Boom and Bust Ltd went into voluntary liquidation on 30 June 2021. Its summarised statement of financial position at that date is as follows:

Boom and Bust Ltd 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 were $5 000.

Required

1. Complete the journal entries to liquidation. The narrations for the journal entries have been provided to you as additional guidance. (11 marks)
2. Record the entries in the Liquidation account, the Liquidators receipts & payments, and the Shareholders distribution account. 12 marks)

Journal for your answer to question 4 part (i). Expand the table as needed to contain your answer.

Date	Account	Dr	Cr
	(Transfer cash)
	(Transfer of carrying amounts)
	(Realisation of assets)
	(Record expenses of liquidation)
	(Record payment of payables & discount)
	(Close of shareholders account)
	(Distribution of final funds to shareholders)
	(Close out liquidation profit or loss)

Ledger accounts for your answer to question 4 part (ii). Expand the tables as needed to contain your answer.

Liquidators Receipts & Payments
Liquidation
Shareholders Distribution