Prepare the accounts to be submitted by the receiver

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Reference no: EM13181644

The following is the balance sheet of X Ltd. As at 30 September 2010:

Liabilities	Rs.	Assets	Rs.
Share Capital:		Land & Buildings	3,60,000
Issued:		Sundry Current	11,85,000
		Assets
11% Preference	3,00,000	P&L A/c	1,15,500
Shares of ? 10
Each
30,000 Equity	3,00,000	Debenture Issue	6,000
Shares of ?		Expenses
10 Each, Fully		Not Written Off
Paid-up
15,000 Equity	1,12,500
Shares of ? 10
Each, ? 7.50 per
Share Paid-up
13% Debentures	4,50,000
Mortgage Loan	2,40,000
Bank Overdraft	90,000
Creditors for	96,000
Trade
Income Tax
Arrears:
(Assessment
Concluded in
July 2010)
Assessment Year
2008-09 ? 63,000
Assessment Year	78,000
2009-10
Z 15 000

	16,66,500		16,66,500

Mortgage loan was secured against land and buildings. Debentures were secured by a floating change on all the other assets. The company was unable to meet the payments and therefore the debenture holders appointed a receiver and this was followed by a resolution for members voluntary winding up. The receiver for the debenture holders brought the land and buildings to auction and realized Rs.4,50,000. He also took charge of assets of the value of Rs. 7,20,000 and realized Rs.6,00,000. The liquidator realized Rs.3,00,000 on the sale of the balance of sundry current assets. The Bank overdraft was secured by a personal guarantee of two the directors of the company and on the bank raising a demand, the directors paid off the dues from their personal resources. Costs incurred by the receiver were Rs.6,000 and by the liquidator Rs.8,400. The receiver was not entitled to any remuneration but the liquidator was to receive 3% fee on the value of assets realized by him. Preference shareholders had not been paid dividend for the period after 30 September 2008 and the interest for the last half-year was due to the debenture holders. Prepare the accounts to be submitted by the receiver and the liquidator.

Reference no: EM13181644

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