=+Shares were allotted to the vendors on 1st January, 1962, and the balance of the purchase consideration was paid to them on 1st March, 1962.

The Company completed the collection of debts, with the exception of bad debts amounting to £750, by April 15th, 1962, and paid the net proceeds on that date. Partnership creditors were paid off by 15th March, discounts of £400 being received. The vendors paid the costs incidental to formation of the Company and the amount, £2,000, was refunded by the Company on 1st March.