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Question - 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
Net assets
All assets realised amounted to $55 000. Payables allowed a $500 discount. Costs of liquidation were $3 000.
Required -
1. Complete the journal entries to liquidation.
2. Record the entries in the Liquidation account, the Liquidators receipts & payments, and the Shareholders distribution account.
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