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X Ltd. went into liquidation. Its assets realized Rs.175,000, excluding the amount realized by sale of securities held by the secured creditors. The following was
X Ltd. went into liquidation. Its assets realized Rs.175,000, excluding the amount realized by sale of securities held by the secured creditors. The following was the position:
| Share Capital 5,000 Shares of Rs.10 Each |
|
| Secured Creditors (Securities Realized Rs.20,000) | 17, 500 |
| Preferential Creditors | 3,000 |
| Unsecured Creditors | 70,000 |
| Debentures Having a Floating Charge on the Assets of the Company | 125,000 |
| Liquidation Expenses | 2,500 |
| Liquidators Remuneration | 3,750 |
Prepare the liquidators final statement of account.
DO NOT COPY FROM CHEGG, OR I HAVE TO REPORT.
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