Question

From the following information relating to Ratan Ltd., prepare Liquidator's Final Statement of Account .
(1) Share Capital :

(a) 800 Preference shares of Rs. 100 each fully paid.
(b) 35,000 Equity (A) Shares of Rs.10 each fully paid.
(c) 30~000 Equity (B) Shares of Rs.10 each,Rs. 7 paid-up.
(d) 20,000 Equity (C) Shares of Rs.5 each, Rs. 2 paid-up.
(2) Debentures of Rs. 70,000.
(3) Creditors of Rs. 50,000 unsecured, Creditors Rs.10,000 preferential.
(4) Assets realised Rs. 3,10,000.
(5) Liquidator's remuneration is 5% on assets realized, liquidation expenses were  Rs. 6,600 and legal charges were Rs. 2,900.

Answer 1

Books of Ratan Ltd.
Liquidator's Final Statement of Account

Particulars	Rs.	Particulars	Rs.
To Assets Realised	3,10,000	By Liquidation Expenses	6,600
To Equity Shareholder  (C)	64,706	By Legal Charges	2,900
		By Liquidator's Remuneration - (5% on Rs. 3,10,000)
		By Unsecured Creditors	50,000
		By Preferential Creditors	10,000
		By Debentures	70,000
		By Equity Shareholder - (A)	1,66,765
		By Equity Shareholder - (B)	52,941

Working Notes :

1. Total Debit	3,10,000
(-)Total Credit	1,55,000
	Rs. 1,55,000 (Surplus)
Equity Shares - (A) →	Rs.3,50,000
(+)Equity Shares - (B)  →	Rs.2,10,000
(+)Equity Shares - (C)  →	Rs. 40,000
	Rs. 6,00,000
(-)	Rs.1,55,000 (Surplus)
	Rs. 4,45,000
∴	Rs.4,45,000
85,000 Equity Shares (35,000 + 30,000 + 20,000)
= Rs. 5.2352941 per share

 

Equity Shareholder (A)	Equity Shareholder (B)	Equity Shareholder (C)
Rs . 10.0000000 (-) Rs . 5.2352941	Rs. 7.0000000 (-) Rs. 5.2352941	Rs.2.0000000 (-) Rs. 5.2352941
Rs . 4.764706 (x)35,000 EQ Shares	Rs.1.7647059 (x) 30,000 Eq.Shares	Rs .3.2352941 (x)20,000 Eq. Shares
Rs. 1,66,765 (Refund)	Rs. 52,941 (Refund)	Rs.64,706 (Call)