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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.
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
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
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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
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 $
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
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
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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
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
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