Samuel Ltd went into voluntary liquidation on 30 June 2018, its summarized statement of financial position then
Question:
Samuel Ltd went into voluntary liquidation on 30 June 2018, its summarized statement of financial position then being:
The assets were realised by the liquidator as follows:
Land and Buildings $220,000 (before selling expenses of $22,000)
Inventories 95,000
Accounts receivable 85,500
Other Payables allowed $11,000 discount, Accounts payable were paid in full.
Other costs included liquidation costs of $8,500;
Liquidator's remuneration $25,000;
Employee entitlements $9,500.
The mortgage holder sold the equipment for $208,000.
Required:
Record the above in the
1. Liquidation account,
2. Liquidator's Cash account and
3. Shareholders' Distribution account.
Corporate Accounting As Per The Companies Act 2013 Including Rules 2014 And 2015
ISBN: 9789352605569
2nd Edition
Authors: M Hanif, A Mukherjee