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Calculate the total notional cash available for distribution

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Question - McLore Ltd was placed into liquidation on 31 May 2021. The cash available after all assets have been realised and liabilities and expenses paid was $55,000.

The share capital of McLore Ltd immediately prior to liquidation was as follows.

McLore Ltd (in Liquidation) - Extract from Balance Sheet

Issued Capital

Shares

$

5% $2.00 Cumulative Preference Shares (called to $1.00)

10,000

10,000

'A' $1.00 Ordinary Shares (called to 60c)

50,000

30,000

'B' $1.00 Ordinary Shares (called to 40c)

75,000

30,000

less Calls in arrears (10c per share)

 

(3,000)

Total

 

67,000

Required - Calculate the total notional cash available for distribution to shareholders.

Reference no: EM133065492

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