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ACCUMULATION ACCOUNTS FOR MINORS (a) Income accumulations:When property is left in trust for minors, the income earned for the period will be divided equally or according to the terms of the will or trust deed. These shares of income will be credited to the accounts of the infant beneficiaries, usually called Income Accumulation Accounts.
(b) Maintenance payments:Any amounts paid for maintenance (either by the terms of the will or trust deed or under S.33 of the Trustee Act will be debited to the respective Income Accumulations Accounts.
(c) Investment of accumulated income:The income accumulations must be invested from time to time and the investments earmarked as being on Accumulations Account.(d) Distribution to a beneficiary:Before distribution to a beneficiary, the investments will be re-valued and the profits or losses divided between the beneficiaries.
Once credit has been extended it is vital to ensure that customers abide by agreed terms of trade. Regular checks on customer accounts for instance using an aged receivables analys
Describe:- What are the limitations of the balance sheet? What are the benefits of the balance sheet? What are the form of the balance sheet?
You are considering whether to replace an existing flow meter in an ongoing operation. A change in the meter will have not affect revenues but will reduce costs. The existing meter
Foley Corporation has the following capital structure at the beginning of the year: 6% Preferred stock, $50 par value, 20,000 shares authorized, 6,000 shares issued and outstanding
I need extra help with receivable turnover, days'' sales uncollected, and bank reconciliation.
The managerial performance measure must be quantitative and the manner in which it is to be calculated should be specified. The managerial performance measure must ideally be linke
The standard EOQ analysis is depends on the assumption which the price per unit keeps constant irrespective of the size of the order. While quantity discounts are obtainable, that
Q. Credit Reference Agencies and Credit Scoring ? A several organisations example Dun & Bradstreet and Standard & Poor provide credit scores and ratings for companies. These ma
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Basics of Sundry Matters Current accounts balances must always be equal and opposite. The head office current account in the branch books should always have a credit bal
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