calculate the amount payable to the company’s trade accounts payable.
4. Plano Ltd, whose capital consisted of $50000 in fully paid shares, was wound up as a result of a court order. Its liquidator realised $1,343,300 from the sale of the company’s assets. This amount included $340,000 from the proceeds on sale of the company’s land and buildings. Debts proved and admitted were:
Unsecured Notes 200000
Debentures (secured by circulating security interest) 600000
First mortgage on land and buildings 200000
Trade accounts payable 160000
PAYG tax instalment 1560
Directors’ fees 6000
GST 3978
Employees’ holiday pay 10000
Employees’ wages — 8000
Secretary’s salary — 1440
Managing director’s salary — 4800
Sales commission 1000
Liquidation expenses 6000
Second mortgage on land and buildings 160000
Liquidator’s remuneration 16000
Required
Show the order of priority of payment of debts for Plano Ltd and calculate the amount payable to the company’s trade accounts payable.
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