Boom and Bust Ltd went into voluntary liquidation on 30 June 2021.

Statement of Financial Position As at 30 June 2021
Equity		Current assets
Share capital	48 000	Cash	3 000
		Inventory	10 000	13 000
		Non-current assets
		Land		50 000
		Total assets		63 000
		Current liabilities
		Payables		15 000
Total equity	48 000	Net assets		48 000

All assets realised amounted to $48 000. Payables allowed an $800 discount. Costs of liquidation = $5 000.

Complete the journal entries to liquidation and record the entries in the Liquidation account, the Liquidators receipts & payments, and the Shareholders distribution account.