Zeen Ltd. went into liquidation on 31 March 2011 where the following balance sheet was prepared:
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Liabilities
|
|
Assets
|
|
|
Share Capital:
|
|
Goodwill
|
3,00,000
|
|
1,17,000 Equity
|
11,70,000
|
Building
|
2,88,000
|
|
Shares of 210
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|
|
|
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Each
|
|
|
|
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Sundry Creditors:
|
|
Machinery
|
3,93,000
|
|
Partly Secured
|
3,31,860
|
Stock
|
3,40,800
|
|
Creditors
|
|
|
|
|
(Secured on
|
|
|
|
|
Building)
|
|
|
|
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Unsecured
|
5,98,740
|
Sundry Debtors
|
3,88,920
|
|
Creditors
|
|
|
|
|
Preferential
|
1,45,200
|
Cash
|
15,000
|
|
Creditors
|
|
|
|
|
Bank Overdraft
|
72,000
|
P&L A/c
|
5,92,080
|
|
(Unsecured)
|
|
|
|
|
23,17,800
|
|
23,17,800
|
Assets realized as follows: Building: $2,10,000; Machinery: $3,06,000; Stock: $2,34,000; Sundry debtors; $3,51,000; Cash: $5,000 The expenses on liquidation amounted to $6,000.
The liquidator's remuneration was agreed at $2 % on the amount realized (including cash) and 2% on the amount paid to the unsecured credito$ You are required to prepare the liquidator's final statement of account.