Journalise the transactions and prepare the Balance Sheet after the reconstruction has beencarried outLand5. The following is the balance sheet of X Lidas on 31.12.2001:LiabilitiesAmt.AssetsAmt.1000. 6% preference shares of 400000200000Rs 100 each2000 equity shares of Rs.100 150000500000each Rs. 75 paid up6000 equity shares of Rs. 100 360000 Patents80000cach, RS. 60 per share paid up596 Debentures| 200000 Stock110000Outstanding Debenture Interest 10000 Debtors220000Creditors290000 Cash60000Profit & Loss Account24000014100001410000On the date of the Balance Sheet the company went into liquidation. The dividends onpreference shares are in arrears for 2 years. The arrears are payable on liquidation as perArticles of Association The Debentures have a floating charge on the assets of the company.Creditors include a loan of Rs. 100000 secured by mortgage of land. The assets realized areas under:Land - Rs. 240000; Plant - Rs. 400000; Patents - Rs. 60000; Stock - Rs. 120000, Debtors -Rs. 160000The expenses of liquidation amounted to Rs. 21800. The liquidator is entitled to acommission of 3% on all assets realized including cash and a commission of 2% on theamount distributed to unsecured creditors. Preferential creditors amounted to Rs. 30000Prepare the liquidator's Statement of Account​