Apportionment-executorship laws and accounts, Financial Accounting

Assignment Help:

APPORTIONMENT

(a) The purpose of the apportionment rules
The purpose of the various rules of apportionment is to provide a fair and reasonable basis for dividing certain items between the conflicting interests of the life tenant and the remainderman.

The rules may be considered under the following three headings;

  • Statutory apportionments;
  • Variation of securities;
  • Equitable apportionments.

 

(b) Statutory apportionments
Where income has been received in respect of a period which "bridges" the date of a death, it must be apportioned between the two parts of the period on a time basis. This applies to all rents, annuities, dividends and similar items.


Related Discussions:- Apportionment-executorship laws and accounts

Prepare journal entries to record the borrowing, On December 1, 2013, Colon...

On December 1, 2013, Colonel Wilder borrowed $400,000 at 12% interest and pledged $500,000 in accounts receivable as collateral. Additionally, Colonel Wilder was charged a finance

Compute the future value - shorter compounding period, Compute the future v...

Compute the future value of Rs.5000 at the end of 6 years, whether nominal interest rate is 12 percent and the interest is allocated (payable) quarterly at frequency = 4 Soluti

Condition of joint return, Surviving Spouse - This is a person whose wife o...

Surviving Spouse - This is a person whose wife or husband died during tax year. A surviving spouse can file a JOINT RETURN for the year in which death occurred. Additionally a join

Demand curve for a consumer, Suppose the consumer is at coffee shop 1. Coff...

Suppose the consumer is at coffee shop 1. Coffee shop 1 charges $2.00 per cup. - Draw and label the demand curve for a cup of coffee for the consumer (please do not forget to sp

Legal aspects-autonomous branches, Legal Aspects There is no law relating...

Legal Aspects There is no law relating to branch accounts but examination problems under this heading are frequently linked to either partnership or company account problems. Ans

Prepare a report addressing adjust financial statements, You are the audito...

You are the auditor of a small private company called XYZ Limited. Last year, which was 20X9, the audit went smoothly and every balance on the financial statements was correct. Thi

Uniform capitalization rules, Uniform Capitalization Rules- These are a se...

Uniform Capitalization Rules- These are a set of rules intended to be a single comprehensive set of rules to govern capitalization, or inclusion in INVENTORY of indirect and direc

Law, define law including contract and bankruptcy

define law including contract and bankruptcy

Duties of trustees-trusts laws and accounts, DUTIES OF TRUSTEES 1) Not ...

DUTIES OF TRUSTEES 1) Not to profit from the trust : A trustee may not receive remuneration except: By order of the court, if the trust is very onerous or the services of the

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