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 $168,000 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 $120,000 Plant subject to hire purchase agreement with Dodgy Finance Co Ltd 12,000 Other plant 96,000 Work in progress 48,960 Accounts Receivable 159,360 Retained Earnings 93,600 $529,920 Credits Share capital (80,000 shares issued for $1 00 and paid to 60c) $192,000 Darbai Bank 168,000 Accounts Payable 143,760 Long service leave payable to a retrenched employee 8,400 Local council rates payable 7,200 PAYG tax deductions from employees (to be remitted to the Australian Taxation Office) 2,400 Wages owing to Y Young (two weeks to March 31, 2020, at $720 per week) 5,760 Amount still owing as retrenchment payment 2,400 $529,920 All assets were sold by you in your capacity as receiver, the proceeds of which amounted to $288,000 To achieve this, you had to spend $4,800 to complete the work in progress Expenses of advertising and stocktaking amounted to $4,800 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 Prepare the Receivers Receipts and Payments T account Prepare the final receipts and payments t account of the liquidator Complete the calculations as given below

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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

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 $168,000 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	$120,000
Plant subject to hire purchase agreement with Dodgy Finance Co. Ltd	12,000
Other plant	96,000
Work in progress	48,960
Accounts Receivable	159,360
Retained Earnings	93,600
	$529,920

Credits
Share capital (80,000 shares issued for $1.00 and paid to 60c)	$192,000
Darbai Bank	168,000
Accounts Payable	143,760
Long service leave payable to a retrenched employee	8,400
Local council rates payable	7,200
PAYG tax deductions from employees (to be remitted to the Australian Taxation Office)	2,400
Wages owing to Y. Young (two weeks to March 31, 2020, at $720 per week)	5,760
Amount still owing as retrenchment payment	2,400
	$529,920

All assets were sold by you in your capacity as receiver, the proceeds of which amounted to $288,000. To achieve this, you had to spend $4,800 to complete the work in progress. Expenses of advertising and stocktaking amounted to $4,800.

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