Prepare a statement of affairs

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Reference no: EM13181681

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	6,000
Purchases		Profit & Loss A/c	2,10,000
	10,68,000		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.

Reference no: EM13181681

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