Kelly Mills Ltd was wound up on 22nd August 2020.
Kelly Mills Ltd
Trial Balance
as at 22nd August 2020
  

Debit

Credit
 
Cash

$46 800

 
Inventories

981 760

 
Plant and   equipment

1 099 280

 
Land and   buildings

312 000

 
Accumulated   losses

420 160

 
Accounts payable

$832 000
 
Alliance Bank   mortgage loan (secured on land and buildings)

208 000
 
Share capital: 1   820 000 ordinary shares issued for $1 each, fully paid

. .

1 820 000
 

$2 860 000

$2 860   000
The following information is relevant
(a) The assets were sold and realised the following cash amounts:
Inventories  $624 000
Plant and machinery  $728 000
(b) The Alliance Bank took possession of the land and buildings, sold them for $468 000 and after the debt was cleared paid any excess funds to the liquidator.
(c) Liquidation costs were $98 800.
(d) The liquidator paid all liabilities.
Required
Prepare the JOURNAL ENTRIES to wind up the affairs of Kelly Mills Ltd and to calculate any deficiency and distribution to the shareholders. 
T accounts are NOT required.