Balance Sheet of Byrtes Ltd$.$ as on $30$th September, $2019$ was as follows :

I. Equity and Liabilities

$(1)$ Shareholders' Funds

$($a$)$ Share Capital :

$($i$)10,000\text{'}$ A $\text{'}$ Equity Shares of $20$ each

$($ii$)5,000\text{'}$B$\text{'}$ Equity Shares of $20$ each,

$19$ per share called up and paid up

$1,00,000$

The company passed a resolution to wind up voluntarily and you are appointed as a

liquidator. The preference shareholders have not received dividend for the past two years.

The articles of the company include the following clauses: $($a$)$ The preference shares will

rank both as regards dividend whether declared or not and capital in priority to all other

shares both present and future. $($b$)$ That all equity shares will be treated alike.

The debenture interest is payable on $31$ st March and on $30$th September every year

and the interest due on $30$th September, $2019$ was paid. Creditors include $5,000$ on

account of Income$-$tax due.

The liquidator sold the Plant and Furniture for $95,000,$ stock realised $1,22,000$ and

debtors realised $50,000.$ The debentureholders requested the liquidator to sell also the

Freehold Property and the property was sold for $1,20,000.$ Liquidation expenses amounted

to $12,000.$ Liquidator's remuneration was fixed at $2\frac{1}{2}\%$ on all the amount realised except

Bank plus a fixed bonus of $4,325.$ The debentureholders and others were paid off on $31$st

December, $2019.$ Draw up the Liquidator's Final Statement of Account.

Ans. $[$Liquidator$\text{'}$s Remuneration $14,000$ ; Amount paid to Equity Shareholders

$10,000].$