Page 193 - DCOM205_ACCOUNTING_FOR_COMPANIES_II

Accounting for Companies – II

notes 1,00,000 Debentures secured by a floating charge as per list D 1,00,000
Estimated surplus as regards debentures-holders 2,64,000
40,160 Unsecured creditors as per list e.
Liabilities for purchases 40,000
Telephone rent owing 160 40,160
Estimated surplus as regards creditors issued and called up
1,78,160 capital as per list f 2,23,840
Estimated surplus as regards contributories as per list H 1,60,000
63,840

surplus account – list H
`
Items reducing the surplus:
Excess capital and liabilities over assets i.e. P & L A/c. 70,000
Estimated losses and investment, taxes and wages dues and o/s of telephone bill 6,160
76,160
Items contributing to surplus:
Machinery (` 120,000 – ` 60,000) 60,000
Leasehold property (` 146,000 – ` 80,000) 66,000
Stock (` 4,000 – ` 2,000) 2,000
Provision for B/D 20,000
Less: Bad debts 4,000
Doubtful Debt 4,000 8,000 12,000 1,40,000
surplus as shown by statement of affairs 63,840

Illustration 2
Insold Ltd. is to be liquidated. Their summarised Balance Sheet as on 30 September, 2010,
th
appears as under:
Liabilities: `

2,50,000 Equity Shares of ` 10 each 25,00,000
Secured Debentures on (land & building) 10,00,000
Unsecured Loans 20,00,000
Trade Creditors 35,00,000

90,00,000
Assets: `
Land & Buildings 5,00,000
Other Fixed Assets 20,00,000
Current assets 45,00,000

Profit and Loss Account 20,00,000
90,00,000

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