Page 195 - DCOM205_ACCOUNTING_FOR_COMPANIES_II

Accounting for Companies – II

notes Estimated balance of assets available for debenture-holders having
a floating charge and unsecured creditors 52,50,000
20,00,000 Unsecured Creditors as per list e
35,00,000 Unsecured Loans 20,00,000
1,00,000 Trade Creditors 35,00,000
Contingent Liabilities 1,00,000
(for bills discounted) 56,00,000
67,50,000 Estimated deficiency as regards creditors (67,50,000 – 64,00,000) 3,50,000
2,50,000 equity shares of ` 10 each as per list g 25,00,000

Estimated deficiency as regards members as per list H 28,50,000
Illustration 3
Mudit Co. Ltd. went into voluntary liquidation on 1 January, 2011. From the following particulars,
st
you are required to prepare (a) Statement of Affairs; (b) Deficiency Account:
`
80,000 Equity Shares of ` 5 each fully paid up 4,00,000
6%; 40,000 Preference Shares of ` 10 each fully paid up 4,00,000
5% First Mortgage Debentures Secured by a floating charge upon the whole of
the assets 2,00,000
Fully Secured Creditors 60,000
Partly Secured Creditors 40,000

Preferential Creditor for Rates and Taxes 12,000
Bills Payable 20,000
Unsecured Creditor 1,40,000
Bank Overdraft 20,000

Bills Receivable 30,000
Bills discount (one Bill for 20,000 is likely to be bad) 80,000
Book Debts —Good 20,000
Doubtful (estimated to produce 50%) 14,000

Bad 12,000
Shares in Shobit Ltd. (estimated to produce ` 70,000) 90,000
Shares in X Ltd. (estimated to produce ` 20,000)
(given to partly secured creditors as security) 30,000

Land and Buildings (estimated to produce ` 80,000) 3,00,000
Stock-in-trade (estimated to produce ` 80,000) 1,00,000
Machinery and Tools etc. (estimated to produce ` 40,000) 1,00,000

Cash-in-Hand 20,000

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