Zeen ltd went into liquidation on 31 march 2011 where the

Reference no: EM13379384

Zeen Ltd. went into liquidation on 31 March 2011 where the following balance sheet was prepared:

Liabilities		Assets
Share Capital:		Goodwill	3,00,000
1,17,000 Equity	11,70,000	Building	2,88,000
Shares of 210
Each
Sundry Creditors:		Machinery	3,93,000
Partly Secured	3,31,860	Stock	3,40,800
Creditors
(Secured on
Building)
Unsecured	5,98,740	Sundry Debtors	3,88,920
Creditors
Preferential	1,45,200	Cash	15,000
Creditors
Bank Overdraft	72,000	P&L A/c	5,92,080
(Unsecured)
	23,17,800		23,17,800

Assets realized as follows: Building: $2,10,000; Machinery: $3,06,000; Stock: $2,34,000; Sundry debtors; $3,51,000; Cash: $5,000 The expenses on liquidation amounted to $6,000.

The liquidator's remuneration was agreed at $2 % on the amount realized (including cash) and 2% on the amount paid to the unsecured credito$ You are required to prepare the liquidator's final statement of account.

Reference no: EM13379384

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