Unsecured notes
$150,000
Debentures (secured by circulating security interest)
350,000
First mortgage on land and buildings
200,000
Trade accounts payable
78,000
PAYG tax instalment
860
Fringe benefits tax
3,000
GST
3,989
Employees’ holiday pay
3,000
Employees’ wages — 5 employees for 2 weeks at $400 per week
4,000
Secretary’s salary — 3 weeks at $550 per week
1650
Managing director’s salary — 4 weeks at $900 per week
3,600
Sales commission
4,000
Liquidation expenses
80,000
Second mortgage on land and buildings
90,000
Liquidator’s remuneration
6,000
Instructions:
Show the order of priority of payment of debts for Master Ltd and calculate the amount payable to the company’s trade accounts payable.
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