i28 (3) Total equity capital - paid up 36,37,500 Less : Balance available after payment to unsecured and preference shares (13,00,000 -12,89,000) (11.000) Loss to be born by 10,000 equity shares 36.26.500 Loss per share 3 62.65 Hence, amount of call on 60 paid share 3 2.65 Refund to share on 75 paid 12.35 Illustration 7 The following is the Balance Sheet of Confidence Builders Ltd., as at 30th Sept. 2012: Liabilities Asset Share Capital Land and Buildings 1,20.000 Issued: 11% Pref. Shares Sundry Current Assets 3,95,000 of 10 each 1,00,000 Profit and Loss Account 38,500 10,000 equity shares of Debenture Issue 10 each, fully paid up 1,00,000 expenses not written off 2.000 5,000 equity shares of 7 10 each, 7 7.50 per share paid up 37,500 13% Debentures 1,50,000 Mortgage Loan 80,000 Bank Overdraft 30,000 Creditors for Trade 32,000 Income-tax arrears: (assessment concluded in July 2012) Assessment year 2010-2011 Assessment year 2011-2012 21,000 5.000 26.000 5,55,500 5,55,500 Mortgage loan was secured against land and buildings. Debentures were secured by a floating charge on all the other assets. The company was unable to meet the payments and therefore the debenture holders appointed a Receiver for the Debenture holders brought the land and 72,40,000 and realised ? 2,00,000, The Bank Overdraft was secured by a personal guarantee buildings to auction and realised 31,50,000. He also took charge of Sundry assets of value of of two of the Directors of the Company and on the Bank raising a demand, the Directors paid off the due from their personal resources. Costs incurred by the Receiver were 2,000 and by the Liquidator + 2,800. The Receiver was not entitled to any remuneration but the liquidator was to receive 3% fee on the value of assets realised by him. Preference shareholders had not been paid dividend for period after 30th September 2010 and interest for the last half year was due to the debenture holders. Rest of the assets were realised at 1,00,000. Prepare the accounts to be submitted by the Receiver and Liquidator