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The Statement of Affairs must be prepared in a prescribed form. Its purpose is to enable the shareholders and creditors to have an understanding of the current financial position of the company.
Definition of statement of affairs : a statement for a financially embarrassed enterprise showing assets at book and realizable values and claims of creditors classified as preferred, secured, partly secured, and unsecured for the purpose of indicating probable amounts available to creditors in case of liquidation.
This is Expert Verified Answer The purpose of statements of affairs is to show the current financial position of the company. It provides details of the company's assets and liabilities. It should be prepared in a given format. It helps the stakeholders to understand the company's affair better.
The Statement of Affair is a summary of a Company's assets and liabilities. It states the net book value and amount expected to realise at the date of Insolvency of the business. Accompanying the balance sheet is a list of creditors and shareholders.
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The Statement of Affairs must be prepared in a prescribed form. Its purpose is to enable the shareholders and creditors to have an understanding of the current financial position of the company.
A Statement of Affairs - or a SOA - is a document typically prepared by an accountant, which details a company's assets and liabilities. It is designed to provide an overview of the company's financial position and is particularly useful during when a com.
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Information Required for a Statement of Affairs A list of assets and liabilities. A list of creditors names, addresses and outstanding balances. Details of any security granted and the date it was granted. The value of any security granted.
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