When AAA Company filed for liquidation with the Securities and Exchange Commission, it prepared the following statement of financial position: Current Assets (net realizable value, P50,000) P 80,000 Land and Building (fair value, P240,000) 200,000 Goodwill (fair value, 0) 40,000 Total Assets P320,000 Accounts Payable P160,000 Mortgage Payable (secured by land & building) 200,000 Ordinary share 100,000 Accumulated profits (140,000) Total Liabilities and Equity P320,000
When AAA Company filed for liquidation with the Securities and Exchange Commission, it prepared the following statement of financial position:
Current Assets (net realizable value, P50,000) P 80,000
Land and Building (fair value, P240,000) 200,000
Total Assets P320,000
Accounts Payable P160,000
Mortgage Payable (secured by land & building) 200,000
Ordinary share 100,000
Total Liabilities and Equity P320,000
What percentage of their claims are the unsecured creditors likely to get?
a. 100%
b. 56.25%
c. 50.00%
d. 43.75%
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