Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
EXECUTORS' ACCOUNTS
(a) Stewardship:The main object or preparing Estate Accounts is to record the assets which have been entrusted to the "stewards" — the executors — and the manner in which they have been applied.(b) Distinction between income and capital:Where the estate has both a life tenant and a remainderman, it is necessary to segregate so as to distinguish between the interest of the life tenant in the income and that of the remainderman in the capital. Segregation is achieved either by the use of columns separating income from capital or separate accounts. Where there is no life interest, this apportionment is not necessary.(c) Apportionment:Apportionment may be according to statutory rules or those established in equity. With the majority of items, it is relatively easy to decide whether they are capital or income, but in a few cases it is not possible to allocate them completely to either section.
In these cases it is necessary to apportion the item between income and capital. The Apportionment Act sets out a number of situations in which an apportionment is to be made and such division between income and capital is termed a statutory apportionment.There are also a number of situations where the statutory apportionments do not apply.
In these cases, the courts have laid down rules as to how the division is to be made and these are termed equitable apportionments.(d) Accounts required:The basic accounts required for an estate or trust are as follows:—
(e) Executors' accounts and trustees' accounts:Executors' and trustees' accounts are in many respects similar. Both distinguish between income and capital but may do so for different reasons. Estate accounts arise because of the death of a person.
Trustees' accounts may arise simply as an extension of estate accounts, where part of the deceased's property is held in trust. Alternatively, trust accounts may arise as a result of a settlement inter vivos.
Carla, Linda, and Terry form a partnership. Carla contributes machinery (that was purchased in 2006 and has an adjusted basis of $45,000 and a fair market value of $70,000) in retu
A company declared a $.50per share cash dividend on December 1,2013. The Company has 20,000 shares authorized, 9,000 shares issued, and 8,000 shares of common stock outstanding. Pr
DEBTOR'S PROPERTY AT COMMENCEMENT OF BANKRUPTCY 1) Doctrine of "relation back" : The trustee's title to the debtor's property is deemed to relate back to the commencement o
what are the concept of economic substance over legal form under accounting for lease?
Statement of surplus capital v\:* {behavior:url(#default#VML);} o\:* {behavior:url(#default#VML);} w\:* {behavior:url(#default#VML);} .shape {behavior:url(#default#VML
Hi, I want to join expert mind as an accounting and financial expert and earn some money herein, can you please let me know the procedure and other requirements. Rahul Jhunjhunwal
Pro-forma accounts under Trustee Act v\:* {behavior:url(#default#VML);} o\:* {behavior:url(#default#VML);} w\:* {behavior:url(#default#VML);} .shape {behavior:url(#def
A parent has had a controlling interest of 60% in its subsidiary for a number of years. Below are financial statement extracts of the two companies for the year ended 30 June 20
The New York Jets have decided to go public and are offering new shares for $40. Since the Jets want to build a new stadium, the firm will retain all earnings and will not issue an
an asset has a useful life of 4 years.If it is depriciated by diminishing balance method.Its book value at the end of 4 years is 24% of its original cost.Hence the rate of depricia
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +91-977-207-8620
Phone: +91-977-207-8620
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd