Due to the serious problems with the export market, Makadara Stores on 31^(51) December 2005 received a compulsory order for winding up. The following particulars were disclosed:- {:[" Book value ",{:[" Estimated "],[" to produce "]:}],[" Sh. "," Sh. "]:} 3 {:[" Cash in hand ",10","000,10","000],[" Debtors ",40","000,36","000],[" Land and buildings ",600","000,480","000],[" Furniture and fixtures ",200","000,200","000],[" Unsecured creditors ",200","000,],[" Debentures: ",,],[" Secured on land and buildings ",420","000,],[" Secured by floating charge ",100","000,],[" Preferential creditors ",60","000,],[" Share capital "(3","200" shares of sh. "100" each) ",320","000,]:} Additional information Estimated liability for bills discounted was Sh.60, 000 estimated

Due to the serious problems with the export market, Makadara Stores on \\( 31^{\\text {st }} \\) December 2005 received a compulsory order for winding up. The following particulars were disclosed:- 3 Additional information 1. Estimated liability for bills discounted was Sh.60,000 estimated to rank at Sh.60, 000 . 2. Other contingent liabilities were Sh.120,000 estimated to rank Sh.120,000. 3. The company was formed on \\( 1^{\\text {st }} \\) January 2003 ; and had made losses of Sh.250, 000