Pro-forma accounts under trustee act-trusts laws and account, Financial Accounting

Pro-forma accounts under Trustee Act

I.       PRO-FORMA BALANCE SHEET

 

                                                 Fixed Interest investments                                                                                 Shs'000

                                                 (detailed)                                                                                  2,120

                                                 Cash at bank                                                                                900                          3,020

 

                                                 Wider range investments

                                                 (detailed)                                                                                  5,450

                                                 Cash at bank                                                                                550                          6,000

 

                                                 Special range investments

                                                 (detailed)                                                                                                                        500

 

                                                 Cash at bank

                                                 (income)                                                                                                                           30

                                                                                                                                                                                    9,550

                                                 Estate Capital account

                                                 Fixed interest range                                                                  3,020

                                                 Wider range                                                                              6,000

                                                 Special range                                                                                500

                                                                                                                                                                                    9,520

 

                                                 Estate Income account                                                                                                30

                                                                                                                                                                                    9,550

 


II. PRO-FORMA ESTATE CAPITAL ACCOUNT

 

                          Fixed        Wider    Special                           Fixed     Wider    Special

                       Interest                                                         Interest

                        Shs'000     Shs'000   Shs'000                          Shs'000 Shs'000   Shs'000

 

Contra                                                                  Bal b/f         4,800     5,300       1,100

(transfer of

Special Range

realisation                                                              Investment

proceeds                                                               Account

equally to

fixed interest                                                          (profit on

and Wider                                                             disposal of

Range)                                                    700         Special Range

                                                                            investments)                                100

 

Investment

Account                                                               Contra

 

(loss on                                                                 (transfer of

disposal of                                                            Special Range

fixed Interest                                                         realisation

Range                                                                   proceeds

Investments)             40                                         equally

                                                                            to Fixed

                                                                            Interest

                                                                            and Wider

                                                                            Range              350        350

 

Distribution                                                         Investment

Account                                                               Accounts

Accounts

 

 

(distribution of proceeds                                               (revaluation of

of realisation                                                          investments in

Fixed Interest                                                        order to

Investments                                                          ascertain share

to person                                                              attribute

absolutely                                                              to beneficiary

entitled)                2,380                                         absolutely

Bal.c/d                 3,020         6,000          500         entitled)           290        350

                            5,440         6,000       1,200                              5,440     6,000       1,200

 

                                                                            Bal.b/d         3,020     6,000          500


III.  PRO-FORMA ESTATE CASH BOOK

 

                          Fixed        Wider   Income                            Fixed    Wider   Income

                       Interest                                                         Interest

 

                        Shs'000     Shs'000   Shs'000                          Shs'000 Shs'000   Shs'000

 

Balance b/f           100            200            50         Estate

                                                                            Income a/c

 

                                                                            (payment on

                                                                            account to

Investment a/c                                                    life tenants)                                  620

 

(realisation of

Special Range                                                         Distribution a/c

Investments to

be re-invested                                                        (payment of

equally in                                                               capital due to

Fixed Interest                                                        beneficiary

and Wider                                                             absolutely

Range)                    350            350                        entitled)         2,380

 

Investment a/c

 

(income                                                                 Bal.c/d             90        550           30

received on

Fixed Interest

and Wider

Range

Investments)                                           600

 

Investment a/c

 

(disposal of

Fixed Interest

investment)           2,020                                                                                                 

                            2,470            550          650                              2,470        550          650

 

Bal.b/d                    90            550            30

 

Posted Date: 12/15/2012 1:02:17 AM | Location : United States







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