The main purpose of the Liquidation account is to calculate the deficiency or surplus on liquidation to show how it is distributed between the shareholders.
Correct Answer:
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Q40: The shareholders of a company are liable
Q41: A court has the power to appoint
Q42: A mortgage is an example of a
Q43: A liquidator is required to keep proper
Q44: Past members do not have to contribute
Q46: The liquidator must arrange for their statement
Q47: It is the responsibility of the directors
Q48: Debts may be admitted by a liquidator
Q49: Ordinary unsecured creditors have no preferential treatment
Q50: Salaries and wages and employee entitlements owing
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