Shareholders$].$

Following is the Balance Sheet as on $31-12-2019$ of X Ltd$.$ which goes into voluntary

liquidation as on that date :

I. Equity and Liabilities

$(1)$ Shareholders' Funds

$($a$)$ Share Capital :

$($i$)10,000$ Equity Shares of $50$ each

$($ii$)1,000$ Preference Shares of $100$ each

$($b$)$ Reserves and Surplus:

General Reserve

$(2)$ Non$-$current Liabilities

Secured Loans :

$($i$)$ Loan from State Financial Corporation

$($ii$)$ Loan from Bank

$(3)$ Current Liabilities

Creditors

II$.$ Assets

$(1)$ Non$-$current Assets

Fixed Assets

$(2)$ Current Assets

$($a$)$ Stocks

$($b$)$ Debtors

$($c$)$ Cash at Bank

$($d$)$ Loans and Advances

Following information is given :

$($a$)$ The loan from State Financial Corporation is secured by first charge on fixed assets.

$($b$)$ The Bank is secured by pledge of goods, hypothecation of all current assets and a

second charge on fixed assets.

$($c$)$ Creditors include preferential creditors of $2,00,000.$ On $15-1-2020,$ stocks are sold.

Stocks in the pledge$/$godown realised $14,00,000$ and other stocks were sold for $4,00,000.$

On $31-1-2020$ expenses of liquidation amounting to $3,000$ are met and fixed assets are

sold for $13,00,000.$ On $15-2-2020$ all other current assets realised $19,10,000$ and

liquidator's remuneration amounting to $7,000$ is paid.

Prepare Liquidator's Cash Account and Liquidator's Final Statement of Account

presuming that all payments are made in order of preference on earliest availability of

cash.