Accumulation accounts for minors-trusts laws, Financial Accounting

ACCUMULATION ACCOUNTS FOR MINORS
 
(a) Income accumulations:
When property is left in trust for minors, the income earned for the period will be divided equally or according to the terms of the will or trust deed. These shares of income will be credited to the accounts of the infant beneficiaries, usually called Income Accumulation Accounts.

(b) Maintenance payments:
Any amounts paid for maintenance (either by the terms of the will or trust deed or under S.33 of the Trustee Act will be debited to the respective Income Accumulations Accounts.

(c) Investment of accumulated income:
The income accumulations must be invested from time to time and the investments earmarked as being on Accumulations Account.

(d) Distribution to a beneficiary:
Before distribution to a beneficiary, the investments will be re-valued and the profits or losses divided between the beneficiaries.

Posted Date: 12/15/2012 1:05:15 AM | Location : United States







Related Discussions:- Accumulation accounts for minors-trusts laws, Assignment Help, Ask Question on Accumulation accounts for minors-trusts laws, Get Answer, Expert's Help, Accumulation accounts for minors-trusts laws Discussions

Write discussion on Accumulation accounts for minors-trusts laws
Your posts are moderated
Related Questions
Stepped Up Basis -Usually, the foundation of property acquired by INHERITENCE, BEQUEST or device from a DECENDANT is the FAIR MARKET VALUE of the property on the date of decendant'

Registration of a D of A and assent of creditors A D of A will be void unless it is registered with the Registrar within 7 clear days after first execution and is properly stam

For getting the EOQ formula we shall use the subsequent symbols: U = annual usage/demand Q = quantity ordered F = cost per order C = per cent carrying cost P  = pric

The current stock price of International Wood is $69 and the stock does not pay dividends. The instantaneous risk free rate of return is 10%. The instantaneous standard deviation

What kinds of business ownership exist? Particular form of business ownership has significant implications for accounting purposes and so it's useful to be clear about the main

liabilities and its types

i have some homework that need help

Q. What is Inheritance in Gross income? Inheritance - As distinguished from a BEQUEST or devise, an inheritance is property attained through laws of descent and distribution fr

Realisation of assets 1. Divisible property : The ownership of the company's property does not vest in the liquidator (unless the court makes a vesting order: s.240); but

premium coupons that already have been expired should be or shouldn''t be estimated as liability?