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Personal representatives powers
Personal representation shall have the following powers:1) To enforce for the deceased's estate by suit or otherwise all causes of action that survive the deceased or arise out of his death;
2) To sell all or any of the assets valued in them as they think best; however
3) To assent, at any time after the confirmation of the grant, to the vesting of a specific legacy in the legatee thereof:
4) To appropriate, at any time after confirmation of the grant, any of the assets valid in them in the actual condition or state of investment thereof at the time of appropriation in or towards satisfaction of any legacy bequeathed by the deceased or any other interest or share in estate, whether or not the subject of a continuity trust, as may seem just and reasonable to them according to the respective right to the persons interested in the estate of the deceased and for that purpose to ascertain and fix (with the assistance of a duly qualified valuer, where necessary) the value of the respective assets and liabilities of the estate, and to make any transfer that may be required to give effect to the appropriation.
Illustrations of Income statement Profit/Loss on disposal of non-current assets Material write down or reversal of write down on assets e.g. PPE inventory and debtors.
Q. Standards for Accounting and Review Services? Statements on Standards for Accounting and Review Services (SSARS) - Statements issued by AMERICAN INSTITUTE OF CERTIFIED PUBLI
A small airline company called Mancunian Airways (MA) is considering purchasing a new jet, which will be used solely on the new route: Manchester, Paris, Madrid and back to Manch
GOODWILL This is defined as “the difference between the value of a business as a whole and the fair value of its net separable assets”. Goodwill in practical sense is the advant
a) Your company is planning to take $1,750,000 on a 3-year, 10%, annual payment, fully amortized term loan. What fraction of the payment made at the end of the second year will sho
Thomas Crown expects to earn the following stream of annual income for the next four years:- $41,000; $45,000; $38,000 and $50,000. Although he has adopted the ‘Pay Yourself Firs
Enumerate the characteristics of accounting information Qualities, or characteristics, which have just been depicted would help us to decide whether accounting information is p
WHAT IS PPE?
Troubled Debt Restructuring - Agreement between CREDITOR and DEBTOR which amends the terms of a DEBT which has little chance of being paid in accordance with its contractual terms.
discuss the content of financial statement with reference to Indian companies?
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