Additional information:

(a)The sale proceeds of assets realised the following amounts in cash:

Plant and machinery$170,000

Inventories150,000

(b)The mortgage holder took possession of the land and buildings and sold them for $120,000 and after settlement of the debt paid any excess funds to the liquidator.

(c)Expenses not recorded included:

Interest on mortgage$5,000

Liquidation costs14,000

(d)The liquidator paid all liabilities.

Required:

Prepare general journal entries (Date, Details, DR, CR) to record the liquidation of Caramel Ltd.