Make out statement of affairs as regards creditors

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Reference no: EM13181637

The following particulars were extracted from the books of X Ltd. on 31 April 2011, the day on which a winding up order was made:


Equity Share Capital:
1,00,000 Shares of Rs.10 Each,Rs. 5 Paid-up	5,00,000
14% Preference Share Capital:
1,00,000 Shares of Rs.10 Each, Fully Paid	10,00,000
14% First Mortgage Debentures,	7,50,000
Secured by a Floating Charge Up on the Whole Assets of the Company, Exclusive of the Uncalled Capital
Fully Secured Creditors (Values of Securities: Rs.1,75,000)	1,50,000
Partly Secured Creditors (Values of Securities: Rs.50,000)	1,00,000
Preferential Creditors, for Taxes, Rates, Wages, Etc.	30,000
Bills Payable	5,00,000
Unsecured Creditors	3,50,000
Bank Overdraft	50,000
Bills Receivable in Hand	75,000
Bills Discounted (One Bill for Rs.50,000 Known to be Bad)	2,00,000
Book Debts: - Good	50,000
- Doubtful (Estimated to Produce 50%)	35,000
- Bad	30,000
Land & Building (Estimated to Produce Rs.5,00,000)	7,50,000
Stock in Trade (Estimated to Produce Rs.2,00,000)	2,50,000
Machinery, Tools, Etc. (Estimated to Produce Rs.10,000)	25,000
Cash in Hand	500

Make out (i) statement of affairs as regards creditors and contributories and (ii) deficiency account.

Reference no: EM13181637

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