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Powers of investment 1. Shares and debentures: A trustee may:
2. Not more than one-eighth of the value of trust fund or Shs.10,000, whichever is the greater, shall be invested in the securities of any one company or unit trust.
3. Mortgages: These are authorised under the Trustee Act if given in respect of freehold land or leasehold land with at least 40 years unexpiered; the trustee may lend up to two-thirds the value of the land as assessed by a competent surveyor or valuer.
4. Retention of securities: A trustee is not liable simply for retaining an investment which has cease to be authorised; but he must review periodically – with advice – wider range.
Exclusions - Income item that is excluded from a taxpayer's gross income by INTERNAL REVENUE CODE or an administrative action. Common exclusions comprise gifts, inheritances and de
IF I HAVE A LOAN AND ACCRUED INTEREST .THEN ACCRUED INTEREST GOES ON WHICH SIDE- DEBIT OR CREDIT ?
Types of interest given under a will The interest given in a legacy, devise or gift of residue may be of the following kinds:- 1. Vested: A vested interest gives an immedi
Calculate Bond's Yield to Maturity Consider a coupon bond that has a $1,000 per value and a coupon rate of 10%. The bond is currently selling for $1,150 and has 8 years to mat
Business start up accounting transactions: Jane Whitfield, a sole proprietor, established the JW Flower Shop on January 2, 2010. The following transactions have occurred during
Corporation Tax This is the tax payable by companies on their trading activities of a given financial period. The standard doesn’t give the guidelines on how this tax should be
Q. Evaluation of Net working capital? The evaluation presumes that several key variables will remain constant such as the inflation rates, discount rate and the taxation rate.
Realisation of assets 1. Divisible property : The ownership of the company's property does not vest in the liquidator (unless the court makes a vesting order: s.240); but
FINAL ACCOUNTS As pension funds are set up for a specific purpose, and not for trading, we do not prepare the normal trading profit and loss account or the balance sheet. The p
Concept of Financial statements Financial statements portray the financial effect of transactions and events by grouping them into classes broadly called elements. A complete
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