Raj Ltd. went into voluntary liquidation on 10th May, 2019. Certain creditors could not receive payment out of realisation of assets and out of the contributions from the contributories of the 'A' list. The following det

CS Executive · Company Accounts & Auditing Practices · PYQS · December 2021
Raj Ltd. went into voluntary liquidation on 10th May, 2019. Certain creditors could not receive payment out of realisation of assets and out of the contributions from the contributories of the 'A' list. The following details of share transfers are made available to you: Shareholders No. of shares transferred Date of transfer Proportionate unpaid debts (Creditors) (₹) P 2,000 20th April, 2018 6,000 Q 2,400 15th May, 2018 10,000 R 3,000 18th September, 2018 18,400 S 1,600 24th December, 2018 21,000 T 1,000 12th March, 2019 22,000 All the shares were ₹ 10 each, ₹ 6 paid-up. You are to determine the amount realisable from various persons listed above.

Answer & Explanation:

Statement showing Liability of 'B' List contributories Date Creditors outstanding Incremental amount No. of share held Ratio Q R S T 2400 3000 1600 1000 15-5-18 10000 10000 3000 3750 2000 1250 12:15:8:5 18-9-18 18400 8400 - 4500 2400 1500 15:8:5 24-12-18 21000 2600 - - 1600 1000 8:5 12-03-19 22000 1000 - - - 1000 Maximum Amount Payable to creditor (A) 22000 3000 8250 6000 4750 Amount of uncall Capital @ ₹4 per share Actual liability (B) 9600 12000 6400 4000 Lower of (A) or (B) 3000 8250 6000 4000 Total amount paid to creditors ₹3000 + ₹8250 + ₹6000 + ₹4000 = ₹21,250 Note: Shareholder P will not contribute because the transfer date is beyond 1 year from the date of winding up.

Topics: Company Liquidation

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