15. Hi-tech Ltd went into voluntary liquidation on 30 June 2017, its summarized statement of financial position then being: Current assets Share capital: Receivables 5,000 80,000 shares issued at a price of Si, called to 750c Inventory 60,000 6,000 Less: Calls in arrears (20,000 at Cash in hand 4,000 250) (5,000 Cash at bank 10,000 25,000 Non-current assets Land 30,000 Plant 20,000 50,000 Total assets 75,000 Current liabilities Payables 20,000 Total Equity 55.000 Net assets 55,000 All assets realised $30,000. Calls in arrears were fully collected. Payables allowed $10,000 discount. Costs of liquidation were $2,500. Required: a. Record the above in the Liquidation account, the Liquidator's Cash account and the Shareholders' Distribution account. (7 marks) b. What creditors are the first to pay in an insolvency? - Explain. (2 marks)