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PROBLEM 2 The Suny Valley Mining Co. Ltd. went into voluntary liquidation on 1st January,...

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PROBLEM 2 The Suny Valley Mining Co. Ltd. went into voluntary liquidation on 1st January, 2010. Liquidator's remuneration is 5% on assets realized and 3% on distribution among shareholders. Position as on 1st January, 2010 was as follows: Cash on realisation of assets Liquidation expenses Unsecured creditors Creditors for salaries and wages (December 2009) 5,000 6% preference shares @ * 30 each (dividend paid up to 2007) 10,000 equity shares of # 10 each, * 9 per share called and paid up 5,00.000 9.000 62.000 6,000 1,50,000 90,000 Under the Articles the preference shareholders have the right to receive remaining after repaying the equity share capital. Prepare the Liquidator's Final Statement of Account

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