B.Com (General) Semester 6 (TYBcom)University of Mumbai
Share
Notifications

View all notifications

Liquidator'S Final Statement of Account

Login
Create free account


      Forgot password?

description

  • Liquidator Remuneration
  • Order of Payment
  • Fully Paid-up Shares
  • Partly Paid-up Shares
  • Interesat on Debentures
  • Preference Dividend
  • Liability of Fully Secured Creditors
  • Liability of Partly Secured Creditors
  • Preferential Creditors

Related QuestionsVIEW ALL [8]

Following was the Balance Sheet of Janata Ltd. as on 31 si December, 2017.

Liabilities Rs. Assets Rs.
Share Capital :   Goodwill 2,24,000
2,000 8% Preference Shares of Rs.100 each fully paid 2,00,000 Land and Building  4,36,000
4,000 Equity Shares of Rs. 100
each Rs. 80 paid-up
3,20,000 Plant and Machinery 1,80,000
6,000 Equity Shares of Rs. 100,each Rs. 70 paid-up 4,20,000 Furniture 20,000
8% Debentures (having a floating charges on all assets) 2,00,000 Office Equipments 40,000
Debenture Interest 8,000 Stock 1,98,000
Creditors 3,20,000 Debtors 1,70,000
    Bills Receivable 44,000
    Cash in Hand 16,000
    Profit and Loss A/c 1,40,000
  14,68,000   14,68,000

The company went into voluntary liquidation as on that date :
(a) The preference dividend was in arrears for 3 years and as per the ides it was to be returned before returning Equity Capital. 
(b) Sundry creditors include a loan of Rs. 80,000 secured on the hypothecation of Plant and Machinery and Preferential creditors of Rs.20,000
(c) The Liquidator realised the assets as follows :
Land and building Rs. 4,30,000, Plant and Machinery Rs. 1,00,000, Office Equipment Rs. 25,000, Furniture Rs. 16,000, Stock Rs. 1,40,000, Debentures Rs. 1,20,000, and Bills Receivable Rs. 28,000.

(d) Legal charges on Liquidation amounted to Rs. 2,000. The Liquidation Expenses were Rs. 5,200. The Liquidator's remuneration was fixed at Rs. 2,000 plus, 2% on sale of assets, plus 4 % on the amount distributed to unsecured creditors. 
(e) There was a typewriter which was completely written off from the books of accounts but liquidator sold it for Rs.1,000 which was not included in the amount of office equipment above. 
Prepare Liquidator's  Statement of Account if the amounts were paid on 31 at March, 2018.

S
View in app×