The Balance Sheet of ABC & Co., as on 31st December 2019 is as given in Table No. 7.

The Company went into liquidation on the above date. Prepare liquidator?s Statement of Account after taking into account the following:

i. Liquidation expenses $8,000 and Liquidator?s remuneration amounted to 20,000

ii. Bank Loan was secured by pledge of stock

iii. Fixed Assets were realized at book values and Current Assets at 80% of book value

iv. Debentures and Interest on Debentures both are secured by floating charge on all assets.

v. Creditors 90,000 are all unsecured

Table 7: Assets Land and Building Other Fixed Assets Stock Debtors P & L A/c Amount $100,000 115,000 525,000 100,000 58,000 $898,000 Liabilities Share Capital: Authorized 25,000 Equity Share $10/share Issued 20,000 Equity Share of $10/share 8% Debentures Bank Loan Interest on Outstanding Debentures Creditors Amount $250,000 200,000 100,000 400,000 8,000 190,000 $898,000