Ramana Ltd went into voluntary liquidation on 1-4-2018. The details regarding the liquidation is as follows: The liquidators remuneration is 3% on assets realised and 2%% on amount distributed among shareholders. Particulars Amount Cash realised from Assets 5,00,000 Expenses of liquidation 9,000 Unsecured creditors (including salaries & wages for one month prior to liquidation 68,000 R6,000) 1,500 14% preference shares of T100 each (Dividend up to 31-3-2017 paid) 1,50,000 90,000 10,000 equity shares of 10 each 79 per share paid up General Reserve as on 31-3-20118 1,20,000 Profit and Loss A/c on 31-3-2018 Cr) 20,000 Under the Articles of Association the preference shareholders have the right to receive 1/3 of surplus remaining after repayment to equity shareholders.
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ose the foowing 10 000 15.000 09 Dinesh Started Business with cash 02 Sale of goods for cash 04 Purchases of goods for cash 06 Sold Plant and Machinery for cash 10 Cash paid to Rahim 14 Solaries pald
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