Creditors – NBC Institute

ICMA – Nov 2024 – L1 – Q2a – Cash Collection and Payment

Calculates cash collected from debtors and payments made to creditors.

Question

Cash Collected from Debtors and Payments to Creditors
The following balances have been extracted from the Statement of Financial Position of Zena LTD as at 31 December 2023:

Account	Amount (GH¢)
Debtors	55,000
Creditors	60,000

Additional information from the 2024 budget:

Sales are GH¢250,000 out of which 25% is cash. The sales are evenly distributed and the business gives one-month credit to its customers.
Total purchases of GH¢180,000, evenly distributed, are all on credit. Suppliers allow two months’ credit.

Required:
i) The cash to be collected from debtors during the year.
ii) The cash to be paid during the year.

Answer

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Tags: Budgeting, Cash Collection, Creditors, Debtors
Level: Level 1

Topic: Cash Budgeting and Working Capital
Series: Nov 2024

AAA – Nov 2012 – L3 – AII – Q12 – Auditor’s Legal Liability

Identifies the type of creditors given priority in payment during a liquidation process.

Question

The creditors given priority payment during a liquidation process are known as …………………. creditors.

Answer

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Tags: Creditors, Insolvency, Legal Liability, Liquidation, Priority Payment
Level: Level 3

Topic: Auditor’s Legal Liability
Series: NOV 2012

BL – May 2014 – L1 – SA – Q19 – Law Relating to Banking

Identifying the term for a bankruptcy petition against a common debtor.

Question

Bankruptcy petition by a group of creditors who acts together against a common debtor who is known to be insolvent is a ____________.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Bankruptcy, Creditors, Insolvency
Level: Level 1

Topic: Law Relating to Banking
Series: MAY 2014

ICMA – Nov 2024 – L1 – Q2a – Cash Collection and Payment

Calculates cash collected from debtors and payments made to creditors.

Question

Cash Collected from Debtors and Payments to Creditors
The following balances have been extracted from the Statement of Financial Position of Zena LTD as at 31 December 2023:

Account	Amount (GH¢)
Debtors	55,000
Creditors	60,000

Additional information from the 2024 budget:

Sales are GH¢250,000 out of which 25% is cash. The sales are evenly distributed and the business gives one-month credit to its customers.
Total purchases of GH¢180,000, evenly distributed, are all on credit. Suppliers allow two months’ credit.

Required:
i) The cash to be collected from debtors during the year.
ii) The cash to be paid during the year.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Budgeting, Cash Collection, Creditors, Debtors
Level: Level 1

Topic: Cash Budgeting and Working Capital
Series: Nov 2024

AAA – Nov 2012 – L3 – AII – Q12 – Auditor’s Legal Liability

Identifies the type of creditors given priority in payment during a liquidation process.

Question

The creditors given priority payment during a liquidation process are known as …………………. creditors.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Creditors, Insolvency, Legal Liability, Liquidation, Priority Payment
Level: Level 3

Topic: Auditor’s Legal Liability
Series: NOV 2012

BL – May 2014 – L1 – SA – Q19 – Law Relating to Banking

Identifying the term for a bankruptcy petition against a common debtor.

Question

Bankruptcy petition by a group of creditors who acts together against a common debtor who is known to be insolvent is a ____________.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Bankruptcy, Creditors, Insolvency
Level: Level 1

Topic: Law Relating to Banking
Series: MAY 2014

Question Tag: Creditors

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ICMA – Nov 2024 – L1 – Q2a – Cash Collection and Payment

Calculates cash collected from debtors and payments made to creditors.

AAA – Nov 2012 – L3 – AII – Q12 – Auditor’s Legal Liability

Identifies the type of creditors given priority in payment during a liquidation process.

BL – May 2014 – L1 – SA – Q19 – Law Relating to Banking

Identifying the term for a bankruptcy petition against a common debtor.

ICMA – Nov 2024 – L1 – Q2a – Cash Collection and Payment

Calculates cash collected from debtors and payments made to creditors.

AAA – Nov 2012 – L3 – AII – Q12 – Auditor’s Legal Liability

Identifies the type of creditors given priority in payment during a liquidation process.

BL – May 2014 – L1 – SA – Q19 – Law Relating to Banking

Identifying the term for a bankruptcy petition against a common debtor.

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Question Tag: Creditors

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ICMA – Nov 2024 – L1 – Q2a – Cash Collection and Payment

Calculates cash collected from debtors and payments made to creditors.

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AAA – Nov 2012 – L3 – AII – Q12 – Auditor’s Legal Liability

Identifies the type of creditors given priority in payment during a liquidation process.

You're reporting an error for "AAA – Nov 2012 – L3 – AII – Q12 – Auditor’s Legal Liability"

BL – May 2014 – L1 – SA – Q19 – Law Relating to Banking

Identifying the term for a bankruptcy petition against a common debtor.

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ICMA – Nov 2024 – L1 – Q2a – Cash Collection and Payment

Calculates cash collected from debtors and payments made to creditors.

You're reporting an error for "ICMA – Nov 2024 – L1 – Q2a – Cash Collection and Payment"

AAA – Nov 2012 – L3 – AII – Q12 – Auditor’s Legal Liability

Identifies the type of creditors given priority in payment during a liquidation process.

You're reporting an error for "AAA – Nov 2012 – L3 – AII – Q12 – Auditor’s Legal Liability"

BL – May 2014 – L1 – SA – Q19 – Law Relating to Banking

Identifying the term for a bankruptcy petition against a common debtor.

You're reporting an error for "BL – May 2014 – L1 – SA – Q19 – Law Relating to Banking"

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Customer

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