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WINDING UP OF COMPANIES
1. Radheshyam Limited went into voluntary liquidation on 31-3-2019. The Balance in its books on that date
were:
Rs. Rs.
Share Capital Land 50,000
Authorized and Subscribed: Building 2,00,000
5,000 6% Preference shares of Plant and machinery 6,25,000
Rs.100 each fully paid 5,00,000 Stock 1,37,500
2,500 Equity shares of Rs. 100 Sundry Debtors 2,75,000
each Rs.75 paid up 1,87,500 Cash at bank 75,000
7,500 equity shares of Rs.100 P & L A/c 4,10,000
each Rs.60 paid up 4,50,000
5% Debentures (Secured by a 2,50,000
floating charge on all assets)
Interest due on debentures 12,500
Bank Overdraft 1,00,000
Unsecured creditors 2,00,000
Taxes due to Government 12,500
Salaries and wages due for
4 months for workers 60,000
17,72,500 17,72,500
The liquidator is entitled to a remuneration of 5% on assets realized except cash and 1% on the amount
distributed to Unsecured Creditors other than Preferential Creditors.
Bank Overdraft is secured by deposit of title deed of land and building which realized Rs.3,00,000. Other
assets realized the following sums:
Plant and machinery Rs.5,00,000
Stock Rs.1,50,000
Sundry Debtors Rs.2,00,000
Expenses of liquidation amounted to Rs.27,250.
Prepare liquidator's final statement of account. Liquidator realized all assets on 1-4-2019 and discharged
his obligation on the same date. Dividend on preference shares were in arrears for two year.
Ans:- Refund 2,500 Shares @ 6.075, Call 7,500 Shares @8.925

2. Bad Luck Ltd. Went into voluntary liquidation on 31st December, 1992 when its Balance Sheet was as
under:
Liabilities Rs. Assets Rs.
Share Capital: Freehold Property 5,80,000
6,000 5% Cumulative Plant & Machinery 2,89,000
Pref. Shares of Rs.100 Motor Vehicles 57,500
each fully paid 6,00,000 Stock 1,86,000
50,000 Equity shares Debtors 74,000
of Rs.10 each fully P & L A/c 2,14,000
called (less calls-in-
arrear amounting to
Rs.25,000) 4,75,000
Share Premium A/c 50,000
5% Debentures 1,00,000

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Interest on Debentures 2,500

Bank Overdraft 58,000
Creditors 1,15,000
14,00,500 14,00,500
The Preference dividends are in arrear from 1St January, 1989.
The Company's articles provide for the repayment to the Preference Shareholders of their Capital together
with a premium thereon of Rs.12.50 per share and any arrears of dividend. These sums to be paid in
priority to the equity shareholder.
The bank overdraft was guaranteed by the directors who were called upon and daily implemented their
guarantee.
The liquidator realized the assets as follows: Freehold Property Rs.7,00,000, Plant & Machinery
Rs.2,40,000; Motor Vehicles Rs.59,000; Stock Rs.1,50,000; Debtors Rs.60,000. He duly collected the call-in-
arrear.
Creditors were paid less discount of 5 per cent. The debentures and accrued interest were repaid on 31St
March, 1993.
Liquidation costs were Rs.3,750 and the liquidator's remuneration was 2 ½ % on the amounts realized.
Prepare the Liquidator's Statement of Account.

3. The following particulars relate to a Limited Company which has gone into voluntary liquidation. You are
required to prepare the Liquidator's Statement of Account allowing for his remuneration @ 2 ½ % on all
assets realized excluding call money received and 2% on the amount paid to unsecured creditors including
preferential creditor.

Share capital issued:

10,000 Preference Shares of Rs.100 each fully paid up.
50,000 Equity Shares of Rs.10 each fully paid up.
30,000 Equity Shares of Rs.10 each, Rs.8 paid up.
Assets realized Rs.20,00,000 excluding the amount realized by sale of securities held by partly secured
creditor.
Rs.
Preferential creditors 50,000
Unsecured creditors 18,00,000
Partly secured creditors (Assets realized Rs.3,20,000) 3,50,000
Debenture holders having floating charge on all assets of the company 6,00,000
Expenses of liquidation 10,000
A call of Rs.2 per share on the partly paid equity shares was duly received except in case of one shareholder
owning 1,000 shares.
Also calculate the percentage of amount paid to the unsecured creditors to the total unsecured creditor.
Ans:- Payment to unsecured creditors Rs.13,12,745

4. A company went into liquidation on the 31st December, 1992, when the following Balance Sheet was
prepared:
Liabilities Rs. Assets Rs.
Authorized Capital Goodwill 50,000
30,000 shares of Rs.10 each 3,00,000 Leasehold Property 48,000

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Subscribed & Paid up Capital Plant & Machinery 65,500

19,500 shares of Rs.10 each 1,95,000 Stock 56,800
Sundry Creditors Sundry Debtors 64,820
Preferential 24,200 Cash 2,600
Partly secured 55,310 Profit & Loss A/c 98,580
Unsecured 99,970 1,79,300
Bank Overdraft (unsecured) 12,000
3,86,300 3,86,300
A Liquidator realized the assets as follows:
Rs.
Leasehold property (which was used in the first Instance to pay the 35,000
partly secured creditors pro rata )
Plant & Machinery 51,000
Stock 39,000
Sundry Debtors 58,000
The expenses of liquidation amounted to Rs.1,500 and the liquidator's remuneration was agreed at 2% on
the all assets realized (excluding cash) and 2% on the amount paid to the unsecured creditors.
You are required to prepare the Liquidator's Final Account showing the distribution.
Ans:- Payment to unsecured creditors – Rs.1,18,388

5. The following was the Balance Sheet of X Limited as on 31-03-1998:

Balance Sheet of X Limited as on 31-03-1998
Rs. Rs.
Share Capital Fixed Assets:
14%, 4000 preference shares of Land 40,000
Rs.100 each fully paid up 4,00,000 Buildings 1,60,000
8,000 equity shares of Rs.100 Plant & Machineries 5,40,000
each, Rs.60 per share paid up 4,80,000 Patents 40,000
Reserve and Surplus NIL Investment NIL
Secured Loans: Current Assets, loans and Advances
I. 14% debentures (having a 2,30,000 Current Assets:
floating charges on all Stock at cost 1,00,000
assets) Sundry Debtors 2,30,000
Interest accrued on above 32,200 Cash at bank 60,000
debentures (also having a Loan and Advances:
floating charge as above) Miscellaneous Exp. NIL
II. Loan on mortgage of land Profit and Loss A/c 2,40,000
and building 1,50,000
Unsecured Loan: NIL
Current liabilities and provisions
Current Liabilities
Sundry Creditors 1,17,800
14,10,000 14,10,000
On 31-3-1998 the company went into voluntary liquidation. The dividend on 14% preference, shares was
in arrears for one year. Sundry creditors include preferential creditors amounted to Rs.30,000.
The assets realized the following sums:
Land Rs.80,000; Buildings Rs.2,00,000; Plant and Machinery Rs.5,00,000; Patent Rs.50,000; Stock
Rs.1,60,000; Sundry debtors Rs.2,00,000

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The expenses of liquidation amounted to Rs.29,434. The liquidator is entitled to a commission of 2% on all
assets realized (except cash at bank) and 2% on amounts distributed among unsecured creditors other
than preferential creditors. All payments were made on 30th June, 1998. Interest on mortgage loan shall be
ignored at the time of a payment.
Prepare the liquidator's final statement of accounts.
Ans:- Refund 8,000 Shares @ 25.12

6. Calculate Call on shares in following cases:

Case – I Balance leftover with liquidator Rs.5,00,000. Capital structure of Company:
2000 equity shares of Rs.100 each 90 paid-up
6000 equity share of Rs.150 each 120 paid-up
1000 preference share of Rs.50 each 40 paid-up
Ans:- Refund Preference share 40; Equity Share Capital 50 & 60
Case – II Balance leftover with liquidator Rs.6,60,000. Capital structure of Company:
2500 equity share of Rs.100 each 60 paid-up
3000 equity share of Rs.50 each 40 paid-up
7500 equity share of Rs.150 each 30 paid-up
Ans:- Equity Share Capital 70.82, 45.41 & 46.23

7. Before paying the creditors’ totaling Rs.3,04,000 the liquidators of a company were left with Rs.1,25,000.
The shares of the company were as follows:
i. 3,000 9% preference shares of Rs.100 each, Rs.80 paid
ii. 2,000 equity shares of Rs.100 each, Rs.60 paid
iii. 3,000 equity shares of 100 each, Rs.75 paid
In a company where the shares are as mentioned above, the liquidator is left with Rs.2,20,000 after paying
off creditor
What will be the call on shares?
Ans:- (i) Call on shares, 8, 40 & 25 (ii) 80 Refund, 13 Call, 2 Refund

8. The position of Valueless Ltd. On its liquidation is as under:

Issued and paid up capital
3000 11% preference shares of Rs.100 each fully paid
3000 Equity shares of Rs.100 each fully paid
1000 Equity shares of Rs.50 each Rs.30 per shares called.
Call in Arrears are Rs.10,000 and Calls received in Advance Rs.5,000. Preference Dividends are in arrears
for one year. Amount left with the liquidator after discharging all liabilities is Rs.4,13,000. Articles of
Association of the company provide for payment of preference dividend arrears in priority to return of
equity capital. You are required to prepare the Liquidation final statement of account.
Ans:- Refund 3,000 Shares @ 30, Call 1,000 Shares @ 5

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9. Prakash processors Ltd. Went into voluntary liquidation on 31st December, 1998 when their balance sheet
read as follows:
Rs.
Liabilities:
Issued and Subscribed Capital:
5,000 10% cumulative preference shares of Rs.100 each, fully paid 5,00,000
2,500 equity shares of Rs.100 each, Rs.75 paid 1,87,500
7,500 equity shares of Rs.100 each, Rs.60 paid 4,50,000
15% Debentures secured by a floating charges 2,50,000
Interest outstanding on Debentures 37,500
Creditors 3,18,750

17,43,750
Assets:
Land and Building
2,50,000
Machinery and Plant
6,25,000
Patents
1,00,000
Stock
1,37,500
Sundry Debtors
2,75,000
Cash at Bank
75,000
Profit and Loss A/c
2,81,250
17,43,750
Preference dividends were in arrears for 2 years and the creditors included preferential creditors of
Rs.38,000.
The assets realized as follows:
Land and Building Rs.3,00,000; Machinery and Plant Rs.5,00,000; Patents Rs.75,000; Stock Rs.1,50,000;
Sundry debtors Rs.2,00,000.
The expenses of liquidation amounted to Rs.27,250. The liquidator is entitled to a commission of 3% on
assets realized except cash. Assuming the final payments including those on debentures is made on 30th
June, 1999 show the liquidator's Final statement of Account.

10. The Balance Sheet of Asco Limited as on 31st March, 1993:

Rs. Rs.
Share capital: Fixed Assets:
1,000 6% Preference Shares of Machinery 1,90,000
Rs.100 each fully paid 1,00,000 Furniture 10,000
2,000 Equity Shares of Rs.100 each Current Assets:
fully paid 2,00,000 Stock 1,20,000
2,000 Equity Shares of Rs.100 each Debtors 2,40,000
Rs.75 paid 1,50,000 Cash at Bank 50,000
Loan-Bank (secured on stock) 1,00,000 Misc. Expenditure
Current Liabilities and Provision: Profit & Loss A/c 3,00,000
Creditors 3,50,000
Income-tax payable (Preferential) 10,000
9,10,000 9,10,000
The company went into liquidation on 1st April, 1993. The assets were realized as follows:
Rs.
Machinery 1,66,000
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Furniture 8,000
Stock 1,10,000
Debtors 2,30,000
Liquidation expenses amounted to 4,000
The liquidators are entitled to a commission at 2% on amount paid to unsecured creditors except
preferential creditor. Required calls on partly paid shares were made but the amount due on 200 shares
were found to be irrecoverable. Prepare Liquidator's Statement of Account.
Ans:- Refund 2,000 Shares @ 10, Call 1,800 Shares @ 15

11. The following is the Balance Sheet of Y Limited as at 31st March, 1994:
Rs. Rs.
Share Capital: Fixed Assets:
2,000 Equity shares of Rs.100 each Land & Buildings 4,00,000
Rs.75 per share paid-up 1,50,000 Plant & Machineries 3,80,000
6,000 Equity Shares of Rs.100 each Current Assets:
Rs.60 per share paid-up 3,60,000 Stock at cost 1,10,000
2,000 10% Preference Share of Sundry Debtors 2,20,000
Rs.100 each fully paid-up 2,00,000 Cash at bank 60,000
10% Debentures (having a floating Profit & Loss A/c 2,40,000
charge on all assets) 2,00,000
Interest accrued on Debentures (also
secured as above) 10,000
Sundry Creditors 4,90,000
14,10,000 14,10,000
On that date, the company went into Voluntary Liquidation. The dividends on preference shares were in
arrears for the last two years. Sundry Creditor include a loan of Rs.90,000 on mortgage of Land and
Buildings. The assets realized were as under:
Rs.
Land and Buildings 3,40,000
Plant and Machineries 3,60,000
Stock 1,20,000
Sundry Debtors 1,60,000
Interest accrued on loan on mortgage of building up to the date of payment amounted to Rs.10,000. The
expenses of Liquidation amounted to Rs.4,600. The liquidator is entitled to a remuneration of 3% on all the
assets realized (except cash at bank) and 2% on the amounts distributed among equity shareholder.
Preferential creditors included in sundry creditor’s amount to Rs.30,000. All the payments were made on
30th June, 1994. Prepare the liquidator's final statement of account.

12. M Ltd. Resolved on 31st December 1998 that the company be wound up voluntarily. The following was the
trial balance extracted from its books as on that date:
Rs. Rs.
Equity shares of Rs.10 each 2,00,000
9% Preference shares of Rs.10 each 1,00,000
Plant (less depreciation w/o Rs.85,000) 2,15,000
Stock in trade 2,50,000
Sundry Debtor 55,000
Sundry Creditors 75,000
Bank Balance 74,000

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Preliminary Expenses 6,000

Profit & Loss A/c (Balance on 1st Jan. 1998) 30,000
Trading loss for the year1998 24,000
Preference dividend for the year 1998 6,000
Outstanding expenses (including mortgage interest) 25,000
4% Mortgage loan 2,00,000
Total 6,30,000 6,30,000
On 1 January, 1999 the liquidator sold to M. Ltd. Plant for Rs.2,05,000 and stock in trade for Rs.2,00,000.
st

The sale was completed in January, 1999 and the consideration satisfied as to Rs.2,62,200 in cash and as to
the balance in 6% Debentures of the purchasing company issued to the liquidator at a premium of 2%.
The remaining steps in the liquidation were as follows:
a. The liquidator realized Rs.52,000 out of the book debts and the cost of collection amounted to
Rs.2,000.
b. The loan mortgage was discharged on 31st January, 1999 along with interest from 31st July, 1998.
Creditors were discharged subject to 2% and outstanding expenses excluding mortgage interest
were settled for Rs.2,000.
c. On 30th June 1999 six month's interest on debentures was received from M. Ltd.
d. Liquidation expenses amounting to Rs.3,000 and liquidator's remuneration of 3% on
disbursements to members were paid on 30th June,1999 when:
 The preference shareholders were paid out in cash; and
 The debentures on M. Ltd. And the balance of cash were distributed ratably among the
equity shareholders
Prepare the Liquidator's Statement of Account showing the distribution.
Ans:- Cash to equity shareholders Rs. 598

13. The following particulars relate to a Limited Company which has gone into voluntary liquidation. You are
required to prepare the liquidator's statement of account allowing for his remuneration @2 ½ % on all
Assets realized excluding Call money received and 2% on the amount paid to unsecured creditors including
Preferential creditors:
Share Capital issued:
10,000 Preference shares of Rs.100 each fully paid
50,000 Equity shares of Rs.10 each fully paid
30, 000 Equity shares of Rs.10 each Rs.8 paid up
Assets realized Rs.20,00,000 excluding the amount realized by sale of securities held by partly secured
creditor
Rs.
Preferential Creditors 50,000
Unsecured Creditors 18,00,000
Partly Secured, creditors (Assets realized Rs.3,20,000) 3,50,000
Debenture holders having floating charge on all
Assets of the company 6,00,000
Expenses of Liquidation 10,000
A call of Rs.2 per share on the partly paid Equity shares was duly received except in case of one shareholder
owing 1,000 shares. Also calculate the percentage of amount paid to the Unsecured Creditors to the total
Unsecured Creditor.

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14. From the following Trial Balance of PQ Ltd. On 31.12.2009, prepare liquidators' final statement of account:
Rs. Rs.
9% Preference share capital 1,25,000
(1,250 preference shares @Rs.100 each fully paid up)
Equity Share Capital:
2,000 Equity shares @ Rs.100 each fully paid up 2,00,000
2,000 Equity shares @Rs.100 each, Rs.50 paid up 1,00,000
Plant 3,00,000
Stock-in-trade 3,60,000
Sundry debtors 85,000
Sundry creditors 2,21,000
Bank Balance 1,20,000
Preliminary expenses 6,000
6% Mortgage Loan 2,30,000
Outstanding liabilities for expenses 25,000
Profit and loss account 30,000
(Trading loss for the year 2009)
Following points should be kept in mind:
i. On 21st January, 2010 the liquidator of PQ Ltd. Sold plant for Rs.2,95,000 and stock in trade at 10%
less than the book value. He realized 80% of Sundry debtors and incurred cost of collection of
Rs.1,850 (remaining debtors are to be treated as bad).
ii. The loan mortgage was discharged on 31St January, 2010 along with interest for 6 months.
Creditors were discharged subject to 5% discount. Outstanding expenses paid at 20% less.
iii. Preference share dividend is due for one year and paid with final payment.
iv. Liquidation expenses incurred are Rs.1,800 and liquidators remuneration is settled at 4% on
disbursement to members (excluding preference dividend), subject to minimum of Rs.10,000.

15. The summarized Balance Sheet of Full Stop Limited as on 31st March 2011, being the date of voluntary
winding up is as under:
Liabilities Rs. Assets Rs.
Share Capital: Land & Building 5,20,000
5,000 10% Cumulative Preference Plant & Machinery 7,80,000
Shares of Rs.100 each fully paid up 5,00,000 Stock in trade 3,25,000
Equity Share Capital: Book debts 10,25,000
5,000 Equity shares of Rs.100 each Profit & Loss Account 5,50,000
Rs.60 per share called and paid up 3,00,000
5,000 Equity shares of Rs.100 each
Rs.50 per share called up and paid 2,50,000
up 7,50,000
Securities premium 2,10,000
10% Debentures 1,05,000
Preferential creditors 4,85,000
Bank Overdraft 6,00,000
Trade Creditors 32,00,000 32,00,000
Preference dividend is in arrears for three years. By 31-03-2011, the assets realized were as follows:

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Rs.
Land & Building 6,20,000
Stock in trade 3,10,000
Plant & Machinery 7,10,000
Book debts 6,60,000
Expenses of liquidation are Rs.86,000. The remuneration of the liquidator is 2% of the realization of assets.
Income tax payable on liquidation is Rs.67,000. Assuming that the final payments were made on 31-03-
2011, prepare the Liquidator's Statement of Account.

16. The positions of Priceless Ltd. On its liquidation is as under: Issued and paid up Capital:
3,000 11% preference shares of Rs.100 each fully paid
3,000 Equity shares of Rs.100 each fully paid
1,000 Equity shares of Rs.50 each Rs.30 per share paid.
Calls in Arrears are Rs.10,000 and Calls received in Advance Rs.5,000. Preference Dividends are in arrears
for one year. Amount left with the liquidator after discharging all liabilities is Rs.4,13,000. Articles of
Association of the Company provide for payment of preference dividend arrears in priority to return to
equity capital. You are required to prepare the Liquidators final statement of account.

17. The following particulars relate to a Limited Company which has gone into Voluntary liquidation.
Unsecured creditors Rs.18,00,000
Partly secured creditors (Assets realized Rs.3,20,000) Rs.3,50,000
Cash available for unsecured creditors after all payments
Including payment to preferential creditors Rs.13,39,000
Liquidator's remuneration is @ 2% on the amount paid to unsecured creditors. Calculate the percentage of
amount paid to the Unsecured Creditors to the total Unsecured Creditors.

18. Given below is the Balance Sheet of Sum up Ltd. As on 31st March, 2010:
Liabilities Rs. Assets Rs.
Share Capital: Fixed Assets:
1,000 6% Preference Shares of Rs.100 each fully Machinery 1,90,000
paid up 1,00,000 Furniture 10,000
2,000 Equity shares of Rs.100 each fully paid up 2,00,000 Current Assets:
2,000 Equity shares of Rs.100 each, Rs.75 paid 1,50,000 Stock 1,20,000
up 1,00,000 Debtors 2,40,000
Bank loan (secured on stock) Cash at Bank 50,000
Current liabilities and Provision: 3,50,000 Miscellaneous
Creditors 10,000 Expenditure: 3,00,000
Income-tax payable (Preferencial) Profit and Loss Account
9,10,000 9,10,000
The company went into liquidation on 1st April, 2010. The assets were realized at their book values.
The liquidation are entitled to a commission at 2% on amount paid to unsecured creditors excluding
payments made to preferential creditors. Calls on partly paid shares were made but the amount due on 200
shares were found to be irrecoverable.
Prepare Liquidator's Statement of Account.

19. The summarized Balance Sheet of Ram Limited as on 31-3-2010, being the date of voluntary winding up is
as under:
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Liabilities Rs. Assets Rs.

Share Capital: Land and Building 3,86,000
10,000 12% Cumulative preference shares of 10,00,000 Plant & Machinery 8,21,000
Rs.100 each fully paid up Stock in trade 1,84,000
Equity Share Capital: Book Debts 13,37,000
5,000 Equity shares of Rs.100 each Rs.60 per share Profit and Loss Account 3,72,000
called and paid up 3,00,000
5,000 Equity shares of Rs.100 each Rs.50 per share
called and paid up 2,50,000
15% Debentures 4,00,000
Preferential Creditors 1,05,000
Bank Overdraft 3,03,000
Trade Creditors 7,42,000

31,00,000 31,00,000
Preference dividend is in arrears a years. By 31.3.2010 the assets realized were as follows:
Rs.
Land and Building 9,84,000
Stock in trade 1,63,000
Plant & Machinery 7,12,000
Book Debts 11,91,000
Expenses of liquidation is Rs.54,000. The remuneration of the liquidator is 3 per cent of the realization of
assets. Income-tax payable on liquidation is Rs.44,500. Assuming that the final payments were made on
31.3.2010, prepare the Liquidator's Statement of Account.

20. The following is the Balance Sheet of Shah Ltd. Which is in the hands of the liquidator:
Balance Sheet as on 31.12.2011
Liabilities Rs. Assets Rs.
Share Capital: Fixed Assets 2,00,000
1,000 6% Preference Share of Rs.100 each, fully 1,00,000 Stock 1,20,000
paid 2,00,000 Book debts 2,40,000
2,000 Equity shares of Rs.100 each, fully paid 1,50,000 Cash in hand 40,000
2,000 Equity shares of Rs.100 each Rs.75 paid up 1,50,000 Profit and loss 3,00,000
Loan from bank (on security of stock) 3,50,000 account
Trade Creditors
9,00,000 9,00,000
The assets realized the following amounts (after all costs of realization and liquidator's commission
amounting to Rs.5,000 paid out of cash in hand).
Rs.
Fixed Assets 1,68,000
Stock 1,10,000
Book debts 2,30,000
Calls on partly paid shares were made but the amounts due on 200 shares were found to be irrecoverable.
Prepare Liquidator's Final Statement of Receipt and Payments.

21. A liquidator is entitled to receive remuneration at 2% on the assets realized, 3% on the amount distributed
to Preferential Creditors and 3% on the payment made to Unsecured Creditors. The assets were realized
for Rs. 45,00,000 against which payment was made as follows :
Liquidation expenses Rs. 50,000
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Secured Creditors Rs.15,00,000

Preferential Creditors Rs.1,25,000
The amount due to Unsecured Creditors was Rs.15,00,000. You are asked to calculate the total
remuneration payable to liquidator. Calculation shall be made to the nearest multiple of a rupee.

22. From the data relation to a company which went into voluntary liquidation, you are required to prepare the
liquidator’s final statement of account.
i) Cash with liquidator (after all assets are realized and secured creditors and debenture holders are paid)
is Rs. 7,50,000.
ii) Preferential creditors to be paid Rs.35000.
iii) Other unsecured creditors Rs.2,30,000.
iv) 5,000 10% preference share of Rs.100 each fully paid.
v) 3,000 equity shares of Rs.100 each, Rs.75 per shares paid up.
vi) 7,000 equity shares of Rs.100 each, Rs.60 per shares paid up.
vii) Liquidator’s remuneration is 2% on payments to preferential and other unsecured creditors.

Ans:- Refund 3,000 Shares @ 8.47, Call 7,000 Shares @ 6.53

23. The statement of affairs of Y Ltd in voluntary liquidation showed a surplus balance of assets realized Rs. 6
lac, after making payments to secured creditors and deducting liquidator’s remuneration and commission
but before making payments to unsecured creditors of Rs. 180,000. The paid up capital of the company
were consisted of 100,000 A ordinary share capital of Rs. 8 paid up and 100,000 B ordinary share capital of
Rs. 6 paid up.
Required: Prepared liquidators final statement of accounts.
[Ans: Rs. 3,10,000 and Rs. 110,000]

24. A Liquidator is entitled to receive remuneration at 2% on the assets realized, 3% on the amount distributed
to Preferential Creditors and 3% on the payment made to Unsecured Creditors. The assets were realized
for Rs. 25,00,000 against which payment was made as follows:
Liquidation Rs. 25,000 Secured Creditors Rs. 10,00,000 Preferential Creditors Rs. 75,000
The amount due to Unsecured Creditors was Rs. 15,00,000. You are asked to calculate the total
Remuneration payable to Liquidator. Calculation shall be made to the nearest multiple of a rupee.
[Ans: Rs. 91,505]

25. Reliable Ltd. went into liquidation. It has a total fund of Rs. 61,000 available for its shareholders after
discharging all its liabilities including preference shareholders. The details regarding share capital are as
follows:
Class A - 2000 Equity shares of Rs. 100 each (fully paid)
Class B - 1600 Equity shares of Rs. 80 each (Rs. 70 paid up)
Class C - 1400 Equity shares of Rs. 50 each (Rs. 40 paid up)
Show how much amount is receivable/payable to each class of shareholders.

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