1. Chapter 19 External Administration Reports and Accounts

2. Lecture Topics Reports Closing the accounting records

3. Lecture References Text- Chapter 19 Corporations Act

4. Key Concepts External administration Statement of solvency Report as to affairs Liquidation account Shareholders distribution

5. Reports Reports prepared in preparation for external administration – Declaration and statement of solvency Members’ voluntary winding-up – Report as to affairs Creditors’ voluntary winding up Appointment of liquidator

6. Reports Reports prepared in preparation for external administration – Report as to affairs Assets and liabilities at estimated realisable values Shows issued and paid-up capital Ranks liabilities – Summary of affairs

7. Reports Reports prepared by external administration – Liquidator’s accounts Receipts and payments Cash position Details of dividends ‘Position of winding-up’

8. Reports Reports prepared by external administration – Accounts of receiver or receiver and manager Receipts and payments – Reports of the voluntary administrator No prescribed form Reporting party

9. Closing the Accounting Records – Create receipts and payments account – Transfer positive cash balances – Create liquidation account – Close non-cash asset accounts to liquidation account

10. Cash balance Assets balance Creditors balance Owners’ Equity balance Receipts and Payments cash Liquidation assets S/holders Distribution equity

11. Journal entries DrLiquidation accountx CrReceipts and paymentsx fees charges and costs incurred DrReceipts and payments x Cr Liquidation accountx cash from sale of assets DrAsset Contra accountsx CrLiquidation accountx

12. Journal entries DrCreditors accountsx CrReceipts and payments x payments to creditors DrReceipts and paymentsx Cr S/holder’s Distribution x cash from calls

13. Journal entries DrLiquidation accountx CrCreditors accountsx undervalued/unrecorded liabilities DrCreditors accounts x Cr Liquidation account x overstated/rejected liabilities

14. Journal entries DrShareholder’s Distributionx CrLiquidation accountx transfer of loss on liquidation DrShareholder’s Distribution x Cr Receipts and paymentsx final payment to shareholders

15. Receipts and Payments Cash Liquidation Assets Shareholders Distribution Equity Fees and charges

16. Receipts and Payments Cash Liquidation Assets Shareholders Distribution Equity Fees and charges Asset disposals

17. Receipts and Payments Cash Liquidation Assets Shareholders Distribution Equity Fees and charges Asset disposals Calls

18. Receipts and Payments Cash Liquidation Assets Shareholders Distribution Equity Fees and charges Asset disposals Calls Creditors Undervalued liabsOvervalued liabs

19. Receipts and Payments Cash Liquidation Assets Shareholders Distribution Equity Fees and charges Asset disposals Calls Creditors Undervalued liabsOvervalued liabs Loss on liquidation

20. Receipts and Payments Cash Liquidation Assets Shareholders Distribution Equity Fees and charges Asset disposals Calls Creditors Undervalued liabsOvervalued liabs Loss on liquidation Shareholders

21. Where to get more information Other courses List books, articles, electronic sources