6 Question 6 Kelly Mills Ltd was wound up on 22nd August 2020. Cash Inventories Plant and equipment Land and buildings Debit $46 800 981 760 1 099 280 312 000 Kelly Mills Ltd Trial Balance as at 22nd August 2020 Credit Accumulated losses Accounts payable Alliance Bank mortgage loan (secured on land and buildings) Share capital: 1 820 000 ordinary shares issued for $1 each, fully paid 420 160 $832 000 208 000 1 820 000 $2 860 000 $2 860 000 The following information is relevant a. The assets were sold and realised the following cash amounts: 12 points Save A Inventories Plant and machinery $624 000 728 000 b. The Alliance Bank took possession of the land and buildings, sold them for $468 000 and after the debt was cleared paid any excess funds to the liquidator c. Liquidation costs were $98 800. d. The liquidator paid all liabilities. Required Prepare the JOURNAL ENTRIES to wind up the affairs of Kelly Mills Ltd and to calculate any deficiency and distribution to the shareholders. T accounts are NOT required. (12 marks) WEBCAM RECORD