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PROBLEM 3 From the data relating to a company which went into voluntary liquidation, you...

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PROBLEM 3 From the data relating to a company which went into voluntary liquidation, you are required to prepare the Liquidator's Final Statement of Account. (i) Cash with liquidators (after all assets are realised and secured creditors and debentureholders are paid) is* 7,50,000. (ii) Preferential creditors to be paid * 35,000. (iii) Other unsecured creditors * 2,30,000. (iv) 5,000, 10% preference shares of 100 each fully paid. (v) 3,000 equity shares of 100 each, * 75 per share paid up. (vi) 7,000 equity shares of 100 each, 60 per share paid up. (vii) Liquidator's remuneration is 2% on payments to preferential and other unsecured creditors

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