User Account

All Pages

Complete the journal entries to liquidation

Assignment Help Accounting Basics
Reference no: EM132742266

Problem - Bugs Ltd went into voluntary liquidation on 30 June 2020. Its summarised statement of financial position at that date is as follows:

Bugs Ltd Statement of Financial Position As at 30 June 2020

Equity Current assets

Share capital 53,000 Cash 10,000

Inventory 12,000 22,000

Non-current assets

Land 40,000

Total assets 62,000

Current liabilities

Payables 9,000

Total equity 53,000 Net assets 53,000

All assets realised amounted to $55,000. Payables allowed a $500 discount. Costs of liquidation were $3,000.

Required -

(i) Complete the journal entries to liquidation.

(ii) Record the entries in the Liquidation account, the Liquidators receipts & payments, and the Shareholders distribution account.

Reference no: EM132742266

Questions Cloud

What the cost of that spoilage should be : If normal spoilage is detected at an inspection point within the process (rather than at the end), the cost of that spoilage should be
How much must you place into the account today : If you wish to withdraw $565.54 from this account every period, forever, how much must you place into the account today?
Reduce adverse impacts of factors : What measures can stakeholders take to reduce adverse impacts of these factors? Please support with reference
Main elements of these standards : One of the Australian banks' major strengths has been a strong and robust loan book (i.e. low rate of loan default). Many commentators have suggested
Complete the journal entries to liquidation : Bugs Ltd went into voluntary liquidation on 30 June 2020. Share capital 53,000 Cash 10,000. Complete the journal entries to liquidation
Which needs to be answered with regard to quality control : Actual overhead rates were very significant when actual production was substantially less than planned production. The most likely explanation is that
Performance of the superannuation funds : What advice would you give to the client? Please provide a brief explanation for the reason for your advice.
Random walk in an efficient market : What is the random walk? Clearly explain why we expect prices to follow a random walk in an efficient market?
Which overapplied factory overhead would result if : Which Overapplied factory overhead would result if? factory overhead costs incurred were unreasonably large in relation to units produced

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd