3. San Josh Ltd went into voluntary liquidation on 30 June 2017, its surmmarized staterment of financial position then being: Current assets Share capital: Receivables 5,000 80,000 shares issued at a price Inventory 6000 of $1, called to 50c 40,000 Cash 4,000 15,000 Less: Calls in arrears (20000 at 25c) Non-current assets 5,000 Land 30,000 Plant 20,000 50,000 Total assets 65,000 Current liabilities Payables 20,000 Total Equity 45,000 Net assets 45,000 All assets realised $30,000. Calls in arrears were fully collected. Payables allowed $10000 discount. Costs of liquidation were $2500. Required: Record the above in the Liquidation account, the Liquidator's Cash account and the Shareholders' Distribution account.

3. San Josh Ltd went into voluntary liquidation on 30 June 2017, its surmmarized staterment of financial position then being: Current assets Share capital: Receivables 5,000 80,000 shares issued at a price Inventory 6000 of $1, called to 50c 40,000 Cash 4,000 15,000 Less: Calls in arrears (20000 at 25c) Non-current assets 5,000 Land 30,000 Plant 20,000 50,000 Total assets 65,000 Current liabilities Payables 20,000 Total Equity 45,000 Net assets 45,000 All assets realised $30,000. Calls in arrears were fully collected. Payables allowed $10000 discount. Costs of liquidation were $2500. Required: Record the above in the Liquidation account, the Liquidator's Cash account and the Shareholders' Distribution account.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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D1. Account
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