Balance sheet-trusts laws and accounts, Financial Accounting

BALANCE SHEET

Grouping of items:

 
Items in the Balance Sheet should be grouped under appropriate headings. In particular, a trust operating the provisions of the Trustee Act will have headings for: The fixed interest securities and fund; The wider range securities and fund; The special range securities and fund.
 
The Balance Sheet will also clearly distinguish between items representing income and those representing capital.

Comparative figures:

Comparative figures should be shown where relevant.

Capital account:

Where the Trustee Act has been applied, the capital account will be divided between the fixed interest, wider and special ranges.  The balance on the capital account shows the total book value of the capital funds.

Liabilities:

Careful distinction should be made between liabilities on capital account and those on income account.

Assets

  • The classification of investments
  • Unauthorised investments
  • The book value of investments
  • Revaluation of investments
  • Cash and bank balances
Posted Date: 12/15/2012 12:39:38 AM | Location : United States







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

Write discussion on Balance sheet-trusts laws and accounts
Your posts are moderated
Related Questions
This project allows you to think critically and apply decision-making management techniques. In this project,  you need to solve a bond portfolio problem, a diversified portfolio p

Illustrations of retained profits brought forward H Ltd acquired 75% of the ordinary shares of S Ltd since S Ltd was incorporated. The Summarized income statement for the two c

For several firms trade payables - suppliers of goods and services - represent the major component of current liabilities the amounts owed by the company which have to be repaid wi

US GAAP follows the Historical Cost Concept in valuing the cost of Long-Term Assets. Explain this principle and how it compares to the standards used in the reporting of Long-Term

Consider the following 2008 data for Newark General Hospitals (in millions of dollars Simple Budget_______Flexible Budget_ Actual Budget__ Revenue______$4.7$____4.8_____$4.5_

assets&what are the different type of asset

Q. Non-financial factors for non-financial considerations? There are several non-financial factors which possibly relevant to a decision to contract out and the type of factors

DISCLAIMER OF ONEROUS PROPERTY 1) Effect of disclaimer The trustee may disclaim onerous property consisting of: Land burdened with onerous covenants; Stocks and shares;

Illustration for preparing final accounts K Ltd established a branch in Arusha Tanzania on 1.1.X2, when Kshs 1 = TShs 15. PPE costing Kshs 800,000 were purchased on that day. I

James Bell plans to stay at the Michaels Motel for one month, and he prepays his room charges. Bell arrives and begins his stay on January 21. To account for Bell's prepayment, at