Question
In: Accounting
What is the statement of financial affairs? How is this statement dated?
What is the statement of financial affairs? How is this statement dated?
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Expert Solution
Statement for financial affairs is a statement for an individual or corporate debtor filing for bankrupcy. The statement rrequires the debtor to fill in infromation about all recent financial transacyions performed, details of payments made to various creditors, ang property transfer, the source of income for the debtor, any law suit filed against the debtor by any creditor etc.
The statement is a serious of 28 questions that have to be answered in detail.
Basically, it would conatin all questions pertaining to current financial position an dposition before bankrupcy, so that bankrupcy can reasonably be established.
Various information has to be furnished for various pariods. Some information pertains to beginning of the year till date of filing if statement of affirs and some may be for previous year etc.
The date of the statement of financial affairs is the date on which the statement of financial affairs is filed.
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