Question 4: Insolvency (25 marks- Bugs Ltd went into voluntary liquidation on 30 June 2020. Its summarised statement of financial position at that date is as follows:- + + Equity- Share capital Bugs Ltd Statement of Financial Position- As at 30 June 2020- Current assets. 53 000 Cash Inventory. Non-current assets Land- Total assets + 10 000 12 000 + + 22 000- + + t t + 40 000- 62 000 + + t + t t + Current liabilities- Payables 9 000- t t + t + Total equity- 53 000 Net assets 53 000 t All assets realised amounted to $55 000. Payables allowed a $500 discount. Costs of liquidation were $3 000.- Required (ii) Complete the journal entries to liquidation. (15 1/2 marks) Record the entries in the Liquidation account, the Liquidators receipts & payments, and the Shareholders distribution account. (9 1/2 marks)