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The opening entries1. Assets of the estate or trustIn both cases the various assets of the estate or trust are debited to appropriate accounts and credited to the Estate Capital Account;The value at which assets are introduced is as follows:—a) In the case of an estate or a trust following an estate — probate value;b) In the case of an inter vivos settlement — market value at the date of the settlement.2. Liabilities of the estate or trustThe various liabilities of the estate or trust are credited to appropriate accounts and debited to the Estate Capital Account.3. Balance on Estate Capital AccountThe balance on the capital account of an estate will represent the net value of the deceased's estate. When Estate Duty used to be charged in Kenya, the balance on the estate capital account was the figure on which Estate Duty was charged, subject to adjustments (in exactly the same way as Income Tax is charged on the net profit of a business, subject to adjustments).
Stark Company has five employees. Employees paid by the hour receive a $10 per hour pay rate for the regular 40-hour work week plus one and one-half times the hourly rate for each
MUTUAL DEALINGS A right of set-off is allowed where there have been - (a) Mutual credits, debts or other dealings resulting in pecuniary liabilities, (b) Between the debtor an
Journalize the entries to record the receipt of the amounts due on Notes (5) and (6) in January. Date Face Amount Term Interest Rate 5. Nov. 15 $54,000 60days 6% 6. Dec. 27 $40,500
ARG Co presently has $50m of fixed assets and long-term debt of $10m. The issue of $3m of 9% debentures will raise fixed assets by $2m of buildings and machinery. There appears to
What is the implications of applying accounting concepts wrongly?
Are revenue and expense accounts permanent accounts and should not be closed at the end of the accounting period?
Completely and incompletely constituted trusts In all cases the trust must be completely constituted. A trust is completely constituted when the trust property has been vested
A company's sales are 50% in cah and 50% on credit. 70% of the credit sales are colected in the month of the sale, 20% in the month following the sale, and 5% in the second month f
Adjudication order The court may adjudge the debtor bankrupt on the application of the O.R. or any creditor in the following cases: If the creditors so resolve at their first
What do you mean by base case NPV?
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