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nidhi jain
student
[ Scorecard : 177]
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Posted On 28 February 2008 at 10:19
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Dear all,
Please solve my problem related to liquidation of account CA(PE-II):
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| X LTD. WAS ORDERED TO BE WOUND UP ON MARCH 31st 1999 ON WHICH DATE ITS BALANCE SHEET WAS AS FOLLOWS: |
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Liabilities |
amount |
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assets |
amount |
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Subscribed Capital |
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G/W |
100,000.00 |
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10,000 shares of Rs.100 each |
1,000,000.00 |
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Building |
350,000.00 |
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5%debentures |
160,000.00 |
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Plant |
550,000.00 |
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Interest accured |
4,000.00 |
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Fixture |
23,000.00 |
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Bank Overdraft |
25,000.00 |
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Stock |
38,000.00 |
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(Secured by hypothecation of stock) |
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Debtors |
25,000.00 |
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sundry creditors |
36,000.00 |
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Cash |
500.00 |
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P/L(Dr. Bal.) |
138,500.00 |
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1,225,000.00 |
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1,225,000.00 |
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The amounts estimated to be realized are: G/W Rs.1,000; Building Rs. 3,00,000; Plant Rs. 5,25,000 |
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Fixture Rs. 10,000; Stock Rs. 31,000; Debtors Rs. 20,000. |
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Creditors included Rs. 6,000 on account of wages of 15 men at Rs. 100 per month for 4 months immediately before |
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the date of winding up; rs. 9,000 being the salaries of 5 employees at Rs.300 per month for the previous 6 month; |
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rent for godown for the last six months amounting to Rs. 3,000;income tax deducted ou of salaries of employees |
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Rs. 1,000 and directors fees Rs. 500. |
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Three years ago, the debit balance in the P/L A/c was Rs. 77,925 and since that date the accounts |
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of the company have shown the following figures: |
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year |
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year |
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year |
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31-3-97 |
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31-3-98 |
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31-3-99 |
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Gross profits |
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65,000.00 |
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45,000.00 |
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40,000.00 |
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wages & salaries |
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40,500.00 |
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36,000.00 |
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34,400.00 |
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Electricity & water Tax |
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5,750.00 |
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6,380.00 |
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5,260.00 |
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Debenture interest |
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8,000.00 |
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8,000.00 |
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8,000.00 |
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bad debts |
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8,540.00 |
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7,600.00 |
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6,700.00 |
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depreciation |
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6,700.00 |
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directors fees |
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1,000.00 |
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1,000.00 |
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1,000.00 |
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misc. expenses |
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10,500.00 |
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7,265.00 |
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7,980.00 |
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total of expenses |
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80,990.00 |
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66,245.00 |
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63,340.00 |
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In addition it is estimated that the company would have to pay rs. 5,000 as compensation to |
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an employee for injuries suffered by him which was contingent liability not accepted by the company. |
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Prepare the statement of affairs and deficiency account in form 57 of the companies (Court) Rules, 1959. |
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Query:1 |
Rent for godown or any one can be taken more than six month or as there is any restriction or full amount can be taken in unsecured creditors. |
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Query:2 |
Directors fees/directors salary should be considered in pref.creditors or Unsecured creditors. |
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Query:3 |
income tax only 12 month due amount taken in pref. creditors & remaining years either 2,3,4,5 years can be taken in Unsecured creditors. |
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Query:4 |
portion from 3years ago debit balance rs.77925 fro, total of expenses I did not understand where it is use in question |
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Query:5 |
in year 31-3-99 it shows loss of rs.23340 but in balance sheet it shows Rs.138500. |
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Query:6 |
total loss of 3 yrs would be : |
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31-3-97 |
-15990 |
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31-3-98 |
-21245 |
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31-3-99 |
-23340 |
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total of 3 yrs would be |
-60575 |
but it is shown Rs, 77925. |
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Answer is deficiency Rs. 3,42,500. |
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| Note: |
statement of affair I have already prepared but you sovled only deficiency a/c & queries. |
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