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Coke Ltd was placed in compulsory liquidation on 30 April 2017. On this date the Balance Sheet was as follows: Assets Current Bank 2 000
Coke Ltd was placed in compulsory liquidation on 30 April 2017. On this date the Balance Sheet was as follows: Assets Current Bank 2 000 Inventory 30 000 Accounts Receivable 15 000 Non-Current Property Plant & Equipment 280 000 Liabilities Current Accounts Payable 10 000 Provision for Annual Leave 10 000 Non-Current Bank Loan 50 000 Total Liabilities NET ASSETS 257 000 Shareholders Equity Share Capital 200 000 Retained Profit 57 000 TOTAL SHAREHOLDERS EQUITY 257 000 Additional Information The costs of liquidation were $5 016 (GST inclusive). Assets excluding accounts receivable were realised for $205 150 (includes GST of $18 650). Accounts Receivable realised $13 350. All liabilities were paid and the balance distributed to Shareholders. Required Prepare the
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