Prepare the receivers receipts and payments account

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Reference no: EM13181652

The following is the balance sheet of X Ltd. as at 30 June 2010:

Liabilities		Assets
Issued Share		Sundry Assets	2,39,500
Capital:
5007%	50,000	Buildings	50,000
Preference		Preliminary	5,000
Shares of !100		Expenses
Each Fully Paid		P&L A/c	16,750
750 Equity	71,250
Shares of Rs. 100
Each, Rs. 95 Paid
5% Debentures	1,00,000
Loan on	40,000
Mortgage
Bank A/c	12,500
Creditors	??00
Included
Rs. 27,500 for the
Assets Tax
	3,11,250		3,1,250

The mortgage was secured on the buildings and debentures were secured by a floating charge on the "sundry assets". The debenture holders appointed a receiver who took charge of the sundry assets amounting to Rs.1,57,500. A liquidator was also appointed as the Company went into voluntary liquidation. The receiver realized the assets for Rs.1,47,500 and his costs and remuneration were Rs.750 and Rs.1,000, respectively. Rs.45,000 was realized from buildings and Rs.72,500 from the sale of remaining sundry assets. The bank had the guarantee of the directors amounting to Rs.11,000 which was duly honoured by them. The cost of liquidation was Rs.1,500 and the liquidator's remuneration amounted to Rs.625. Prepare the receiver's receipts and payments account and liquidator's final statement of account.

Reference no: EM13181652

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