T Ltd. was placed in voluntary liquidation on 31 December, 2016, when the Balance Sheet was as follows:

The preference dividends in arrears from 2013 onwards. The company’s article provide that on liquidation, out of the surplus assets remaining after payment of liquidation costs and outside liabilities, there shall be paid firstly all arrears of preference dividend, secondly the amount paid-up on the preference shares together with a premium thereon of ₹ 10 per share, and thirdly any balance then remaining
shall be paid to the equity shareholders. The Bank overdraft was guaranteed by the directors who were called upon by the bank to discharge their liability under the guarantee. The directors paid the amount to the bank. The liquidator realised the assets as follows:
Freehold factory ---- ₹ 7,00,000;

Plant and machinery ---- ₹ 2,40,000;

Motor vehicles ---- ₹ 59,000;

Stock ---- ₹ 1,50,000;

Debtors ---- ₹ 60,000;

Calls-in-arrears ---- ₹ 25,000. Creditors were paid less discount of 5%. The debentures and accrued interest were repaid on 31st March, 2017.
Liquidation cost were ~ 3,820 and the liquidator’s remuneration was 2% on the amount realised. Prepare a Liquidator’s Statement of Account.

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Liabilities Issued Share Capital: 50,000 Equity Shares of 10 each fully paid less calls-in-arrears amounting to 25,000 6,000, 5% Cumulative Preference Shares of * 100 each fully paid Securities Premium A/c 5% Debentures A/c Interest on Debentures Freehold Factory Plant and Machinery 4,75,000 Motor Vehicles Stock 6,00,000 Debtors 50,000 Profit and Loss Account 1,00,000 2,500 Assets Htv ₹ 5,80,000 2,89,000 57,500 1,86,000 74,000 2,14,000