Settlement of liabilities-trustee account, Financial Accounting

Assignment Help:

SETTLEMENT OF LIABILITIES

Wide powers of compromise are granted to trustees by the Trustee Act. Two or more trustees or a sole trustee, where authorised, may:
 
1. Pay or allow any claim on any evidence they think sufficient;

2. Accept a composition or a security, real or personal, for any claim;

3. Allow any time for payment of a debt;

4. Compromise, compound, abandon, submit to arbitration, or otherwise settle a claim.
 
For these purposes they may enter into any agreement or arrangement, or do any other thing as seems expedient, without liability for any loss incurred while acting in good faith S.16.


Related Discussions:- Settlement of liabilities-trustee account

Determine the term- balancing risk and return, Determine the Balancing ris...

Determine the Balancing risk and return All decision making involves future and business decision making is no exception. Only thing certain about the future, though, is that w

Determine the price of stock and profit, First's current stock price is $26...

First's current stock price is $260. The price may rise to $300 or fall to $170 in one month. The risk-free interest rate is 18% per year. a. Using the replication portfolio app

Various types of accounting changes can affect the financial, Various types...

Various types of accounting changes can affect the financial statements of a business enterprise differently. Assume that the following list describes changes that have a material

What is goodwill, Find the heading Goodwill. What type of an asset is goodw...

Find the heading Goodwill. What type of an asset is goodwill? Does Amazon write off this asset? Explain what the company does

Rules of intestacy-no spouse but children, The intestate leaves no spouse b...

The intestate leaves no spouse but children The net estate devolves upon the surviving children and is divided equally between them. If any child has not, at the time of intest

EPS, Do you help with assignments

Do you help with assignments?

The coupon interest rate, Jackson Corporation's bonds have 12 years remaini...

Jackson Corporation's bonds have 12 years remaining to maturity. Interest is paid yearly, the bonds have a $1,000 par value, and the coupon interest rate is 10.5%. The bonds have a

Problems due to piecemeal realizations-partnership, Problems due to Pieceme...

Problems due to Piecemeal realizations These interim distributions give rise to two problems: Partners have not always contributed capitals in the same ratio as that in w

Various types of accounting changes can affect the financial, Various types...

Various types of accounting changes can affect the financial statements of a business enterprise differently. Assume that the following list describes changes that have a material

Peer review, Peer Review - Process by which an accounting firm's practice i...

Peer Review - Process by which an accounting firm's practice is evaluated for compliance with professional standards. Objective is achieved through the performance of an independen

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