Rambo Ltd went into voluntary liquidation on 30 June 2020. Its summarised statement of financial position at that date is as follows:

All assets realised amounted to $48 000. Payables allowed an $800 discount. Costs of liquidation were $5 000.

Required

(i) Complete the journal entries to liquidation. The narrations for the journal entries have been provided to you as additional guidance. (11 marks)

(ii) Record the entries in the Liquidation account, the Liquidators receipts & payments, and the Shareholders distribution account. (12 marks)

Por IS as + Equity Share capital Rambo Ltd Statement of Financial Position As at 30 June 2020 Current assets 48 000 Cash Inventory Non-current assets Land Total assets 3 000 10 000 13 000 50 000 63 000 Current liabilities Payables 15 000 Total equity 48 000 Net assets 48 000