Samuel Ltd went into voluntary liquidation on 30 June 2018, its summarized statement of financial position then being: 

The assets were realised by the liquidator as follows:

      Land and Buildings       $220,000 (before selling expenses of $22,000)

      Inventories                95,000

      Accounts receivable    85,500

Other Payables allowed $11,000 discount, Accounts payable were paid in full. 

Other costs included liquidation costs of $8,500; 

Liquidator's remuneration $25,000; 

Employee entitlements $9,500.

The mortgage holder sold the equipment for $208,000.

Required: 

Record the above in the 

1. Liquidation account, 

2. Liquidator's Cash account and 

3. Shareholders' Distribution account.

Liabilities and Equity Share capital: 150,000 shares fully paid Retained earnings Equipment loan Accounts payable Other payables Samuel Ltd Statement of Financial Position As at 30 June 2018 Assets $ 300,000 Land and Buildings less accum depreciation 20,000 180,000 Equipment (carrying amt) 73,000 Cash at Bank 62,000 Inventories $ 635,000 Accounts receivable $ 435,000 (220,000) 215,000 192,000 32,500 108,000 87,500 $ 635,000