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Exceptions to the rule of lapse
There is no lapse in either of the following cases:1. Where the gift or disposition is made in discharge of a moral obligation recognised by the testator; or
2. Where the gift or disposition is in favour of any child or other issue of the testator, for any estate or interest not determinable at or before the death of the child or other issue and the child or other issue leaves issue surviving the testator.In either case, the gift or disposition takes effect as if the deceased legatee had died immediately after the testator.E.g. In his will, K left his house to his eldest son M. M pre-deceases his father, but leaves his children P an Q who are alive at the time of his father's (i.e. X's death). In his will, M leaves all of his estate to his wife Mrs. M. The fact that P and Q are alive at K's death keep in place the gift to M; the house passes to M's estate, and by means of M's will, passes to Mrs. M (Carefully contrast this position with the per stirpes rule in intestacy).
Do we recognise revenue if it will be assigned to other party ?
Cost: - According to the management perspective cost is define as a reduction in the value of assets for to secure benefit or gain. In other words cost is the different expenses
The discount rate used must normally reflect the weighted average cost of equity and debt taking into account the systematic risk of the investment. A company's weighted average co
John Chan considers buying a six-month stock futures contract on the shares of Li & Fung Limited. Shares of Li & Fung Limited are now trading at $50 per share and it is expected th
1. Calculate the profitability index for a project that has a net present value equal to -$10,000. The project's net investment is $20,000. 2. A project requires a net investmen
The three certainties A trust will be valid only if the three certainties are present i.e. certainty of words, certainty of subject, and certainty of objects. 1. Certainty
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Application of discharge Application may be made at any time after adjudication, but cannot be heard until the conclusion of the public examination. Notice of the hearing must
features of branch accounts
Illustrations of retained profits brought forward H Ltd acquired 75% of the ordinary shares of S Ltd since S Ltd was incorporated. The Summarized income statement for the two c
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