ABC Ltd. went into voluntary liquidation on 1 January 2011. The liquidation gets remuneration at 3% on assets realized and 2% on distribution among shareholders. From the following particulars prepare liquidator's final statement.
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Assets Realized
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10,00,000
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Expenses of Liquidation
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18,000
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Unsecured Creditors
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1,24,000
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Salary and Wages Outstanding
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12,000
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10,000, 6% Preference Share Capital
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Dividend Paid Up To 31 December 2009
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3,00,000
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20,000 Equity Share Capital
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1,80,000
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General Reserve as on 31 December 2009
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2,40,000
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P&L A/c as on 31 December 2009
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40,000
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Under the Articles of Association of the Company, the preference shareholders have the right to receive one-third of the surplus remaining after repaying the equity share capital.