X ltd went into liquidation on 31 march 2011 when its

Reference no: EM13379375

X Ltd. went into liquidation on 31 March 2011, when its position was as follows:

Liabilities		Assets
40,000 Equity		Factory Shed	1,40,000
Shares of ? 10		(Rs. 1,00,000)
Each, ? 8 per		Plant &	2,00,000
Share Called Up:		Machinery
Z 3,20,000		(Rs. 1,70,000)
Less:Calls-in- area Rs. 10 000	3,10,000	Furniture (Rs. 14,000)	24,000
11% Preference	2,00,000	Investments	40,000
Shares of Rs. 100		(Rs. 36,000)
Each Fully Paid
13% Debentures	1,50,000	Stock	1,30,000
(Secured by a		(Rs. 1,10,000)
Floating Charge on All Assets		Debtors (Rs. 3,00,000)	3,70,000
Other than Calls- in-Arrear	Cash		20,000
Bank Overdraft	80,000	Preliminary	16,000
(Secured Against		Expenses
Hypothecation of Stock)		P&L A/c	2,00,000
Loan from ICICI	2,00,000
(Secured by a
Second Charge on Stock and a First Charge on Plant &
Machinery)
Trade Creditors	1,20,000
Outstanding	80,000
Expenses
	11,40,000		11,40,000

Contingent liabilities:

(i) Preference dividends	Rs.44,000
(ii) Bills discounted	Rs.30,000

Estimated realizable value of assets have been indicated in brackets. Three years earlier, the company had a general reserve of Rs.30,000. The company earned a profit ofRs.60,000 for one of the three years. Rs.50,000 had been paid as income tax in this period and a dividend of 10% on equity shares paid in one of the years. For another year, the Company incurred a loss of Rs.1,60,000.

Rs.9,000 out of the outstanding expenses is preferential. Bills discounted on likely to be dishonoured Rs.16,000. Prepare statement of affairs and deficiency account on the basis that the Company decides on a voluntary liquidation.

Reference no: EM13379375

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