there are two conditions right one is.20,000 per employee only for one celery.any four months salary in previous 12.months so both the conditions have to be.satisfied so as you can see here three.thousand per month salary and ten month.salaries outstanding of the previous.year so in total 30 thousand its.outstanding.so that means can you just take twenty.thousand here and ten thousand here can.you do that no one month's salary is.three thousand and you can only pay four.months salary under preferential try.only four months salary so 4 into three.thousand is twelve thousand you can only.treat twelve thousand as preferential.trade era this is only four months.salary right only four months salary can.be treated as you know preferential.creditors not hole ten month salary no.only four months salary so 4 into three.thousand that will go to preferential.creditor and the remaining will be.treated as unsecured creditor.18,000 let's take one more example see.here let's say the poem on salary is.2,500 how much 2500 and let's say 10.months salaries outstanding so only four.months salary can be paid maximum limit.is twenty thousand so now the total.salary that is outstanding to this.employee two thousand five hundred per.month salary into ten month twenty five.thousand in total is outstanding but.only four months salary can be can be.preferential creditor so four month in.two months salary 2502 for that is only.ten thousand isn't it.so only ten thousand can be treated as.referential j-town and the remaining.whatever that is there there will be.unsecured creditor like that one more.example last example see here for.example let's say one employees there or.he's an executive employee see here 25.thousand per month salary is there 25.thousand per month salary and you know.only one month salary is outstanding so.now here what you will do here only one.one self is outstanding fine it is under.four month so now twenty thousand will.go to preferential creditor and the.remaining will go to unsecured creditor.simple you understand so this is how you.have to do it okay both the conditions.have to be satisfied okay four months.salary as well as the twenty thousand.max per employee per claimant fine okay.then it's simple right so these are the.preferential creditors who which will be.paid in priority to the unsecured.creditors fine easy right.so now and then the unsecured creditors.turn will come and those will be paid.and then at last the preference you note.at last see here the last second by.preference shareholders the preference.shareholders.I didn't write here preference capital.no preference shareholders right their.capital back as well as their as well as.their dividend halls okay whatever.dividend that has been accumulated yeah.accumulated that arrears of dividend two.or three years dividend depending upon.the question that is also have to be.paid to the preferential holders and.then at last if any money is left that.money will be paid to the equity.shareholders okay because these are the.residual owners of the company right.they're the last owners.of the company so they will get their.money act last so whatever that is left.it will pay to the equity holders simple.right so this is what liquidate our.statement of accounts it's very simple.receipts and payments here you are going.to take all the assets in the liquidity.order right and the surplus to amount.received from contributory yeah if any.money is required on the event of.liquidation we will make calls yeah to.the equity shareholders and then the.liquidation expenses such as legal.charges liquidator remuneration.liquidation expenses then debenture.holders you are going to pay the you.know the face value as well as interest.and you have to understand one more.thing right here in actual practice I'm.talking about the actual practice first.preferential creditors are paid and then.the debenture holders now you will say.so why don't you write over here.preferential creators first and then the.debenture holders why do you have you.know made a mistake over you know I.haven't made a mistake over here the.thing is in the Companies Act the format.is this only so that is the thing that.is why we have to write debenture.holders first and then the creditors but.in actual practice preferential.creditors are paid first okay here.before the debenture holders before the.creditors that have floating charge and.you know write debenture holders they.have floating charge so preferential.creditors are paid first and then the.debenture holders but in the format it.is like that so you have to follow the.format to get the marks otherwise you.will not get the max so debenture.holders first with their face value and.including the interest and you know if.company's solvent interest in the date.of payment is companies insolvent up to.the rate of winding up and to creditors.preferential and unsecured in.preferential there are seven seven.payments yeah simple seven payments are.there and then preference shareholders.turn comes after the creditors and they.will get the capital back as well as the.dividend that has been accumulated if it.is given in the question okay and.arrears of preference dividend that is.what dividends should be paid up to the.date of winding up up to the date of.winding up and then at loss that turn.comes off equity shareholders the.residual owners of the company they will.get their money so this is how you have.to prepare the liquidator statement of.account it is very simple.in the next video we are going to solve.one problem and we are going to seed all.this practically and easily you will be.able to you know understand this fine ok.then see you in the next video.

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Liquidation Letter Form FAQs

Here are some questions along with their answers to clear up the doubts that you might have.

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Do I need to fill out a customs form to mail a 1 oz letter? Would I put the customs form outside the envelope or inside?

Only mails that has merchandises or accountable items would require custom forms. So unless it’s lumpy or over weight, then even a stack of photos can be send as regular first class mails without custom declarations.

What is liquidation and types of liquidation?

Let us take basis; amount of liquid in the glass = 100 ml X ml of liquid 1 has 0.2X ml water Y ml of liquid 2 has 0.35Y ml water The glass has 10:4::liquid 1: liquid 2 Liquid 1 in glass is (10/14)×100=71.4ml Liquid 2 in glass is (4/14)×100=28.6ml So amount of water in glass= 0.2X + 0.35Y =0.2×71.4 + 0.35×28.6 = 14.3 + 10 = 24.3

Do grad school students remember everything they were taught in college all the time?

While I did not study physics this is something that relates to my field as well. One thing to remember is the scope of the field which you are talking about. With physics it might seem narrower than History or Archaeology but I suspect that when you boil it down it isn’t. It would be impossible to cover everything in a subject even going all the way through to gaining a doctorate. The answer you got and posted up is very accurate and extremely good advice. What a lot of it boils down to in education (especially nowadays) is not so much teaching specific facts but teaching themes and how to find Continue Reading

How do I mail a regular letter to Venezuela? Do I need to fill out a customs form for a regular letter or do I just need to add an international mail stamp and send it?

You do not need to fill out a customs form for a regular letter sent from the US to any other country. Postage for an international letter under 1 ounce is currently $1.15. You may apply any stamp - or combination of stamps - which equals that amount.

Why do some forms require you to fill them out in all capital letters?

There is a joke among society that doctors' handwritings are illegible. But in fact for most of the people if you tell them to write something in their normal handwriting which is of course their running hand or cursive writing people may sometimes find it tough to understand it because different people have different styles of writing. Most of the form we come across are either computer read or manually read. They are mostly for job or exams. There professionals don't have the time and chance to effort to read someone's illegible cursive handwriting with a possibility of misinterpretation. H Continue Reading

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