Middle Point Ltd was wound up on 1 June 2017.
Middle Point Ltd
Trial Balance
as at 1 June 2017		Debit			Credit
Cash		$9 000
Inventories		188 800
Plant and machinery		211 400
Land and buildings		60 000
Accumulated losses		80 800
Accounts payable			$160 000
Mortgage (secured over land and buildings)			40 000
Share capital: 350 000 ordinary shares issued for $1
each, fully paid	.	.	350 000
	$550 000		$		550 000

The following information is relevant

(a) The sale proceeds of assets realised the following amounts in cash:

Inventories	$120 000
Plant and machinery	140 000

2. The mortgage holder took possession of the land and buildings and sold them for $90 000 and after settlement of the debt paid any excess funds to the liquidator.
3. Liquidation costs amounted to $19 000.
4. The liquidator paid all liabilities.

Required Prepare the JOURNAL ENTRIES to wind up the affairs of Middle Point Ltd and to calculate any deficiency and distribution to the shareholders. T accounts are NOT required.