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Mr. Prem is appointed liquidator of X Ltd in voluntary liquidation on 1 December 2010. Following balances are extracted from the books on that date:
Liabilities
Assets
Share Capital:
Machinery
1,80,000
96,000 Shares of
4,80,000
Leasehold
2,40,000
Z 5 Each
Properties
Reserve for Bad
60,000
Stock in Trade
6,000
debts
Book Debts
3,60,000
Debentures
3,00,000
Investments
36,000
Bank Overdraft
1,08,000
Calls-in-Arrear
30,000
Liabilities for
1,20,000
Cash In Hand
Purchases
Profit & Loss A/c
2,10,000
10,68,000
Prepare a statement of affairs to be submitted in the meeting of the credito$ The following assets are valued as follows:
Machinery: $3,60,000; Leasehold properties: $4,36,000; Investments: $24,000; Stock in trade: $12,000; Bad debts: - $12,000 and doubtful debts: $24,000 which are estimated to realize $12,000. The bank overdraft is secured by deposit of title deeds of leasehold properties. Preferential creditors are $6,000. Telephone rent outstanding is $480.
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