Bugs Ltd went into voluntary liquidation on 30 June 2020. Its summarised statement of financial position at that date is as follows: Bugs Ltd Statement of Financial Position As at 30 June 2020 Equity Current assets Share capital 53 000 Cash 10 000 Inventory 12 000 22 000 Non-current assets Land 40 000 Total assets 62 000 Current liabilities Payables 9 000 Total equity 53 000 Net assets 53 000 All assets realised amounted to $55 000. Payables allowed a $500 discount. Costs of liquidation were $3 000. Required (1) Complete the journal entries to liquidation. (15 % marks) (ii) Record the entries in the Liquidation account, the Liquidators receipts & payments, and the Shareholders distribution account. (9% marks) Answer journal for question 4 part (1) Use the worksheet below to show your adjusting consolidation journal entries at 30 June 2020, narrations are required: Add rows to the answer table if required. Date Account Dr Cr Question 4 part (ii) is answered on the next page Use the worksheet below to record the adjusting journal entries in the Liquidation account, the Liquidators receipts & payments, and the Shareholders distribution account: Liquidators Receipts & Payments Liquidation Shareholders Distribution