In january 2011 a compulsory order for winding up was made

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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: EM13379391

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