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
POWERS OF INVESTMENT The trustees have a duty to obtain control of trust assets and to invest trust funds in authorised securities.   The trustees may invest in such securities

Considering the following information, what is the price of the share as per Gordon’s Model? Details of the Company Net sales Rs.120 lakhs Net profit margin 12.5% Outstanding prefe

Terry Corporation had 300,000 shares of common stock outstanding at December 31, 2010. In addition, it had 90,000 stock options outstanding, which had been granted to certain execu


Effect of bankruptcy A D of A made for the benefit of creditors generally will be an act of bankruptcy and therefore a bankruptcy petition may be presented against the debtor w

Q. Required return on equity? Required return on equity Where D 1 = Next year's dividend g = Dividend growth rate P o = Market price of share r = Percentag

REA diagram for (1) PEGASUS PAPER PRODUCTS and (2)PIECES BOUTIQUE

Question: State of the Economy Probability of state occurring IBM Return (%) ATT Return (%)

1. Finco is a wholly owned Finnish manufacturing subsidiary of Winco, a domestic corporation that manufactures and markets residential window products throughout the world. Winco h

Cleaning Co. began business on March 1, 2011. The company provides specialized cleaning services to corporate clients. Listed below are the transactions entered into by Cleaning Co