B.Com (General) Semester 6 (TYBcom) - University of Mumbai Question Bank Solutions for

From the following information of Nageshwar Ltd. prepare Liquidator's final Statement of Account :

(a) Share Capital:

(i) 1,000 , 9% Preference shares of 100 each fully paid.
(ii) 20,000 Equity Shares of 10 each fully paid.
(iii) 20,000 Equity Shares of 10 each, 5 paid-up.

(b) 6% Debentures - Rs. 50,000 (having a floating charge on all assets).
(c) Creditors : Preferential Creditors - 10,000.
                       Unsecured Creditors - 60,000.
(d) The preference share dividend was in arrears for two years.
(e) The assets realised 3,00,000.
(f) Cost of winding up amounted to  7 ,000.

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

(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.

Following is the Balance Sheet of P Ltd. as on 31-3-2017.

Balance Sheet of P. Ltd. (31.3.2017)

The Company went into Voluntary Liquidation as on above Balance Sheet date. Preference dividend was in arrears for one year and as per the articles of the Company it was to be paid .
The liquidator realised the assets are as follows :
Land and Building Rs. 50,000, Plant and Machinery Rs. 55,000, Moulds Rs. 42,500 Furniture Rs. 6 000 Stock Rs.21 000 and Debtors Rs.10,500. Fittings were worthless. The liquidation expenses amounted to . Rs. 2,730 The liquidator is entitled to remuneration at 2% on the assets realised, 2% on the amount distributed to unsecured creditors, and 10% on the amount realised to equity shareholders .

In addition to the above liabilities, the liquidator had to pay Rs. 900 as repairs bill of plant and machinery. 
The liquidator made payments on 30-9-2017.
Prepare Liquidator's Final Statement of Account.

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

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.