The Balance Sheet of Bubble Ltd. as on 31st December, 2016 was as follows:The company went into liquidation on that date. Prepare Liquidator’s Statement of Account after taking into account the following:
(1) Liquidation expenses and liquidator’s remuneration amounted to ₹ 3,000 and ₹ 10,000, respectively.
(2) Bank loan was secured by pledge of stock.
(3) Debentures and interest thereon are secured by a floating charge on all assets.
(4) Fixed assets were realised at book values and current assets at 80% of book values.

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Liabilities Share Capital: 8,000 Preference Shares of * 10 each 1,200 Equity Shares of * 10 each Bank Loan 6% Debentures Interest Outstanding on Debentures Creditors ₹ Land and Building 80,000 Other Fixed Assets 1,20,000 Stock 4,00,000 Debtors 1,00,000 8,000 2,00,000 9,08,000 Profit and Loss Account Assets ₹ 25,000 2,00,000 5,25,000 1,00,000 58,000 9,08,000