trustee for settlement of
Illustration 2
Adetokunbo filed a petition in bankruptcy on 30 September, 2009. His assets and
liabilities are as follows:
Assets
N
Cash in hand
5,000
Book Debts
5,200
Good
2,400 (estimated to produce N1,350)
Doubtful
305
Bad
760
Inventories in trade
9,000 (estimated to produce N7,500)
Bill Receivable
2,350 (estimated to produce N4,000)
Office Furniture
1,750 (estimated to produce N1,200)
Plant and Machinery
6,500 (estimated to produce N4,000)
Personal Building
12,000 (subject to a mortgage of N9,000)
Personal Furniture
3,000 (estimated to produce N2,000)
Liability
Unsecured creditors
30,000
Partly Secured creditors
19,000 (estimated value of security9,200)
Debts outstanding not included in petition:
\textbullet 6 months' rent
3,000
\textbullet Office staff salary (2 months) 300
\textbullet 7% Loan from Mrs Adetoku 4,500
\textbullet Accrued interest thereon
315
\textbullet 3 months' rate
120
Required:
Prepare a Statement of Affairs of Adetokunbo on 30 September, 2009
