Page 219 - DCOM205_ACCOUNTING_FOR_COMPANIES_II

Accounting for Companies – II

notes (5) 6000 equity shareholders will get = 6000 + 1,580 = 7,580 and dividend rate
7580
= = ` 0.1263 per share approx.
6,000
(6) 3,000 equity shareholders will get ` 790 only and their dividend rate will be

790 0.263 approx. per share.
3,000 = `
Illustration 6
Prepare Final Statement of Account of the Liquidator from the following particulars of a company
which is voluntarily wound up. Share Capital consists of 1,000 Pref. Share of ` 10 each fully paid
up, 40,000 Equity shares of ` 10 each fully paid, 30,000 first Equity shares of ` 10 each ` 8 paid
up, and 20,000 second Equity shares of ` 5 each, ` 4 paid up. Preference shares have priority
for refund of capital. Out of total creditors of ` 2,74,900 creditors of ` 10,900 were preferential
and creditors ` 54,000 were fully secured. An amount of ` 3,74,000 was realised by sale of assets
(including the sale proceeds of assets charged with fully secured creditors).
Liquidation expenses ` 12,000, Liquidator’s Remuneration 5% on net assets realised (except
belonging to fully secured creditors) and 3% on the amount paid to unsecured creditors (except
preferential creditors). The Liquidator made a call of ` 1 per share on second Equity shares and
` 1.50 per share on first equity shares. All these amounts were duly received except ` 1.50 per
share on 2,000 first Equity shares which were forfeited.
Solution

liquidator’s final statement of account
receipts estimated value payments amount
values realised (`)
(`) (`)
Assets Realised 3,20,000 Liquidators Remuneration:
Amount Received 5% on ` 3,20,000 = 16,000
from calls on second 3% on ` 2,10,000 = 6,300 22,300
Equity shares (20,000 × ` 1) 20,000 Liquidator Expenses 12,000
Preferential Creditors 10,900
Amount Received Unsecured Creditors 2,10,000
from first Equity Return to Contributories:
Shares (28,000 × ` 1.5) 42,000 Preferential Shareholders 1,00,000
Equity Shareholders (40,000
Equity shares @ ` 0.600) 24,000
Equity Shareholders
(28,000 Equity shares @ ` 0.1) 2,800
3,82,000 3,82,000
Working Note:
Amount available for Equity shareholders
= (` 3,20,000 + 20,000 + 42,000) – (` 22,300 + 12,000 + 10,900 + 2,10,000 + 1,00,000) = ` 26,800

From this amount first of all 40,000 equity shareholders will get ` 0.5 as they have paid more i.e.,
` 20,000, then rest ` 6,800 will be distributed among Equity shareholders in the ratio 40,000:28,000
i.e., ` 4,000 and ` 2,800.

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