Question

Repair Ltd. is in the hands of a receiver for debenture holders who holds a charge on all
assets excopi un called capital. The following statement shows the position as regards
creditors as on 30 June, 2015:
Liabilities
Assels
6,000 shares of 60 each,
30 paid up
First debentures
Property, machinery
and plant etc. (Cost
3,00,000 3,90,000)
6,00,000 Estimated at
4,50,000 Cash in hand of
Second debentures
1.50,000
Unsecured trade payables
the receiver
270.000
4,20,000
Charged under debentures
Uncalled capital
180.000
6,00,000
Deficiency
750.000
13.50.000
1250.000
A holds the first debentures for 3,00,000 and second debentures for 13,00,000. He is also
an unsecured creditor for p 90,000. B holds second debentures for ? 3,00,000 and is an
unsecured trade payables for 60,000
The following scheme of reconstruction is proposed
1. Als to cancel 72,10,000 of the total debt owing to him, to bring P30,000 in cash and to
take first debentures (in cancellation of those already issued to him) for ? 5, 10,000 in
satisfaction of all his claims,
2. Bis to accept +90,000 in cash in satisfaction of all claims by him.
3. in full settlement of 75% of the calm, unsecured creditors (other than A and B) agreed to
accept four shares of 7.50 each, fully paid against their claim for each share of 60.
The balance of 25% is to be postponed and to be payable at the end of three years from
the date of Court's approval of the scheme. The nominal share capital is to be increased
accordingly
4. Uncalled capital is to be called up in full and 52.50 per share cancelled, thus making
the shares of 7.50 each
Assuming that the scheme is duly approved by all parties interested and by the Court, give
nocessary joumal ontries.​

Answer 1

Answer:

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Explanation:

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