Receipts and payments with final distribution to shareholders   LO8, 9 Butterfly Ltd went into liquidation on 30 June 2021, its equity being as follows. 20 000 10% preference shares each fully paid at $1 10 000 first issue ordinary shares each fully paid at $1 50 000 second issue ordinary shares issued for $1 and paid to 50c Retained earnings (credit balance) of $1500 The constitution states that preference shares carry the right to payment of arrears of dividends whether declared or undeclared up to the commencement of the winding up. The last preference dividend was paid to 30 June 2020. To adjust the rights of contributories, the liquidator made a call of 50c per share on the second issue ordinary shares. All call money was received except that in respect of 500, second issue ordinary shares. This money proved to be irrecoverable and the shares were subsequently forfeited. Claims admitted for payment amounted to $16 870, assets realised amounted to $30 000, and liquidation expenses to $150. Liquidator’s remuneration was fixed at 1% of gross proceeds from sale of assets. Required 1. Prepare the liquidator’s receipts and payments account. 2. Provide a statement showing the final distribution to shareholders, based on the statement in the constitution that all shares, by number, rank equally on distribution of final cash.