Question
In: Accounting
The following data were taken from the statement of affairs for ABC Company Asset pledged for...
The following data were taken from the statement of affairs for ABC Company
Asset pledged for fully secured liabilities (fair value, P63,750) P 76,500
Asset pledged to partially secured liabilities (fair value, P44,200) 62,900
Free assets (fair value, P34,000) 59,500
Unsecured Liabilities with priority 5,950
Fully secured liabilities 25,500
Partially secured liabilities 51,000
Unsecured liabilities without priority 95,200
9. What is the total estimated deficiency to unsecured creditors?
10. How much is the amount paid to partially secured creditors?
Solutions
Expert Solution
Fair Value of asset pledged for fully secured liabilities = P63750
Less : Fully secured liabilities = 25500
Excess value of asset available over secured = P38250
Fair Value of asset pledged for partially secured liabilities = P44200
Less: Partially secured liabilities = 51000
Shortfall = -6800
Fair Value of free assets = P34000
Less : Unsecured Liabilities with priority = 5950
Excess available = 28050
Less :Unsecured liabilities without priority = 95200
Shortfall = -67150
Now, Excess value of asset available over secured = P38250
Less Shortfall of partially secured liabilities = 6800
Less : Shortfall of unsecured liabilities = 67150
Total estimated deficiency to unsecured creditors = P35700
Answer to 9 Total estimated deficiency to unsecured creditors = P35700
Answer to 10 The amount paid to partially secured creditors = P51000 (Shortfal from the assets realised adjusted with the excess available after meeting up the fully secured liabilities.
ekkarill92 answered 1 year agoRelated Solutions
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