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The following particulars were extracted from the books of X Ltd. on 31 April 2011, the day on which a winding up order was made:
Equity Share Capital:
1,00,000 Shares of Rs.10 Each,Rs. 5 Paid-up
5,00,000
14% Preference Share Capital:
1,00,000 Shares of Rs.10 Each, Fully Paid
10,00,000
14% First Mortgage Debentures,
7,50,000
Secured by a Floating Charge Up on the Whole Assets of the Company, Exclusive of the Uncalled Capital
Fully Secured Creditors (Values of Securities: Rs.1,75,000)
1,50,000
Partly Secured Creditors (Values of Securities: Rs.50,000)
1,00,000
Preferential Creditors, for Taxes, Rates, Wages, Etc.
30,000
Bills Payable
Unsecured Creditors
3,50,000
Bank Overdraft
50,000
Bills Receivable in Hand
75,000
Bills Discounted (One Bill for Rs.50,000 Known to be Bad)
2,00,000
Book Debts: - Good
- Doubtful (Estimated to Produce 50%)
35,000
- Bad
Land & Building (Estimated to Produce Rs.5,00,000)
Stock in Trade (Estimated to Produce Rs.2,00,000)
2,50,000
Machinery, Tools, Etc. (Estimated to Produce Rs.10,000)
25,000
Cash in Hand
500
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