Prepare the ledger accounts for liquidation as shown below: (Note: the template of ledger account is provided. You can choose to copy the tables, create tables, or provide the account information without table lines.) i) Liquidation account. ii) The Liquidator's Receipts and Payments. iii) The Shareholders' Distribution account. Liquidation Liquidator's Receipts and Payments
Glowworm Ltd went into voluntary liquidation on 30 June 2024. The
• Liquidator's remuneration and expenses amounted to $3600.
• Other payables of $32 200 comprised the following. Salary & wages payable (12 000 + 4 000) $ 16 000 Director's salary-balance 1 600 Annual leave payable 8 800 Telephone bill payable 1 800 Income tax payable 4 000
• The debentures are secured by a circulating security interest over the company's assets.
• The mortgage holder took possession of the land and sold it for $163 400.
• Other assets realized the following amounts. Inventories $ 108 000 Accounts receivable 52 000 Plant and equipment 268 000 Shares in listed companies 122 000
• Uncalled capital (if required to be called up) is recoverable.
• Preference shareholders are preferential as to dividends and return of capital. The constitution does not provide any further rights for preference shareholders.
• In relation to return of capital, Ordinary 'A' shareholders and Ordinary 'B' shareholders rank equally after preference shareholders.
Required
Prepare the ledger accounts for liquidation as shown below:
(Note: the template of ledger account is provided. You can choose to copy the tables, create tables, or provide the account information without table lines.)
i) Liquidation account.
ii) The Liquidator's Receipts and Payments.
iii) The Shareholders' Distribution account. Liquidation Liquidator's Receipts and Payments
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