RECENT ASSIGNMENT

2. A customer who owed the company $ 25,000 defaulted (did not pay) but the rest of the customers paid all the amounts outstanding at 20 December 2015 in full.
3. Accounts Payable were settled in full with a cash payment of $ 692,500. The bank loan was settled fully together with interest payable for the months of November and December 2015 of $3,655 (this had not been recorded in the books at 30 November 2015).
4. All calls in arrears were fully collected and the cost of liquidation was $ 12,250 was paid on the 23 January 2016. .
REQURIED: Prepare the Liquidation Account, the Cash at Bank Account and the Shareholders Distribution Account to record the above transactions.
Q -02