Create statement of affairs and deficiency account

Reference no: EM13181676

In January 2011 a compulsory order for winding up was made against a public limited company, the following particulars being disclosed:

	Book Value	Estimated to Produce
	$	$
Cash in Hand	500	500
Debtors	20,000	18,000
Buildings	3,00,000	2,40,000
Furniture	1,00,000	1,00,000
Unsecured Creditors	1,00,000	-
Debentures:
Secured on Buildings	2,10,000
Secured on Floating Charge	50,000
Preferential Creditors	30,000
Share Capital:	16,00,000
1,60,000 shares of $10 Each

Estimated liability for bills discounted was $30,000 estimated to rank $30,000. Other contingent liabilities were $60,000 estimated to rank $60,000. The Company was formed on 1 January 2006 and had ?5. losses of $15,69,500. Prepare statement of affairs and deficiency account.

Reference no: EM13181676

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