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Karat Co. Ltd. went into voluntary liquidation on 1 March 210. The following balances are extracted from its books on that date:
Liabilities
Assets
Capital
2,50,000
Buildings
75,000
25,000 Equity
Plant &
1,05,000
Shares of Rs. 10
Machinery
each
Stock in Trade
47,500
Debentures
1,00,000
Book Debts
(Secured by a
37,500
Floating Charge)
Less: Provision
Bank Overdraft
15,000
5,000
32,500
Creditors
20,000
Calls-in-Arrears
50,000
Cash in Hand
P&L A/c
70,000
3,35,00
3,35,000
Plant & Machinery and buildings are valued at Rs.75,000 and Rs.60,000, respectively. On realization, losses of Rs.7,500 are expected on stock. Book debts will realize Rs.35,000. Calls-in- arrears are expected to realize 90%. Bank O/D is secured against buildings. Preferential creditors for taxes and wages are Rs.3,000 and miscellaneous expenses outstanding Rs.1,000. Prepare a statement of affairs to be submitted to the meeting of creditors.
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