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can i get this in step by step solution The RTX Company is in liquidation. All creditors have been paid in full, leaving & 60,000
can i get this in step by step solution
The RTX Company is in liquidation. All creditors have been paid in full, leaving & 60,000 available for distribution to shareholders. The following information is extracted from the current balance sheet. RTX Company $ Issued capital 50000 7% Cumul crtive preference shares f. 20 un colled! 40,000 10 00 ODCA ordinary share fully_paid. 100,000 1 000 00B' ordinary Share 50,000 5.50 Un called Less Calls io grrenys$ 0.10 per Share (for 50,000 Shares) (5000) Add-Calls in advance: $ 0.10 pershare (for 20,000 Shares) 10,000 55000 paid up capital 195,000 Reserves General reserve 10,000 Asset revaluation reserve 20,000 30,oo Accumulated losses (10,000 Owner's equity 215,000 Required: Prepare schedule showing how the funds available to or calls made on each class of shareholder con si dering that the preference shareholders have priority, in a winding up to the return of the capitalStep by Step Solution
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