Question

Delux Ltd. went into liquidation on 31-3-2017.
The Balance sheet as on that date was as under :
Balance Sheet as on 31-3-2017

Liabilities	Rs.	Assets	Rs.
Share Capital :		Freehold Property	80,000
Issued and Subscribed		Plant and Machinery	69,000
(i) 8,000 8% Preference shares of Rs. 10 each.	80,000	Stock	75,000
(ii) 12,000 Equity Shares of Rs. 10 each	1,20,000	Cash in hand	1,000
5% Debentures (Secured on Freehold Property)	60,000	Debtors	55,000
Income Tax	4,000	Profit and Loss	79,000
Tracie Creditors	65,000
Bank Overdraft	30,000
	3,59,000		3,59,000

(a) The interest on debentures were paid upto 31-3-2017.
(b) Preference dividend were in arrears for two years.
( c) The assets realised were as follows :
Freehold property Rs. 1,60,000, Plant and Machinery Rs.62,000, Stock Rs. 73,000 and Debtors Rs. 50,000.
(d) The expenses of liquidation amounted to Rs. 5,000, and liquidators remuneration was fixed at Rs.1,500 plus 2% on all assets realised except cash.
(e) The creditors include the preferential creditors which amounted to Rs.5,000.
Prepare the Liquidato's Final Statement of Account.

Answer 1

Books of Delux Ltd.
Dr.Liquidator's Final Statement of Accounts (As on 31-3-2017)

Particulars	Rs.	Rs.	Particulars	Rs.	Rs.
To Balance b/d		1,000	By Liquidation Expenses		5,000
To Assets Realised :			By Liquidator's Remuneration :
Freehold Property	1,60,000		Fixed (+) 2% on all assets	1,500
Plant & Machinery	62,000		realised except Cash `2/100xx3,45,000`	6.900	8,400
Stock	73,000		By Preferential Creditors		5,000
Debtors	50.000	3,45,000	By 5% Debentures	60,000
			(+) Outstanding Interest for 1 year `(5/100xx60,000xx1)`	3,000	63.000
			By Trade Creditors		65,000
			By Preference Shareholders
			Capital	80,000
			( +) Dividend
			(8% of' 80,000 x 2yrs)	12,500	92,800
			By Equity Shareholders A/c		1,06,800
		346000			346000