Question

Question 8 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%% 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 100 each fully paid up, 50,000 Equity shares of ? 10 each fully paid up, 30,000 Equity shares of 7 10 each, 78 paid up. Assets realized 720,00,000 excluding the amount realized by sale of securities held by party secured creditors Preferential creditors Unsecured creditors Partly secured creditors (Assets realized 50,000 18,00,000 3,50,000 3,20,000) b ahar Alla

Answer 1

Liquidator A/c Amount S. No Particulars Amount Liquidator Comm. 2.50%on receipts 20% on Payment * 2,380,000.00 * Opening Balance Receipts Un Called Share Amount Assets Realized Assets Realized from Partly Secured Creditor 60,000.00 2,000,000.00 50,000.00 320,000.00 8,000.00 * 2,302,000.00 WY W Payments Preferential Creditor Partly Preferential Creditor Un Secured creditor Liquidator D=A+B-C Balance to shareholders * 50,000.00 * 350,000.00 * 1,800,000.00 * 102,000.00 1,000.00 7,000.00 36,000.00 102,000.00 WYWY * 78,000.00

Hence

Balance to shareholder's account after Liquatation is 78,000/-

Liquidator Commission is 1,02,000/-