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X Ltd. went into liquidation on 31 March 2011, when its position was as follows:
Liabilities
Assets
40,000 Equity
Factory Shed
1,40,000
Shares of ? 10
(Rs. 1,00,000)
Each, ? 8 per
Plant &
2,00,000
Share Called Up:
Machinery
Z 3,20,000
(Rs. 1,70,000)
Less:Calls-in- area Rs. 10 000
3,10,000
Furniture(Rs. 14,000)
24,000
11% Preference
Investments
40,000
Shares of Rs. 100
(Rs. 36,000)
Each Fully Paid
13% Debentures
1,50,000
Stock
1,30,000
(Secured by a
(Rs. 1,10,000)
Floating Charge on All Assets
Debtors(Rs. 3,00,000)
3,70,000
Other than Calls- in-Arrear
Cash
20,000
Bank Overdraft
80,000
Preliminary
16,000
(Secured Against
Expenses
Hypothecation of Stock)
P&L A/c
Loan from ICICI
Second Charge on Stock anda First Charge on Plant &
Machinery)
Trade Creditors
1,20,000
Outstanding
11,40,000
Contingent liabilities:
(i) Preference dividends
Rs.44,000
(ii) Bills discounted
Rs.30,000
Estimated realizable value of assets have been indicated in brackets. Three years earlier, the company had a general reserve of Rs.30,000. The company earned a profit ofRs.60,000 for one of the three years. Rs.50,000 had been paid as income tax in this period and a dividend of 10% on equity shares paid in one of the years. For another year, the Company incurred a loss of Rs.1,60,000.
Rs.9,000 out of the outstanding expenses is preferential. Bills discounted on likely to be dishonoured Rs.16,000. Prepare statement of affairs and deficiency account on the basis that the Company decides on a voluntary liquidation.
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