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.

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 Taxation Office)	600
Wages owing to Y. Young (two weeks to March 31, 2020, at $720 per week)	1,440
Amount still owing as retrenchment payment	600
	$132,480

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. Liquidators expenses amounted to $600.

Required

1. Prepare the Receivers Receipts and Payments T-account.
2. Prepare the final receipts and payments t-account of the liquidator.
3. Complete the calculations as given below.

(a) Prepare the Receivers Receipts and Payments T-account. No account names have been provided. Use appropriate descriptors.

Marks: 7

Recievers Receipts and Payments

(b) Prepare the final receipts and payments T-account of the liquidator. No account names have been provided. Use appropriate descriptors.

Marks: 10

Liquidators Receipts and Payments

(c) Complete the calculations as given below:

Marks: 3

Balance available for unsecured creditors
Total owing to unsecured creditors
Proportion paid to unsecured creditors (to four decimal places) - cents per $1