M Co Ltd went into voluntary liquidation on 1st March, 2016. The following balances are extracted from
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M Co Ltd went into voluntary liquidation on 1st March, 2016. The following balances are extracted from its books on that date:Plant and machinery and buildings are valued at ₹1,50,000 and ₹1,20,000 respective ly. On realisation, losses of ₹15,000 are expected on stock. Book debts will realise ₹70,000. Calls-in-arrears are expected to realise 90%. Bank overdraft is secured against buildings. Preferential creditors for taxes and wages are 6,000 and miscellaneous expenses outstanding ₹2,000. Prepare a Statement of Affairs to be submitted to the meeting of creditors.
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Related Book For
Corporate Accounting As Per The Companies Act 2013 Including Rules 2014 And 2015
ISBN: 9789352605569
2nd Edition
Authors: M Hanif, A Mukherjee
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