QUESTION 6-External Administration - Liquidation (16 marks) Unhappy Ltd is in liquidation. After identifying all assets and liabilities, the liquidator prepared the balance sheet as at 31 October 2019 below, based on the company's records. Preference shares have preference as to dividends and repayment of capital. All ordinary shares rank equally. Liquidator's fees and expenses together amounted to $23,000. The non-cash assets realised in total $478,000 of which $190,000 was from the sale of buildings. . Required: Prepare ONLY the Receipts and Payments ledger account related to the final liquidation of Unhappy Ltd (10 marks), and show the preference order in which payments would be made by the liquidator (6 marks). Include all workings and calculations in your answer. Unhappy Ltd (in liquidation) Balance Sheet as at 31 October 2019 $ 2,000 68,000 84.000 154,000 Current assets Cash in hand Accounts receivable Inventory Non-current assets Land Buildings (net) Plant and machinery Goodwill Total assets Liabilities Accounts payable Bank overdraft (secured over inventory and receivables) Mortgage on buildings (security interest) Accrued salaries and wages (none director related) Preference dividend declared 110,000 250,000 310,000 26,000 696,000 850,000 126,000 80,000 210,000 65,000 16,000 497.000 Net assets 353,000 100.000 160.000 Share capital 100 000 preference shares fully paid 400,000 Alordinary shares. 10c uncalled Reserves Retained profits Shareholders' oquity 260.000 76.000 17.000 353.000