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TRUST ACCOUNTS
(a) Object of trust accounts:
(b) Accountability:The accounts of a trust should include all the property of the trust whether or not in the hands of the trustees. For example, interests in expectancy and foreign property may not be under the trustees' control but should still be shown.
(c) Income and capital:In many trusts different persons are entitled to the income and the capital and this necessitates a careful distinction between the two.
(d) Form of the accounts:The accounts should be as simple as possible for the benefit of trustees and beneficiaries who are not trained in accounting. Trust accounts and supporting books and vouchers should be kept for a longer period than would be the case with commercial documents.
given the following information: cash-171,100 accounts receivable-9400 prepaid studio rent-3000 unexpired insurance-7200 supplies-500,equipment-18,000 accumulated depreciation-7200
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Can you do the attached quections by Monday?
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