Gama ltd went into liquidation on 31 december 2010 120000

Reference no: EM13379387

Gama Ltd. went into liquidation on 31 December, 2010. 1,20,000 3,84,000 1,20,00 Following information is available with the liquidator: Sundry creditors amount to $1,51,320 of which $16,000 are preferential. 6% Debentures carrying floating charge on the assets amounted to $1,60,000. Debentures were paid interest up to 30 June 2010. The assets realized as follows:

Stock in trade: $1,68,000;

Plant & Machinery: $1,20,000

Cash in hand stood at $1,000. Debentures were paid off on 30 June of the following year with interest. Liquidator's expenses amounted to $3,804 and they were entitled to remuneration at 3% on the amount realized and 2% on the amount distributed to unsecured credito$

Prepare liquidator's final statement of account.

Reference no: EM13379387

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