Extracted text: You are asked by a liquidator of a company to prepare a Statement of Account to be laid before a meeting of the shareholders from the following: BALANCE SHEET as on date of Liquidation 1-1-2016 1. Equity and Liabilities (1) Shareholders' Funds (a) Share Capital 4,000 Equity Shares of $100 each called $80 3,20,000 1,000 Preference Shares of $100 each called $70 70,000 (b) Reserves and Surplus: Surplus A/c (Negative Balance) (-) 1,00,000 (2) Non-current Liabilities Secured Loans Secured Loan from Bank on Building and Machinery 1,50,000 (3) Current Liabilities Trade Creditors 2,60,000 Total Equity and Liabilities 7,00,000 II. Assets (1) Non-Current Assets Fixed Assets 4,00,000 (2) Current Assets Books Debts 3,00,000 Total Assets 7,00,000 The assets realised as follows : 1-4-2016– Book Debts $1,00,000, expenses paid $4,000 ; 1-6-2016Fixed Assets (final) $3,00,000, Book Debts $ 1,00,000. 1-8-2016– Book Debts (final) $50,000. The Liquidator is entitled to 5% on collections from book debts and 2% on the amount paid to equity shareholders. Prepare the Liquidator's Final Statement of Account on the assumption that disbursements are made in accordance with law, as and when cash is available.