4.500 3.000 Q1. Funga Lid was incorporated with an authorized capital of 50,000 Ordinary shares of shs 10 each On - April 2001, when the winding up ander was made on it , it had 30,000 of these shares in issue, sh 7 per share called up. These shares had been issued at a premium of sh 1 each 200 of these shares are in area for the first cal of sh2 per share One shareholder holding ity of these shares in arear cannot be traced This company also had two dasses of Debertures in issue. 9% Debentures of shs 100,000 is secured an plant and machinery, appearing in the books at shs 140.000, but expeded to realize only sh 90.000 6% Debentures of sh 50,000 have a loating charge on the current assets of the company. Stock in trade, appearing in the books on this date at sh 12.800 and debtors appearing at sh92,500 are expected to realze sh 64,500 and 56,200 respecvely. The company had a bank balance on this date of sh 3 200 Current liabilities of the company on this date a made up of the following Trade creditors and non preferential accrued expenses sh 109.400 9% Debentures interest 6% Debentures interest Preferential creditors 33200 Bank overdrat The bank overdrat was secured on motor vehicles appearing in the books at sh 84,000 and expected to realize sh 90.000. Profit and Loss account had a debt balance on 31 March 2001 of sh 94,500 The records of operating resuts of the company are as follows: Year ended 31 December 1998 Net profit sh.12.200 Year ended 31 December 1999 Netloss sh 16,800 Year ended 31 December 2000 Netloss sh96,600 Three months to 31-March 2001 Netloss sh 26.400 The last dividend declared by the company was 20% of called up capital declared in respect of the year ended 31 December 1998. The only remaining aset appearing in the books of the company is Goodwil which is not edizabile in winding up. Workers compensation amounting to sh. 46,500 will become payable on cessation of business Required: A statement of affairs as at 1 April 2001 and a Deficiency account for the period from 1 January 1998 to the date of winding up order. 52.400 4.500 3.000 Q1. Funga Lid was incorporated with an authorized capital of 50,000 Ordinary shares of shs 10 each On - April 2001, when the winding up ander was made on it , it had 30,000 of these shares in issue, sh 7 per share called up. These shares had been issued at a premium of sh 1 each 200 of these shares are in area for the first cal of sh2 per share One shareholder holding ity of these shares in arear cannot be traced This company also had two dasses of Debertures in issue. 9% Debentures of shs 100,000 is secured an plant and machinery, appearing in the books at shs 140.000, but expeded to realize only sh 90.000 6% Debentures of sh 50,000 have a loating charge on the current assets of the company. Stock in trade, appearing in the books on this date at sh 12.800 and debtors appearing at sh92,500 are expected to realze sh 64,500 and 56,200 respecvely. The company had a bank balance on this date of sh 3 200 Current liabilities of the company on this date a made up of the following Trade creditors and non preferential accrued expenses sh 109.400 9% Debentures interest 6% Debentures interest Preferential creditors 33200 Bank overdrat The bank overdrat was secured on motor vehicles appearing in the books at sh 84,000 and expected to realize sh 90.000. Profit and Loss account had a debt balance on 31 March 2001 of sh 94,500 The records of operating resuts of the company are as follows: Year ended 31 December 1998 Net profit sh.12.200 Year ended 31 December 1999 Netloss sh 16,800 Year ended 31 December 2000 Netloss sh96,600 Three months to 31-March 2001 Netloss sh 26.400 The last dividend declared by the company was 20% of called up capital declared in respect of the year ended 31 December 1998. The only remaining aset appearing in the books of the company is Goodwil which is not edizabile in winding up. Workers compensation amounting to sh. 46,500 will become payable on cessation of business Required: A statement of affairs as at 1 April 2001 and a Deficiency account for the period from 1 January 1998 to the date of winding up order. 52.400