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Problem - Hudson Ltd was placed into liquidation on 31 March 2020. The cash available after all assets have been realised and liabilities and expenses paid was $5,000.
The share capital of Hudson Ltd immediately prior to liquidation was as follows.
Hudson Ltd (in Liquidation) - Extract from Balance Sheet
Issued Capital
Shares
$
7% $2.00 Cumulative Preference Shares (called to $1.90)
1,000
1,900
' A ' $1.00 Ordinary Shares (called to 50c)
10,000
5,000
' B ' $1.00 Ordinary Shares (called to 50c)
Less Calls in arrears (10c per share)
(500)
Total
11,400
Required -
a) Calculate the total notional cash available for distribution to shareholders.
b) Explain the purpose of liquidation.
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