The following particulars were extracted from the books of X Ltd. on 31 April 2011, the day on which a winding up order was made:
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Equity Share Capital:
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1,00,000 Shares of Rs.10 Each,Rs. 5 Paid-up
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5,00,000
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14% Preference Share Capital:
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1,00,000 Shares of Rs.10 Each, Fully Paid
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10,00,000
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14% First Mortgage Debentures,
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7,50,000
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Secured by a Floating Charge Up on the Whole Assets of the Company, Exclusive of the Uncalled Capital
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Fully Secured Creditors (Values of Securities: Rs.1,75,000)
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1,50,000
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Partly Secured Creditors (Values of Securities: Rs.50,000)
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1,00,000
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Preferential Creditors, for Taxes, Rates, Wages, Etc.
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30,000
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Bills Payable
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5,00,000
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Unsecured Creditors
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3,50,000
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Bank Overdraft
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50,000
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Bills Receivable in Hand
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75,000
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Bills Discounted (One Bill for Rs.50,000 Known to be Bad)
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2,00,000
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Book Debts: - Good
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50,000
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- Doubtful (Estimated to Produce 50%)
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35,000
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- Bad
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30,000
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Land & Building (Estimated to Produce Rs.5,00,000)
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7,50,000
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Stock in Trade (Estimated to Produce Rs.2,00,000)
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2,50,000
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Machinery, Tools, Etc. (Estimated to Produce Rs.10,000)
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25,000
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Cash in Hand
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500
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Make out (i) statement of affairs as regards creditors and contributories and (ii) deficiency account.