Assets-balance sheet-trusts laws and accounts, Financial Accounting

Assets
 
1) The classification of investments in the Balance Sheet will be under a few broad headings with schedules listing the individual assets. Where the Trustees Act has been applied all investments must be clearly allocated to their appropriate fund;

2) Unauthorised investments held under a power of postponement should be separately shown;

3) The book value of investments will be as follows:

  • Devolving on trustees as part of deceased's estate - PROBATE VALUE;
  • Part of a gift by a living settlor - MARKET VALUE at date of gift;
  • Purchased by trustees - COST

 

4) Revaluation of investments will normally take place in the following circumstances;

  • Where trustees decide to apply provisions of Trustee Act;
  • Distribution to a beneficiary under the trust instrument.

 
 5) Cash and bank balances should be distinguished between income and capital.

Posted Date: 12/15/2012 12:42:14 AM | Location : United States







Related Discussions:- Assets-balance sheet-trusts laws and accounts, Assignment Help, Ask Question on Assets-balance sheet-trusts laws and accounts, Get Answer, Expert's Help, Assets-balance sheet-trusts laws and accounts Discussions

Write discussion on Assets-balance sheet-trusts laws and accounts
Your posts are moderated
Related Questions
This is a research case.  You must complete this assignment INDIVIDUALLY.  This means no help from other students.  You may consult Dr. Eldridge while you are working on this case.

In its first month in business, Jones, Inc. sold merchandise to customers on account for $119,800. It collected $72,000 on those sales during the first month and recorded Revenue f

Your firm has been hired to examine the financial statements of Bonanza Development Corp. for possible irregularities.  As part of this task, you reviewed certain land transactions

difference between carriage inwards and carriage out wards

XYZ Municipality purifies water before it enters the reticulation network. There are presently 3 purification processes available to the municipality. These processes sre referred

You are the Genesis accountant and have taken a class recently in financing. You agree to prepare a PowerPoint presentation of approximately 6-8 minutes using the examples and info

Money demand in an economy in which no interest is paid on money is M d /P = 500 + 0.2Y - 1000i (a) Suppose that P = 100, Y = 1000, and i = 0.10. Find real money demand, nomi

1. What accounting firm performed the audit of Zetar's financial statement? 2. What is the address of the company's corporate headquarters? 3. What is the company's reporting

Answer both parts of this task. Part (i) is worth a maximum of 5 marks and Part (ii) is worth a maximum of 10 marks. (i) List the elements of the tort of negligence. (ii) Enr

The basic EOQ model is depends on the subsequent assumption: 1) The forecast usage or demand for a specified period, usually one year, is identified 2) The usage/demand is ev