Z Ltd. went into voluntary liquidation on 31 st December, 2012. Balance sheet of the company as on that date stood as follows: I. Equity and Liabilities ₹ (i) Share capital 20,000, 10% Cumulative preference shares of ₹10

Z Ltd. went into voluntary liquidation on 31 st December, 2012. Balance sheet of the company as on that date stood as follows: I. Equity and Liabilities ₹ (i) Share capital 20,000, 10% Cumulative preference shares of ₹100 each, fully paid-up 20,00,000 10,000 Equity shares of ₹100 each, ₹75 paid-up 7,50,000 30,000 Equity shares of ₹100 each, ₹60 paid-up 18,00,000 45,50,000 (ii) Reserves and surplus Profit and loss account (11,25,000) (iii) Non-current Liabilities 15% Debentures secured by a floating charge 10,00,000 (iv) Current liabilities Trade payables 12,75,000 Outstanding interest on debentures 1,50,000 14,25,000 TOTAL 58,50,000 II. Assets ₹ (i) Non-current assets Land and building 10,00,000 Plant and machinery 25,00,000 Furniture and fixtures 4,00,000 39,00,000 (ii) Current assets Stock 5,50,000 Trade receivables 11,00,000 Cash and bank balance 3,00,000 19,50,000 TOTAL 58,50,000 Other information : Preference share dividend are in arrears for the last two years. Trade payables include preferential creditors of ₹1,52,000. The assets were sold and realised as follows: Particulars ₹ Land and building 12,00,000 Plant and machinery 20,00,000 Furniture and fixtures 3,00,000 Stock 6,00,000 Trade receivables 8,00,000 Expenses of liquidation were ₹1,09,000. Liquidator is entitled to receive commission of 3% on assets realised except cash. Preference shareholders have right to dividend at the time of liquidation. The final payment including those on debentures is made on 30 th June, 2013. You are required to prepare liquidator's final statement of account.