Bunny Ltd went into voluntary liquidation on 30 June 2020. Its summarised statement of financial position at that date is as follows:

Bunny Ltd Statement of Financial Position As at 30 June 2020
Equity		Current assets
Share capital	59 000	Cash	10 000
		Inventory	13 000	23 000
		Non-current assets
		Land		42 000
		Total assets		65 000
		Current liabilities
		Payables		6 000
Total equity	59 000	Net assets		59 000

All assets realised amounted to $55 000. Payables allowed a $1000 discount. Costs of liquidation were $2 000.

Required

1. Complete the journal entries to liquidation. (15 marks)
2. Record the entries in the Liquidation account, the Liquidators receipts & payments, and the Shareholders distribution account. (9 marks)