Accounts of trustees-trustees bank account, Financial Accounting

Assignment Help:

Accounts of trustees

The trustee must keep proper books of account, which may be inspected by the creditors at any time. The cash book must be audited by the committee of inspection at least once every three months, and the trading account examined and certified by them at least once a month. The accounts must be submitted for audit by the Official Receiver every six months and when the estate has been fully realised and distributed, one copy of the audited accounts is retained by the Official Receiver and another filed with the court. The trustee must also submit to the Official Receiver a progress report at least once a year.

Trustee's bank account

The trustee must pay all money received into the Bankruptcy Estates Account at the prescribed bank if he retains sums exceeding Shs 1,000 for more than ten days, he is liable to pay 20% per annum interest on the amount, loses his rights to remuneration, may be removed from office, and is liable to pay any expenses incurred through his being advantageous to the creditors of the committee of inspection, or the trustee satisfies the court that there are good reasons for doing so. The trustee cannot draw cheques on the Bankruptcy Estates Account; only the Official Receiver can do so.


Related Discussions:- Accounts of trustees-trustees bank account

Revenue expenditures, Revenue expenditures 1. Are additional costs of plant...

Revenue expenditures 1. Are additional costs of plant assets that do not materially increase the asset's life or its productive capabilities 2. Are known as balance sheet expenditu

Determine the net present value for the project, An investment project requ...

An investment project requires a net investment of $100,000. The project is expected to generate annual net cash inflows of $28,000 for the next 5 years. The firm's cost of capital

Calculate the depreciation of project, A small airline company called Mancu...

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

Lease or buy, La Favorite Pastry Shop has been in business since 1985 and s...

La Favorite Pastry Shop has been in business since 1985 and started with a large commercial oven that was built in 1955. Max, the owner is debating whether or not to purchase a new

What was lavina''s accrual-basis net income (loss) for year, During 2011, L...

During 2011, Lavina Corporation had cash and credit sales of $94,000 and $91,000, respectively. The company also collected accounts receivable of $53,400 and incurred expenses of $

Bond that matures in 12 years, You just purchased a bond that matures in 12...

You just purchased a bond that matures in 12 years. The bond has a face value of $1,000 and has an 7% yearly coupon. The bond has a present yield of 5.74%. What is the bond's yield

Prepare the income statement and balance sheet, Below is the Trial Balance ...

Below is the Trial Balance for Clay Employment Services, year ending December 31, 2011.  Previous period's information were as follows: net receivables, $290,000 and inventory, $82

Essay, Can you help me with that?

Can you help me with that?

Non-current assets for a business, WyseFinance maintains a non-current asse...

WyseFinance maintains a non-current asset register for recording information for non-current assets for a business. The business is registered for VAT. The following is a purcha

Discuss the theoretical determinants , i.   Explain carefully what is meant...

i.   Explain carefully what is meant by a price earnings ratio. ii   Utilising a valuation model identify and briefly discuss the theoretical determinants of the ratio. iii

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

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!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd