Distribution under the intestacy provisions, Financial Accounting

DISTRIBUTION UNDER THE INTESTACY PROVISIONS

When a person dies without leaving a will, his estate is distributed according to the Law of Succession Act. When a person dies, four situations can be distinguished:

  1. The intestate leaves no spouse and no children;
  2. The intestate leaves no spouse but children;
  3. The intestate leaves one surviving spouse, but no children;
  4. The intestate leaves one spouse and children (or in the case of a male intestate who married under any system of law which permits polygamy, a number of wives and children).

 

Posted Date: 12/13/2012 3:14:53 AM | Location : United States







Related Discussions:- Distribution under the intestacy provisions, Assignment Help, Ask Question on Distribution under the intestacy provisions, Get Answer, Expert's Help, Distribution under the intestacy provisions Discussions

Write discussion on Distribution under the intestacy provisions
Your posts are moderated
Related Questions
if you inherited 45,000 today and invested all of it in a security that paid a 7 percent rate of return how much would you have in 25 years

GOODWILL This is defined as “the difference between the value of a business as a whole and the fair value of its net separable assets”. Goodwill in practical sense is the advant

Accounting objectives Accounting has two main objectives: To assist control over the assets and liabilities, and the income and expenditure of the enterprise; and To

What can a financial institution often do for a deficit economic unit (DEU)that it would have difficulty doing for itself if the DEU were to deal directly with an SEU?

Indicate by check mark ("9") or "X" which accounts are found on the income statement and which accounts are found on the balance sheet.   Account Name In

Defence of trustee   1) He may be relieved from liability if, in the opinion of the court, he acted honestly and reasonably and ought to be excused; 2) He may also be released

Choice of an appropriate discount rate The difficulty with selecting a discount rate rests on whether the correct rate for the risk/return has been derived. A number of things

Illustration of Bankruptcy Njuguna Mwandawiro, carrying on a business as a trader in Likoni, Mombasa, finds himself insolvent, and on 15 August 1997 files his petition in bankr

Assume that the company has an investment opportunity. Building a new factory would cost $750 million but would reduce cash operating costs by $150 million per year for the next 1

Fund accounting and preparation of financial statements) The scenario: At the start of the year beginning January 1, 2013, Coco City's General Fund had a cash balance of $40,000, v