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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).
Q. What is Depreciation Reserve Fund ? Depreciation Reserve Fund is the fund specially reserved for replacement of assets. Once the assets are purchased from the capital money
Assume that prices and wages adjust rapidly so that the markets for labor, goods, and assets are always in equilibrium. What are the effects of each of the following on real money
Before nominations for a board position should the annual report be available
Accounting treatment of deferred tax The objective of accounting for deferred tax is to ensure that the profits for the period d onto fluctuate due to temporary differences. To a
effects of technology in banking sector
Rescission of receiving order The order may be rescinded by the court if: The court has sanctioned a composition or scheme of arrangement; The debts have been paid in
Time for disclaimer The trustee may disclaim in writing at any time within twelve months of his appointment, or of becoming aware of the property, or such extended period as th
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The payoffs from lookback options depend on the maximum or minimum asset price during the life of the option. The payoff of a floating lookback put is the amount by which the maxim
Didde Co. had 300,000 shares of common stock issued and outstanding at December 31, 2010. No common stock was issued during 2011. On January 1, 2011, Didde issued 200,000 shares of
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