Question

AB Ltd. went into voluntary liquidation with the following liabilities: Secured creditors Rs.2,50,000 (Securities realized Rs.3,00,000) Preferential creditors Rs.15,000 Unsecured creditors Rs.3,25,000 Liquidation expenses Rs.7,000 The liquidator is entitled to a remuneration of 3% on the amounts realized (including securities in the hands of secured creditors) and 2% on the amounts distributed to the unsecured creditors. The various assets (excluding the securities in the hands of secured creditors) realized Rs.2,25,000. Prepare liquidator’s final statement of account.

Answer 1

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