Question

Journalise the transactions and prepare the Balance Sheet after the reconstruction has been
carried out
Land
5. The following is the balance sheet of X Lidas on 31.12.2001:
Liabilities
Amt.
Assets
Amt.
1000. 6% preference shares of 400000
200000
Rs 100 each
2000 equity shares of Rs.100 150000
500000
each Rs. 75 paid up
6000 equity shares of Rs. 100 360000 Patents
80000
cach, RS. 60 per share paid up
596 Debentures
| 200000 Stock
110000
Outstanding Debenture Interest 10000 Debtors
220000
Creditors
290000 Cash
60000
Profit & Loss Account
240000
1410000
1410000
On the date of the Balance Sheet the company went into liquidation. The dividends on
preference shares are in arrears for 2 years. The arrears are payable on liquidation as per
Articles of Association The Debentures have a floating charge on the assets of the company.
Creditors include a loan of Rs. 100000 secured by mortgage of land. The assets realized are
as under:
Land - Rs. 240000; Plant - Rs. 400000; Patents - Rs. 60000; Stock - Rs. 120000, Debtors -
Rs. 160000
The expenses of liquidation amounted to Rs. 21800. The liquidator is entitled to a
commission of 3% on all assets realized including cash and a commission of 2% on the
amount distributed to unsecured creditors. Preferential creditors amounted to Rs. 30000
Prepare the liquidator's Statement of Account​

Answer 1

Answer:

sorry I don't know what should be done