The summarised Balance Sheet of Mathew Limited as on 31.3.2016 being the date of voluntary winding up is as under:

Preference dividend is in arrears for two years. By 31.3.2016 the assets were realised as follows:
Land and building ---- ₹ 9,84,000;

Stock-in-trade ---- ₹ 1,63,000;

Plant and machinery ---- ₹ 7,12,000;

Book debts ---- ₹ 11,91,000. Expenses of liquidation is ₹ 54,000. The remuneration of the liquidator is 3 per cent of the realisation. Income tax
payable on liquidation is ₹ 44,500. Assuming that the final payments are made on 31.3.2016 prepare the Liquidator’s Final Statement of Account.

Transcribed Image Text:

Liabilities Share Capital: 12% Cumulative Preference Shares: 10,000 shares of 100 each fully paid-up Equity Share Capital : 5,000 equity shares of 100 each, * 60 per share called and paid-up 5,000 equity shares of 100 each, 50 per share called and paid-up Paid-up share capital 15% Debentures Preferential Creditors Bank Overdraft Trade Creditors ₹ 10,00,000 Stock-in-trade Book Debts Profit and Loss Account 3,00,000 2,50,000 15,50,000 4,00,000 Land and Building Plant and Machinery 1,05,000 3,03,000 7,42,000 31,00,000 Assets ₹ 3,86,000 8,21,000 1,84,000 13,37,000 3,72,000 31,00,000