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Differences between estates and trusts
Note particularly the following differences between estates and trusts:—1. Estate: on the death of a testator or an intestate, all assets, including income accrued up to the date of death, are capital: income arising after death is income.
2. Trust:
TERMINATION OF OFFICE OF TRUSTEE The trustee may vacate office in the following ways: 1. Resignation : He may resign at a meeting of creditors and with their consent. 2.
BANKRUPTCY ACCOUNTS FOR INDIVIDUALS AND PARTNERSHIPS These include a statement of affairs and deficiency account. A statement of affairs takes the following form: v\:*
equity share capital rs 10 200 10% preference share capital 80 15% debenture 20 profit before interest and taxes 60 proposed dividend 20 provision fo
State the term - Regulations Financial accounting reports, for numerous businesses, are subject to accounting regulations which try to make sure they are produced with standard
J inherited 30000 & decides to open a saloon.1/4/2016.under jasper.commits 10000 to the business .opens a a/c in the bank as jasper. What will be th capital amount in his books o
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James Bell plans to stay at the Michaels Motel for one month, and he prepays his room charges. Bell arrives and begins his stay on January 21. To account for Bell's prepayment, at
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Q. What is Bequest? Bequest - A gift by will of personal property. If bequest is money to the extent it's paid out ofincome from property it is taxable to the recipient. Normal
sale of 430 to ramdas were credited in his account 340
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