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

Decline Ltd Statement of Financial Position As at 30 June 2021
Equity		Current assets
Share capital	44 000	Cash	8 000
		Inventory	4 000	12 000
		Non-current assets
		Land		41 000
		Total assets		53 000
		Current liabilities
		Payables		9 000
Total equity	44 000	Net assets		44 000

All assets realised amounted to $52 000. Payables allowed a $500 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)