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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).
A classmate is considering dropping his or her accounting class because he or she cannot understand the rules of debits and credits. Explain the rules of debits and credits in a wa
The chief accountant of kamau ltd
Suppose the interest rate for a one-period bond is 4%. (a) What is the price of an asset paying (1,1,1) which means 1 after 1 period, 1 after 2 periods, and 1 after 3 periods.
On December 31, 2010, the stockholders' equity section of Arndt, Inc., was as follows: Common stock, par value $10; authorized 30,000 shares; issued and outstanding 9,000 shares $
ACCOUNTS UNDER TRUSTEE (a) Authorised investments The investments which trustees are permitted to hold may be specifically stated in the will or deed constituting the se
Profitability Ratios - These ratios include the Gross profit Margin, Net profit Margin, Operating Margin, Return on Equity (ROE), and Return on Total Assets. These ratios helps t
During 2014, Victoria’s Fashion had beginning inventory of $480,000, ending inventory of $560,000, and cost of goods sold of $2,200,000. Compute the inventory turnover and days’ in
Since 1968, Dracula Limited has traded in Doncaster, South Yorkshire as a manufacturer of fancy-dress and theatrical costumes. It produces a wide range of general theatrical costum
Investment Tax Credit - This is a component of general business credit and comprises the following: 1. Energy credit 2. Rehabilitation credit 3. Reforestation credit
Q. Evaluate Break-Even Production units? R.S. Manufacturing Ltd. Budgets production of 3,00,000 units at cost of Rs.10 each. The Fixed costs are Rs.20, 00,000. The selling pric
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