Question

PROBLEM NO: 14

The Ultra Optimist Ltd. went into liquidation. Its assets realized Rs. 3,50,000 excluding amount realized by sale of securities held by the secured creditors. The following was the position:







Prepare the liquidator’s final statement of account.







Rs.
Share Capital: 1,000 shares of Rs. 100 each
1,00,000
Secured Creditors (Securities realized Rs. 40,000)
35,000
Preferential creditors
6,000
Unsecured Creditors
1,40,000
Debentures having a floating charge on the assets of the company
2,50,000
Liquidation expenses
5,000
Liquidators Remuneration
7,500

Answer 1

Explanation:

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