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A company went into liquidation whose creditors are 36,000. This amount of 736,000 includes ? 6,000 on account of wages of 15 men at 100
A company went into liquidation whose creditors are 36,000. This amount of 736,000 includes ? 6,000 on account of wages of 15 men at 100 per month for 4 months, immediately before the date of winding up, 79,000 being the salaries of 5 employees at 300 per month for the previous 6 months, Rent for godown for the last six months amounting to ? 3,000; Income tax deducted out of salaries of employees ? 1,000. In addition it is estimated that the company would have to pay * 3,000 as compensation to an employees for injuries suffered by him, which was contingent liability not accepted by the company and not included in above said creditors figure. Find the amount of Preferential Creditors
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