Model: B List of contributories In a winding up of a company, certain creditors remained unpaid. The following persons had transferred their holding sometime before winding up.
| Liabilities | Assets | Rs. | |
| Share Capital: | Land & Buildings | 2,40,000 | |
| Issued :11% Preference | Sundry Current Assets | 7,90,000 | |
| Shares of Z10 Each | 100,000 | Profit & Loss A/c | 77,000 |
| 20,000 Equity Shares of Z 10 Each Fully | 100,000 | Debentures Issue Expenses Not Written | 4,000 |
| Paid-up | Off | ||
| 10,000 Equity Shares of Rs. 10 Each, Z 7.50 per Share Paid-up | 75,000 | ||
| 13% Debentures | 3,00,000 | ||
| Mortgage Loan | 1,60,000 | ||
| Bank Overdraft | 60,000 | ||
| Creditors for Trade | 64,000 | ||
| Income Tax Arrears: | |||
| (Assessments Concluded in July 2010) | |||
| Assessment Year: | |||
| 2008-09: Rs. 42,000 2009-10: fl O,000 |
52,000 | ||
| 11,11,000 | 11,11,000 |
The shares were of Rs.100 each, Rs.80 being called up and paid-up on the date of transfers.
A member, F, who held 400 shares died on 28 February 2010, when the amount due to creditors was Rs.30,000. His shares were transmitted.
G was the transferee of shares held by D. G paid Rs.20 per share as calls-in-advance immediately on becoming a member.
The liquidation of the company commenced on 1 February 2011 when the liquidator made a call on the present and past contributories to pay the amount.
You are asked to quantity the maximum liability of the transferors of shares mentioned in the above table, when the transferees:
- Pay the amount due as “present” member contributories
- Do not pay the amount due as “present” member contributories
Also quantity the liability of FF’, to whom the shares were transmitted on the demise of his father F.