The following is the balance sheet of X Ltd. as at 30 June 2010:
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Liabilities
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Assets
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Issued Share
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Sundry Assets
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2,39,500
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Capital:
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5007%
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50,000
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Buildings
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50,000
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Preference
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Preliminary
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5,000
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Shares of !100
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Expenses
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Each Fully Paid
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P&L A/c
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16,750
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750 Equity
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71,250
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Shares of Rs. 100
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Each, Rs. 95 Paid
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5% Debentures
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1,00,000
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Loan on
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40,000
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Mortgage
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Bank A/c
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12,500
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|
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Creditors
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??00
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Included
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Rs. 27,500 for the
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Assets Tax
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|
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3,11,250
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3,1,250
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The mortgage was secured on the buildings and debentures were secured by a floating charge on the "sundry assets". The debenture holders appointed a receiver who took charge of the sundry assets amounting to Rs.1,57,500. A liquidator was also appointed as the Company went into voluntary liquidation. The receiver realized the assets for Rs.1,47,500 and his costs and remuneration were Rs.750 and Rs.1,000, respectively. Rs.45,000 was realized from buildings and Rs.72,500 from the sale of remaining sundry assets. The bank had the guarantee of the directors amounting to Rs.11,000 which was duly honoured by them. The cost of liquidation was Rs.1,500 and the liquidator's remuneration amounted to Rs.625. Prepare the receiver's receipts and payments account and liquidator's final statement of account.