Corporate Accounting II 15-03-2023

A contibutory is

• A creditor

• A shareholder

• A debentureholder

• A convertible debentureholder

Which of the following statement is true:

• Preference share capital together with any arrears of dividend will have priority for payment

  over equity capital.

• The holders of cumulative preference shares are entitled to arrears of dividend if there is a

  surplus after return of equity capital.

• Preference shares are treated as fully secured creditors

• If articles provides for payment of arrear of dividend, then it must be paid even

A past member is not liable to contribute:

• In respect of any liability contracted after he ceased to be member of the company.

• One year passed since he ceased to be a member.

• In case of company limited by shares, no liability arises if shares are fully paid up.

• All of the above

The first item in order of payment to be made by liquidator is:

• Secured creditors

• Preferential creditors

• Liquidation expenses

• Preferential creditors

Liquidator’s statement of receipts and payment is know as:

• Cash flow statement

• Cash book

• Liquidator’s final statement of account

• Deficiency accout