Prakash Processors Ltd. went into voluntary liquidation on 31st December, 2016 when the following Balance Sheet was prepared: I. EQUITY & LIABILITIES Amount (₹) (1) Shareholders' Funds : (a) Share Capital: 4,000, 12.

Prakash Processors Ltd. went into voluntary liquidation on 31st December, 2016 when the following Balance Sheet was prepared: I. EQUITY & LIABILITIES Amount (₹) (1) Shareholders' Funds : (a) Share Capital: 4,000, 12.5% cumulative preference shares of ₹100 each, fully paid 4,00,000 2,500 equity shares of ₹100 each, ₹75 paid 1,87,500 7,500 equity shares of ₹100 each, ₹60 paid 4,50,000 (b) Reserves & Surplus (P/L A/c Dr. Balance) (2,81,250) (2) Non-current Liabilities : 15% Debentures secured by a floating charge 2,50,000 Interest outstanding on Debentures 37,500 (3) Current Liabilities: Trade Payables 4,18,750 Total 14,62,500 II. Assets (1) Non-Current Assets: (a) Tangible Fixed Assets : Land and Building 2,50,000 Machinery and Plant 6,25,000 (b) Intangible Fixed Assets : Patents 1,00,000 (2) Current Assets : Stock 1,37,500 Trade receivables 2,75,000 Cash at Bank 75,000 Total 14,62,500 Preference Shares dividend were in arrears for 2 years and the Trade Payable included preferential creditors of ₹38,000. The assets realized as follows: Land and Building ₹3,00,000; Machinery and Plant ₹5,00,000; Patents ₹75,000; Stock ₹1,50,000; Trade receivables ₹2,00,000. The expenses of liquidation amounted to ₹27,250. The liquidator is entitled to a commission of 3% on assets realised except cash. Assuming the final payments including those of debentures is made on 30th June, 2017, prepare the Liquidator's Statement of Account.