Prepare the cash account,liquidation account and shareholders'

Zachary Ltd went into liquidation on 1 July 2020. The directors presented the following statement of financial position to the liquidator: Zachary Ltd Statement of Financial Position as at 30 June 2020 $ $ Assets Current assets Accounts receivable 4,000,000 Inventory 500,500 4,500,500 Non-current assets Land and buildings 5,120,000 Furniture and fittings 2,300,000 Accumulated depreciation 420,000) 1,880,000 7,000,000 Total assets 11,500,500 Liabilities Current liabilities Accrued expenses 75,200 Overdraft 57,000 Trade creditors 180,000 312,200 Non-current liabilities Debentures 1,000,000 Total liabilities 1,312,200 Net assets 10,188,300 Shareholders' equity Share Capital 500,000 preference shares of $1 each fully paid 500,000 10,000,000 'A' ordinary $1 shares paid to $0.75 7,500,000 Calls in arrears (50 000 at $0.25) (12,500) 7,487,500 1,000,000 'B' ordinary $2 shares paid to $1 each 1,000,000 8,987,500 Revaluation surplus 3,000,000 Accumulated losses (1,799,200) 1,200,800 Total shareholders' equity 10,188,300Additional Information (a) The liquidator was able to receive the following amounts for assets: $ Accounts receivable 1,800,000 Inventory 400,000 Land and buildings 4,500,000 Furniture and fittings 1,220,000 Calls in arrears 10,500 (b) The liquidator conducted a review of the Statement of Financial Position submitted by the directors and performed a review of proof of debts. The liquidator has identified and accepted additional liabilities and changes to some of the other liabilities as follows: $ Interest on overdraft (additional) 1,786 Trade creditors (changed to) 184,200 Accrued expenses (changed to) 77,050 Interest on debentures (additional) 105,500 Employee retrenchment payments 2,100 Director's salary 6,000 There was no change made to the overdraft balance or the debenture face value due to debenture holders. The overdraft and related interest is secured against the accounts receivable balance whilst the debentures and related interest are secured against the land and buildings. (0) Liquidator's remuneration amounted to $480,000. (d) Upon review of the constitution of Zachary Ltd, the liquidator has identified that preference shares have preference as to dividends and repayment of capital. All 'A' and '3' class ordinary shares rank equally