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
Below is the Trial Balance for Clay Employment Services, year ending December 31, 2011.  Previous period's information were as follows: net receivables, $290,000 and inventory, $82

Calculate the Net Present Value of the Investment XYZ Ltd is a manufacturer of household goods located in Ang Mo Ko. They presently make and wholesale fruit juicers, blenders

Steinberg Corporation and Dietrich Corporation are identical firms except that Dietrich is more levered. Both companies will remain in business for one more year. The companies' ec

Jane makes a living renting expensive state of the art surveillance equipment to detectives and nervous spouses. Her average rental period is 27 days. The rental price includes all

Construct the Market Value Balance Sheet XYZ, Inc., another company founded by Larry Davidson in 2005, is currently entirely equity financed. That means the company carries no

I am looking for the solutiotns to this problem. Using the information provided below, complete Aspen Ridge limited partnership%u2019s page 1 of Form 1065; complete Schedule K o

Q. What do you mean by Reasonable Assurance? Reasonable Assurance - Management's assessment of effectiveness of internal control over financial reporting is expressed at the le

A company is necessary by law to offer an issue of new equity finance on a pro-rata basis to its existing shareholders. This makes sure that the existing pattern of ownership and c

Given information: Offered a $20 million commercial loan priced using a 3month LIBOR index+100bp. After some preliminary research, using a money center bank's swap trading desk