Problem $20\mathrm{.}9($Liquidator$\text{'}$s cash available and share of deficiency$)$

Esmeralda Ltd went into voluntary liquidation on $30$ June $20$x$2,$ its shareholders' equity being as follows:

$300006\%$ preference shares of $$2$ each paid to $$1\mathrm{.}50$

$($preferred as to return of capital and dividends in the event of liquidation$)$

$20000$ first issue $\text{'}A\text{'}$ ardinary shares of $$1$ each fully paid

$45000$

$15000$ secand issue $\text{'}$A$\text{'}$ ordinary shares of $$1$ each fully paid to $$0\mathrm{.}75$

$20000$

$5000\text{'}B\text{'}$ ordinary shares of $$1$ each paid to $$0\mathrm{.}25$

$11250$

$1250$

$77500$

General reserve

Retained earnings

$8200$

$4000$

$$69700$

Note: The last preference dividend was paid to $30$ June $200.$

To adjust the rights of shareholders the liquidator made the following calls:

$50\mathrm{.}25$ per share on second issue $\text{'}$A$\text{'}$ erdinary shares; and

$$0\mathrm{.}25$ per share on $\text{'}$B$\text{'}$ ordinary shares.

All amounts due on these calls were received except those in respect of $400$ second issue $\text{'}A\text{'}$ ordinary sthares and $200\text{'}B\text{'}$ ordinary shares. These proved to be irrecoverable and were forfeited.

Debts due by the company amounted to $$15820,$ assets realised amounted to $$80100,$ and liquidation expenses were $$929.$

The isquidator's remuncration was fixed at $18$ an the proceeds of assets. All shares were issied before $1$ July $1993.$

Required

$1$ Prepare the liquidator's final statement of receipts and payments ithat is$,$ work eut the cash available the liquidater's cash account$).$

$2$ Prepare a statement showing the loss of caputal and how it was borne by the shareholders,

$3$ Prepare the shareholders' distribution account.