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Cumulative and substitutional legacies and devises
Where a will makes two gifts of unequal amounts to the same person, they are assumed, in the absence of a contrary indication, to be cumulative. Where a will makes two gifts of equal amount to the same person, the presumption is that the second was in substitution for the first, unless evidence to the contrary is shown. If two clauses of a will are irreconcilable, so that they cannot stand together, the last shall prevail. Obvious clerical errors can be corrected.
Notice an Rs.50, 000 investment in a one year fixed deposit and rolled over yearly for the subsequently two years. The interest rate for the primary year is 5 percent yearly and
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Is goodwill a fictitious asset?
Failure to record depreciation at year end will result in all of the following except Understatement of total liabilities. Overstatement of total assets. Overstatement of net incom
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Illustrations of Dissolutions X, Y and Z have been trading as partners sharing profits and losses in the ratio of 2:2:1 on the 1st July 2005, they decided to dissolve the partn
Characteristics of a will 1) Dispositionary: A will disposes the deceased’s property. 2) Formality: For a will to be valid, it must be written and signed by the d
Company A subsequently sells 60% of the voting interest in Company S for $900,000. The fair value of Company A's retained interest of 10% in the voting stock in Company S is $120,0
Distribution to a beneficiary Before distribution to a beneficiary, the investments will be re-valued and the profits or losses divided between the beneficiaries as follows:-
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