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
when youre using accounting software why would you use hot keys and shortcuts a.to quickly access commands b.to input data for you c.to start the program d.to write checks

what is general legacy

Q. Estimate cost of equity using dividend valuation model? The cost of equity may be approximate using either the dividend valuation model or the capital asset pricing model. I

#questiondd

Mojo Industries tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each period, as if it uses a

1.) The Garcia Company's bonds have a face value of $1000, will mature in ten years, and carry a coupon rate of 16 percent. Assume interest rates are made semi-annually. A.) Det

the salaries paid in 2004 is rs. 500000 salaries outstanding is rs.20000 salaries paid in advance for 2004 is rs 30000 what is the actual salary expenditure for 2004?

Suppose that the Fed buys $1 million of bonds from the First National Bank. If the First National Bank and all other banks use the resulting increase in reserves to purchases bonds

Significant Deficiency -Control deficiency or combination of control deficiencies, which adversely affects company's ability to authorize, initiate, process, record or report exte

Piecemeal Realizations and Distributions Partnership dissolutions may take a substantial number of days even months) so it is unlikely that all cash generated will be simultane