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The following is the balance sheet of X Ltd. As at 30 September 2010:
Liabilities
Assets
Share Capital:
Land & Buildings
3,60,000
Issued:
Sundry Current
11,85,000
11% Preference
3,00,000
P&L A/c
1,15,500
Shares of ? 10
Each
30,000 Equity
Debenture Issue
6,000
Shares of ?
Expenses
10 Each, Fully
Not Written Off
Paid-up
15,000 Equity
1,12,500
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
78,000
2009-10
Z 15 000
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.
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