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How to account for a company in liquidation?

How to account for a company in liquidation.
Is it non-current assets held for sale
What are the accounting entries

Thank you

asked Apr 10 in General IFRS Discussion by anonymous

1 Answer

0 votes
It can't be non-current Asset held for sale.

First Realization A/C should be opened and All asset except Cash will be credited and All liabilities will debited in realization A/C. After that distribute remaining profit/loss amongs Partners/Shareholders.
answered Apr 11 by MHAGIG Level 2 Member (4,250 points)