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.
Holding company with a direct shareholding in sub-subsidiary company Under this type of structure, both the holding and subsidiary company have some shareholding in the sub-subsi
Juniper Ltd is a listed diversified company. In preparing its financial statements in accordance with AASB 8, the chief operating officer has identified three operating segments:
Hi! Here are the case: Acquisition of Assets: The cost method of accounting is used for the initial recording of all acquisitions of assets controlled by the authority. Cost is
Monte and Allie each own 50% of Raider Corporation, an S corporation. Both individuals actively participate in Raider's business. On January 1, Monte and Allie have adjusted bases
Q. Explain Statement of Financial Condition? Statement of Financial Condition -Elementary FINANCIAL STATEMENT, generally accompanied by appropriate DISCLOSURES which describe t
Hydroponics is considering adding another greenhouse that would cost $95,000 and generate $20,000 in annual net cash flows over its 8 year expected life. What is this project's int
On January 1, 2013, NewTune Company exchanges 15,000 shares of its common stock for all of the outstanding shares of On-the-Go, Inc. Each NewTune''s shares has a $4 par value and a
Prepare a master budget You have just been hired as a new management trainee by XYZ Limited, a distributor of earrings to various retail outlets located in shopping malls acro
The existing company WACC replicates the company's current gearing level and its existing Ke and Kd and the Ke in turn reflects the shareholders' risk perception of the company's e
Silva and Juanita Rodriquez are the owners of Year-Round Landscape, Inc., a small landscape and yard service business in southern California. The business is three years old and ha
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