Page 234 - DCOM205_ACCOUNTING_FOR_COMPANIES_II

Unit 10: Liquidation of Companies: Preparation of Accounts

amounted to ` 5,600. On June 30, 2009 he made all his obligatory payments and transferred notes
the balance to the liquidator. The Liquidator realised ` 85,772 from the fixed assets and
` 56,678 from the remaining Stock and collected the rest of the debtors in full.
He made a final call. The call was paid in full by all the shareholders except one who
owed ` 2,000 for calls in arrear because he could not be traced. The liquidator made his
distribution on August 31, 2008. His expenses amounted to ` 610. His remuneration was
fixed at a sum equal to 2% on the amount realised by him and 1% on the amount whatsoever
distributed by him. Prepare a Receiver’s Receipts and Payments Account and Liquidator’s
Final Statement of Account.
10. In a winding up that commenced on 15 September, 2010, certain creditors could not receive
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payment out of realisation of assets and out of contribution from ‘A’ List of contributories.
Following are the details of certain share transfers that took place prior to liquidation and
amount of creditors remaining unpaid:
shareholders no. of shares transferred Date when ceased to creditors remaining
outstanding be a member unpaid and on the
date of ceasing to
be a member
Lalit 200 31.8.2009 800
Mohan 180 20.9.2009 1,200
Navin 120 15.11.2009 1,740
Om 100 22.4.2010 1,860
Prakash 50 10.7.2010 2,200

All the shares were of ` 10 each, on which ` 5 per share had been called and paid up.
Ignoring the expenses of liquidation remuneration to liquidator, etc., work out the amount
to be realised from the above contributories.
11. Japan Company Ltd. went into voluntary liquidation on 1 January, 2008. Some creditors
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could not be paid due to shortage of realised amount. On inquiry it is found that some
shareholders transferred their shares within one year before commencement of liquidation
of the company. The following description is about the dates of transfer of shares and the
amounts due to creditors:
name of shareholders Date of transfer of shares no. of transferred shares amount due and
payable to the creditors
to the date of transfer
`
Karim 1 May, 2006 500 15,000
st
Ajay 1 June, 2007 1,500 20,000
st
Babita 5 July, 2007 1,250 27,000
th
Chhotey 7 August, 2007 500 31,500
th
Devi 15 Sep., 2007 750 35,000
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th
Edi 20 Sep., 2007 750 36,000
Firoj 25 Dec., 2007 250 36,000
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All the shares were of ` 100 each and ` 90 were paid on each share. No amount was received
from contributories of List ‘A’. Prepare a statement showing the liabilities of contributories
of List ‘B’.

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