On March 31, 2020, you were appointed receiver, at a remuneration of 5% of the gross proceeds on the sale of assets, in respect of Kulari Ltd. Your appointment was made by the Darbai Bank, which held an equitable mortgage over the assets of Kulari Ltd, in respect of an advance of $42,000 which was still owing.

On April 30, 2020, Kulari Ltd went into voluntary liquidation and you were appointed liquidator for the winding up.

All assets were sold by you in your capacity as receiver, the proceeds of which amounted to $72,000. To achieve this, you had to spend $1,200 to complete the work in progress. Expenses of advertising and stocktaking amounted to $1,200.

You made the appropriate payments from the receivership funds. After this was completed, you retired from the receivership. You were then appointed liquidator and proceeded with the distribution of funds in hand under the liquidation. Liquidator's expenses amounted to $600.

(a) Prepare the Receiver's Receipts and Payments T-account.

(b)Prepare the final receipts and payments t-account of the liquidator.

(c) Complete the calculations as given below:

Balance available for unsecured creditors =

Total owing to unsecured creditors =

Proportion paid to unsecured creditors (to four decimal places) - cents per $1 =

The trial balance of Kulari Ltd as at March 31, 2020, is shown below.

KULARI LTD Trial Balance as at March 31, 2020 Debits Inventories $30,000 Plant - subject to hire purchase agreement with Dodgy Finance Co. Ltd 3,000 Other plant 24,000 Work in progress 12,240 Accounts Receivable 39,840 Retained Earnings 23,400 $132.480 Credits Share capital (80,000 shares issued for $1.00 and paid to 60c) $48,000 Darbai Bank 42,000 Accounts Payable 35,940 Long service leave payable to a retrenched employee 2,100 Local council rates payable 1,800 PAYG tax deductions from employees (to be remitted to the Australian 600 Taxation Office) Wages owing to Y. Young (two weeks to March 31, 2020, at $720 per 1,440 week) Amount still owing as retrenchment payment 600 $132.480