Provision for salaries and wages 7 50,000 Buildings 23,00,000 Furniture 1,50,000 - 1,00,000 . Capital work in progress Investments in equity shares ,00,000 - Investments in preference shares 1,25,200 . Closing stock 12,00,000 - Loose tools, 58,000 - ‘Trade receivables 12,04,800 - 4 Cash in hand 2,75,000 - Cast at Bank 3,27,000 = 63,40,000 Additional information : (a) Authorised capital Rs. 10 each and 1,20,000 preference shi Other current liabilities consists of income received in advance. of the company consists of 40,000 equity shares of ares of Rs. 10 each. o A Co. Ltd. into voluntary liquidation:.on 1.4.2018. From-the following particulars prepare the liquidators final statement of account. (@) Creditors: ‘Secured against building 90,000 Secured against stock 60,000 Preferential creditors 38,000 Bank loan (unsecured) 75,000 ‘Trade creditors, 1,82,120 ¢ (b) Assets: 1,60,000 Building (amount realized Rs. 1,20,000) Machinery (amount realized Rs. 90,000) —_1,20,000 ‘Stock (amount realized at 60%) 0,000 Other assets realized (including cash) 1,23,500 ‘The liquidation expenses amounted to Rs. 1,390. The liquidator is entitled to ‘a commission at 3% on the net assets realized and 2% on the amount paid to unsecured creditors. 3/8 PTO. ‘Scanned with CamScanne Pasticatas Note Sun Lid Mooa bid 1 equity and bai 1. Bhaseh — 900 |.09,000 —- 909 90,000[rade receivapie ouzauu Cash at bank 163500 31,70,000 31,70,000 a) Authorized capital of the company consists of 20000 equity shares of Rs. 10 each and 100000 preference shares of Rs. 10 each. b) Other current liabilities consists of income received in advance. 14, The following particulars relate to a company which has gone into liquidation on 31.3.2016. Secured creditors (security on plant) 100000 Insecured creditors 240000 Preferential creditors 20000 1000 equity shares of Rs. 100 each called up Rs. 75 75000 500 equity shares of Rs. 100 each called up Rs. 60 30000 The liquidators realized the assets is as under : Plant ae 140000 Cash 10000 Land and building 200000 Stock 60000 PTO.270 VeDenures pee eee S.creditors 220000 47000 Following are details of Beta Lid as on 31.12.2016. Share capital Rs. 100000 (at Rs. 10 each) Reserve fund 40000, P&LA/c(Cr) 60000, ° Alpha Ltd purchased 7,500 shares in Beta Ltd as on 1.7.2016. Calculate the minority interest assuming that beta Ltd had a credit balance of P&L Ave Rs. 20,000 and general reserve 10,000 as on 1.1.2016. SECTION -C TL Answer any Three of the following : (3x15=45) 18. ‘The Quick Ltd went into voluntary liquidation on 31.3.2016 at which date its capital consisted : - a) 5000 9% preference shares of Rs. 10 each fully paid. b) 10,000 Equity shares of Rs. 10 each fully paid. The Assets realised Rs. 1,38,000 the expenses liquidation Rs. 1860 and the insecured creditors were Rs. 17.500, including Rs. 3000 preferencial creditors. The liquidator remunaration was fixed at 3% commission on the assets realised. Preference dividend was arrears one year. Preference shares and preference dividend was carry preferencial right to payment as compared to equity. . Prepare the liquidators final statement of account.Answer any three of the following. 13. SECTION-B (3x5=15 Write a short note on mutual indebtedness between Holding Company and its ‘subsidiary company. . Rupa Co. Ltd. went into voluntary liquidation on 1-3-2016. The following was the position of the company : Share Capital Rs. 1,50,000/- Preferential creditors Rs. 19,600/- Unsecured creditors Rs. 1,52,000/- Assets realized : Leasehold property Rs. 40,000/- Other Assets Rs. 1,50,000/- Cost of liquidation amounted to Rs. 3,000/-. The liquidator is entitled to @ remuneration of Rs. 4,000/-, a commission at 2% on the assets realized and 3% on the amount paid to unsecured creditors. Prepare the liquidators final statement of account. . Madhav Co. Ltd, agrees to absorb Keshav Co. Ltd. on the following conditions : a) To take over the trade liabilities of Keshav Co. Ltd. b) To pay the cost of liquidation Rs. 1,200/- ¢) To repay cash for B Debentures at a premium of 10%. 4) Discharge the A Debentures ata premium of 10% by the issue of 7% Mortgage Debentures in Madhav Co. Ltd. ¢) Tomake payment of Rs. 20/- per share in cash. f) To issue four fully paid Rs. 10/- shares in Madhav Co. Ltd. (Market Value of Rs. 15/- per share) for every share in Keshav Co. Ltd, (Consists of 80,000 Equity shares). You are required to calculate Purchase consideration under Net Payment Method.23302 . + TT 20. The following particulars related to Ashwini Chemicals Ltd. which has gone into liquidation on 31-03-2017. Particulars Amount (Rs.) Secured creditors (security in plant) 1,00,000/- Unsecured creditors 2,40,000/- "Preferential creditors 20,000/- 1000 Equity shares of Rs. 100/- each called up Rs. 75/- 75,000/- 500 Equity shares of Rs. 100/- each called up Ris. 60/- * 30,0060- Liquidator realized the assets as under : Plant 1,40,000/- Cash in hand 10,000/- Land and building 3 2,00,000/- Stock 60,000/- The liquidation expenses amounted to Rs. 2,800/-. The liquidator entitled to a commission of 3% on the assets realized (excluding cash) and 2% on the amount. paid to unsecured creditors. Prepare Liquidator's final statement of account. And show the necessary working notes. 21. Radha Co. Ltd. was incorporated on 01-08-2016. Itacquired a running business ot M/s Sanjay as from 01-04-2016. The sales up to 01-08-2016 were Rs. 1,50,000/- ‘and after 01-08-2016 was Rs. 4,50,000/-. The statement of Profit and Loss for the year ending 31-03-2017 were as follows : Particulars Note Amount Total Continuing operations : 1. Revenue trom operations 1 - 6,00,00016. Bank 10,000 6,000 Cash and cash equivalent 10,000 6200 Both the companies have agreed to amalgamate and form C Lid. which will take over ail the assets and liabilities of both companies. a) The shareholders of A Ltd. are issued four (4) shares of Rs. 10 each at Rs. 12 per share in exchange for three (3) shares in A Lid. b) The assets and liabilities of B Ltd. are to be taken over at book values subjéct to 5% provision on debtors and bills receivable : and 10% depreciation on sundry fixed assets, Goodwill of B Ltd. was valued at Rs. 25,000. Compute the purchase consideration and prepare the statement of assets and liabilities of C Ltd. XYZ Co. Ltd. went problems into voluntary liquidation on 31-3-2016 on which date the position was as follows. Unsecured creditors 1,00,000 Preferential creditors. 12,000 Creditors (Secured by plant and machinery) 48,000 Plant and machinery realized 40,000 Cash in hand 3,400 Other assets realized 24,000 ‘The liquidation expenses 2,400 pendes inaneont ere nse yeenent ecicedand encanta paid to unsecured creditors. Prepare liquidations final statement of accounts.\aamemen * SECTION-C Answer any three of the following. 13302 (3x15=45) 18. The following particulars related to a Bad luck Co. Ltd. Which has gone into liquidation on 31-03-2017. Particulars 40008% Preference shares of Rs. 100/- each 2000 Equity shares of Rs. 100/- each (Rs. 75/- paid) 6000 Equity shares of Rs. 100/- each (Rs. 60/- paid) 5% Debentures (having floating charge on alll assets) Creditors Liquidator realized the assets as under: Plant and Machinery Debtors Land and Building Patents Stock Amount (Rs.) 4,00,000/- 1,50,000/- 3,60,000/- 2,00,000/- 2,90,000/- 4,00,000/- 1,60,000/- 2,40,000/- 60,000/- 1,20,000/- The dividend on preference shares was in arrears for two years which was to be paid on liquidation as per articles of the company. The interest on debentures was due for one year. The creditors include Rs. 1,00,000/- loan on mortgage of land and buildings and Rs. 30,000/- preferential creditors. The liquidation expenses amounted to Rs. 19,800/-. The liquidator is entitled to a commission of 5% on the assets realized and 2% on the amount distributed among the creditors. All payments were made on 30-09-2017. Prepare liquidators final statement of account.Ld ° Note 8: Long term borrowings Bec red loans: 10,000 Unsecured ioans 5,000 Total 10,000 5000 Note 4: Trade payables : Creditors 75,000 46,000 Note 5. Tangible Fixed assets Buiidings 2,00,000 0,000 Machinery 78,000 - Total 27500 |B Note 6 : Non-current investments : 7000 shares in Laxmi Ltd. 1,40,000 7 Note 7 : inventories : Stock 90,000 1,20,000 Note 8 : Trade Receivables : Debtors 80,000 30,000 Debtors of Rama Ltd. included Rs. 10,000 due from Laxmana Ltd. Prepare the consolidated Statement of Assets and Liabilities as on 31-3-2016 and also show the relevant notes. 22. The Badluck Ltd. went into voluntary liquidation on 31-12-2015 on which date dividend on Preference shares was in arrears for one year. The capital of the company consisted of a) 1000 8% Preference shares of Rs. 10 each fully paid. 'b) 1000 Equity shares of Rs. 10 each Rs. 8 paid. ¢) 2000 Equity shares of Rs. 10 each Rs. 7 paid. The assets realised Rs. 13,000. The expenses of liquidation came to is. 400. The liquidator is entitied to a fixed remuneration of Rs. 1,200 in all. The unsecured creditors were Rs. 5,600 including Rs. 600 preferential creditors. ‘The Preference share holders have priority over Equity share holders with regard to payment of capital and dividend as provided in the articles. Fooraee ine Luda’ Final Statement of Account assuming that he made necessary which are duly received for payment to Preference share holders. Show working note.