2. Vishal Ltd. went into liquidation. Following was its position.

Prepare the liquidators Final

Statement of Account allowing for his remuneration at 2% on the amount realised and
2% on the amount distributed to unsecured creditors other than preferential creditors.
₹

Preferential creditors 10,000

Unsecured creditors 31,000
Debentures 10,000
Assets realised 39,650
Liquidation expenses 1,000
Weak ltd. went into voluntary liquidation. Following was its position:
Preferential creditors ₹ 6,000, unsecured creditors ₹ 1,40,000, liquidation expenses
₹ 5,000, liquidator’s remuneration ₹ 7,500, debentures having floating charges on assets
₹ 2,00,000. Assets realised ₹ 3,00,000. Prepare the Liquidator’s Final Statement of
Account.
(April/May, 2012)
3. The Unfortunate Ltd. went into voluntary liquidation when its liabilities were as under:
₹
Secured Creditors 2,00,000
Preferential Creditors 40,000
Unsecured Creditors 5,00,000
The liquidator realised ₹ 2,50,000 from the securities held by secured creditors and ₹
60,000 from other assets. Cash in hand amounted to ₹ 11,000.
The cost of liquidation amounted to ₹ 19,900 and liquidators remuneration was fixed at
3% on the amount realised (except cash) and 2% on the amount distributed to unsecured
creditors.
Prepare Liquidator’s Statement of Account.
(April/May, 2016)

4. The capital of Uptron Co. Ltd. that went into liquidation was as follows:
a) 4000 Equity shares of ₹ 100 each fully paid.
b) 6000 Equity shares of ₹ 100 each, ₹ 80 paid up.
c) 1000 Preference shares of ₹ 100 each fully paid (These have preference as to capital).

The creditors (including liquidator’s remuneration ₹ 2,500) amounted in all ₹ 1,00,000.

The liquidator made a call of ₹ 20 per share which was paid in full.

The assets realised ₹ 1,91,000. Prepare Liquidator’s Final Statement of Account.

(April/May, 2010)
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 5. The share capital of Beta Ltd. which went into liquidation, consists of
1000 Preference shares of ₹ 100 each, ₹ 90 paid up.
800 ‘A’ Equity shares of ₹ 100 each, ₹ 80 paid up.
1000 ‘B’ Equity shares of ₹ 100 each, ₹ 60 paid up.
The preference shares had no priority rights as to the repayment of capital.
Calls in advance received from ‘A’ shareholders ₹ 2,750.
The various creditors were as follows:
₹
Preferential creditors 15,200
Fully secured creditors 67,000
Unsecured creditors (out of which ₹ 2,000 was
Received by them) 43,000
Liquidation expenses amounted to 10,216
Liquidator’s remuneration was fixed at 4% on the amounts realised plus 2% on the
payments to unsecured creditors.
Assets realised amounted to ₹ 2,20,000. Prepare Liquidator’s Statement of Account.

(April/May, 2014)

6. The position of Xavier Ltd. in Liquidation is as follows:

1000, 6% Preference shares of ₹ 100 each fully paid (arrears of dividend of one year and
it is payable on liquidation).
1000, Equity shares of ₹ 50 each fully paid.
1000, Equity shares of ₹ 40 each, ₹ 30 paid.
Calls in arrears ₹ 4,000 and calls in advance ₹ 6,000.
Cash left after making payments of the Creditors but before making any call was ₹
1,16,000.
You are required to prepare Liquidator’s Final Statement of Account.
(April/May, 2010)
7. Weak Ltd. went into voluntary liquidation on 1st July 2012, the Balance Sheet of the Co.
on this date was as follows:
Liabilities ₹ Assets ₹
Share Capital: Plant 2,00,000
12000 Preference shares of ₹ 10 each 1,20,000 Stock 1,00,000
20000 Equity shares of ₹ 10 each 2,00,000 Debtors 1,50,000
5% Debentures 60,000 Cash 3,000
S. Creditors 1,03,000 P and L A/c 30,000
4,83,000 4,83,000

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 Pref. dividend was in arrears for one year and payable on liquidation. Plant and stock
realised ₹2,75,000, Debtors worth ₹ 25,000 were bad, creditors include 5,000 preferential,
liquidation expenses amounted to ₹ 1,600. Liquidators remuneration was agreed at 2%
on amount realised except cash and 2% on amount distributed to Equity Shareholders.
Debenture holders were paid on 31-12-12.

Prepare Liquidator’s Final Statement of A/c.

(April/May, 2013)

8. The position of Muttu Ltd. on the date of liquidation was as follows:

₹

Creditors 12,000
Bank Over draft 20,000
Share capital:
10000 Preference shares of ₹10 each, ₹ 7 paid up 70,000
10000 Equity shares of ₹ 10 each,₹ 9 paid up 90,000
Less: Calls in arrears 2,000 88,000
Calls in advance:
On Preference shares 24,000
On Equity shares 4,000 28,000
The assets realized ₹ 2,00,000, liquidation expenses ₹ 2,000 and liquidator’s
remuneration ₹ 3,000. Prepare the Liquidator’s Final Statement.

(April/May, 2012)

9. Following was the Balance Sheet of Good Luck Co. Ltd. as on 31-03-2010.
Liabilities ₹ Assets ₹
20000 shares of ₹ 10 each 2,00,000 Goodwill 30,000
Bank Overdraft (unsecured) 1,100 Building 25,000
Partly secured creditor 29,180 Machinery 37,400
Salary for 6 months 6,300 Stock 58,000
Taxes due to Govt. 800 Debtors 46,000
Trade Creditors 97,600 Cash 500
Profit & loss A/c 1,38,080
3,34,980 3,34,980

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 The Company went into liquidation and the assets realised as follows:
Building which was used in the first instance to pay partly secured creditors Pro-rata ₹
18,000.
Machinery ₹ 25,000
Stock ₹ 31,000
Debtors ₹ 43,500
Expenses of liquidation amounted to ₹ 1,100
The liquidator’s remuneration was agreed at 3% on the amount realised (except cash) and
2% on the amount paid to unsecured creditors other than preferential.
Prepare liquidators final statement of account.
(April/May, 2011)
10. The summarised Balance Sheet of Alfa Ltd. as on 31st March 2016 being the date of
voluntary winding up is as under:
Liabilities ₹ Assets ₹
12% Cumulative Preference Buildings 3,86,000
Shares of ₹ 100 each 10,00,000 Machinery 8,21,000
5000 Equity shares of Stock in trade 1,84,000
₹ 100 each, ₹ 60 paid up 3,00,000 Book debts 13,37,000
5000 Equity shares of P & L A/c 3,72,000
₹ 100 each, ₹ 50 paid up 2,50,000
15% Debentures 4,00,000
Preferential Creditors 1,05,000
Bank O D 3,03,000
Trade Creditors 7,42,000
31,00,000 31,00,000
Preference dividend is in arrears for two years and as per articles, it is payable in the
event of Company’s winding up. By 31st March 2016 the assets realised were as follows:
₹
Buildings 9,84,000
Stock 1,63,000
Machinery 7,12,000
Book debts 11,91,000
Expenses of liquidation are ₹ 54,000. The remuneration to the liquidator is 3% of the
amounts realised from the assets, 2% on the amount paid to unsecured creditors. Income
tax payable on liquidation is ₹ 44,500.
Assuming that the final payments are made on 31st August 2016, prepare the Liquidator’s
Final Statement of Account.
(April/May, 2016)
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