Abc ltd went into voluntary liquidation on 1 january 2011

Reference no: EM13379380

ABC Ltd. went into voluntary liquidation on 1 January 2011. The liquidation gets remuneration at 3% on assets realized and 2% on distribution among shareholders. From the following particulars prepare liquidator's final statement.


Assets Realized	10,00,000
Expenses of Liquidation	18,000
Unsecured Creditors	1,24,000
Salary and Wages Outstanding	12,000
10,000, 6% Preference Share Capital
Dividend Paid Up To 31 December 2009	3,00,000
20,000 Equity Share Capital	1,80,000
General Reserve as on 31 December 2009	2,40,000
P&L A/c as on 31 December 2009	40,000

Under the Articles of Association of the Company, the preference shareholders have the right to receive one-third of the surplus remaining after repaying the equity share capital.

Reference no: EM13379380

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