Problem 20 Bekar Limited went into voluntary liquidation. The details regarding liquidation are as follows: Share capital : 1. 2,000 8% preference shares of $ 100 each (fully paid-up) 2. Class A-2,000 equity shares of $ 100 each ( $ 75 paid-up) 3. Class B-1,600 equity shares of $ 100 each ( $ 60 paid-up) 4. Class C-1,400 equity shares of $ 100 each ( 50 paid-up) Assets including machinery realised $ 4,20,000. Liquidation expenses amount to $ 15,000. Bekar Limited has borrowed a loan of $ 50,000 from Patel Brothers against the mortgage of machinery (which realised $ 80,500). In the books of the company salaries of four clerks for four months at a rate of $ 250 per month and salaries of four peons for three months at a rate of $ 150 per month, are
Problem 20 Bekar Limited went into voluntary liquidation. The details regarding liquidation are as follows: Share capital : 1. 2,000 8% preference shares of $ 100 each (fully paid-up) 2. Class A-2,000 equity shares of $ 100 each ( $ 75 paid-up) 3. Class B-1,600 equity shares of $ 100 each ( $ 60 paid-up) 4. Class C-1,400 equity shares of $ 100 each ( 50 paid-up) Assets including machinery realised $ 4,20,000. Liquidation expenses amount to $ 15,000. Bekar Limited has borrowed a loan of $ 50,000 from Patel Brothers against the mortgage of machinery (which realised $ 80,500). In the books of the company salaries of four clerks for four months at a rate of $ 250 per month and salaries of four peons for three months at a rate of $ 150 per month, are
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Problem 20
Bekar Limited went into voluntary liquidation. The details regarding liquidation are as follows:
Share capital :
1. 2,000 8% preference shares of $ 100 each (fully paid-up)
2. Class A-2,000 equity shares of $ 100 each ( $ 75 paid-up)
3. Class B-1,600 equity shares of $ 100 each ( $ 60 paid-up)
4. Class C-1,400 equity shares of $ 100 each ( 50 paid-up)
Assets including machinery realised $ 4,20,000. Liquidation expenses amount to $ 15,000. Bekar
Limited has borrowed a loan of $ 50,000 from Patel Brothers against the mortgage of machinery
(which realised $ 80,500). In the books of the company salaries of four clerks for four months at a rate
of $ 250 per month and salaries of four peons for three months at a rate of $ 150 per month, are
outstanding. In addition to this, the company's books show the creditors worth $ 88,200. Prepare
Liquidator's Statement of Receipts and Payments.
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