i25 5 Illustration 4 Insol Ltd. is to be liquidated. Their summarised Balance Sheet as at 30th September, 2012 appears as under: Liabilities: 2,50,000 equity shares of 7 10 each 25,00,000 Secured debentures (on land and buildings) 10,00,000 Unsecured loans 20,00,000 Trade creditors 35,00,000 90,00,000 Assets: Land and Building 5,00,000 Other fixed assets 20,00,000 Current assets 45,00,000 Profit and Loss A/C 20,00,000 90,00,000 Contingent liabilities are: For bills discounted 1,00,000 For excise duty demands 1,50,000 On investigation, it is found that the contingent liabilities are certain to devolve and that the assets are likely to be realised as follows:- Land & Buildings Other fixed assets Current assets Taking the above into account, prepare the statement of affairs. 11,00,000 18,00,000 35,00,000