The following particulars are related to a company which has gone into liquidation. You are required to prepare liquidator's final statement of account allowing for his remuneration at 2% on the amounts realized on assets and 2% on the amounts distributed to unsecured creditors other than preferential credito$
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Unsecured Creditors
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6,72,000
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Preferential Creditors
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2,10,000
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Debentures
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2,25,000
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The assets realized the following amounts:
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Cash in Hand
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60,000
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Land & Buildings
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3,90,000
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Plant & Machinery
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3,31,500
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Furniture & Fittings
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22,500
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The liquidation expenses amounted to $6,000. A call of $2 per share on the partly paid 30,000 equity shares was made and duly paid except in case of one shareholder owning 1,500 shares.