ILLUSTRATION 4. The following was the Balance Sheet of X Limited as on 31-3-2008 BALANCE SHEET OF X LTD. as at 31-3-2008 Liabilities $ Share Capital 14%,4,000 Preference Shares of 4,00,000 $ 100 each fully paid up 8,000 Equity Shares of $ 100 each, $60 per share paid up Reserves and Surplus 4,80,000 Nil Secured Loans 1. 14% Debentures (Having a floating charge on all assets) Interest accrued on above debentures (Also having a floating charge as above) 2, Loan on Mortgage of Land and Building Unsecured Loan Current Liabilities and Provisions A. Current Liabilities Sundry creditors On 31-3-2008 the company went into voluntary liquidation. The dividend on 14% preference share was in arrears for one year.Sundry creditors include preferential Creditors amounting $30,000 The assets realised the following sum: The expenses of liquidation amount to $ 2,00,000; Plant and machinery $5,00,000; Plant $50,000; of 2%on all assets realised (except cash at bank ) and 2%on amount distributed among unsecured creditors other than preferential Creditors. All payments were made on 30june, 2008.Interest on Mortgage loan shall be ignored at the time of payment. Prepare the liquidator's final statement of account. Assets $ Fixed Assets Land Buildings Plant and Machinery Patents Investments Current Assets, Loans and 40,000 1,60,000 5,40,000 40,000 Nil 2,30,000 Advances A. Current Assets Stock at cost 1,00,000 Sundry Debtors 2,30,000 Cash at Bank 60,000 32,200 B. Loans and Advances Nil 1,50,000 Nil 1,17,800 14,10,000 Miscellaneous Expenses Profit and Loss A/c 2,40,000 14,10,000