Page 196 - DCOM205_ACCOUNTING_FOR_COMPANIES_II

Unit 9: Fundamentals of Liquidation of Companies

Solution notes

statement of affairs of mudit co. ltd.
as on 1 January, 2011
st
estimated realisable
assets value
`
Assets not specifically pledged as per list a
Cash-in-Hand 20,000
Sundry Debtors (` 20,000+50% of ` 14,000) 27,000
Bills Receivable 30,000
Shares in Shobit Ltd. 70,000
Stock-in-Trade 80,000
Machinery and Tools, etc. 40,000
Land & Building 80,000
3,47,000
Assets specifically pledged as per list B
Estimated Due to secured Deficiency Surplus
realisable creditors ranking as carried to last
value unsecured column
` ` ` `
value of security 60,000 60,000 — —
for fully secured crs. 20,000 40,000 20,000 —
shares in x ltd. 80,000 1,00,000 20,000 —
Summary of Gross Assets:
Gross realisable value of assets specifically pledged 80,000
Other assets 3,47,000
4,27,000
gross liabilities liabilities ` `
80,000 Secured creditors as per list B to the extent to which claims are estimated
to be recovered by assets specifically pledged
12,000 Preferential Creditors as per list c 12,000
Estimated balance of assets available for debentures secured by a floating charge
and unsecured creditors. 3,35,000
2,00,000 Debenture-holders secured by floating charges as per list D. 2,00,000
Estimated Surplus as regards debenture-holders 1,35,000
Unsecured Creditors as per list e

` `
Unsecured balance of Partly Secured Crs. 20,000

Bills Payable 20,000
Unsecured Creditors 1,40,000
Bank Overdraft 20,000
2,20,000 Liabilities as Bills Discounted 20,000 2,20,000

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