Reference no: EM132561967
Question 1: Corona Limited went into voluntary liquidation on 31st May 2020. Its summarised statement of financial position then being as follows: (shown on the next page) Required: Prepare the following ledger accounts:
1. Liquidation Account
2. Cash at bank account
3. Shareholders' Distribution Account
Corona Limited Statement of Financial Position As At 31st May 2020
Current Assets $ $ $ Current Liabilities $ $
Receivables 8,000
Creditors 20,000
Less: provision for doubtful debts 3,000 5,000
Inventory 12,000
Cash 4,000 21,000
Equity Share capital: Non-current assets 120 000 shares issued at a price of $1 120,000 Land 20,000
Less: calls in arrears 14,000 106,000
Less: accumulated depreciation 5,000 15,000
Plant 100,000 less: accumulated depreciation 10,000 90,000 105,000 126,000 126,000
Additional Information:
1. All assets realized $150 000.
2. Calls in arrears were fully collected.
3. Payables allowed $50 discount.
4. Costs of liquidation were $3000.
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