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De Mortuis Nil Nisi Bona Part 5

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PROBLEM No. 14.

Solomon Solfar was a solemn man, and his Will was proved in solemn form.

He died quietly in his bed on the 1st April, 1912, leaving a Widow, two Sons (Matthew and Mark), and one Daughter (Mary).

On the 1st April, 1913, after all Debts, Testamentary and other Expenses had been paid, the Estate consisted as follows:--

6,000 2-3/4% Annuities at 76-5/8.

2,000 Swansea Corporation 3% Stock at 83 (Interest payable 1st January and 1st July).

6,000 London and North Western Consolidated 4% Stock at 103 (Dividends payable 15th February and 15th August).

1,000 Birmingham Small Arms c.u.m. 5% Preference Shares of 5 each at 5-1/4 (Dividends payable 1st March and 1st September).

5,000 British Westinghouse 4% Debenture Stock at 63 (Interest payable 1st January and 1st July).

Mr. Solfar made during his lifetime advances of 500 to each of his Sons, which at his death were brought into Hotchpot, and interest charged thereon at 5% per annum. He directed his Estate to be left in Trust, the Income to be applied, first in payment of 75 a quarter to Mrs. Solfar, and the balance to be distributed half-yearly in equal shares to Matthew, Mark and Mary.

Write up the books of the Trust, ignoring Income Tax, for the year ending 31st March, 1914, the balance of Income in hand on 1st April, 1913 (after making all necessary payments to the beneficiaries) being 12 0s. 0d.

[Ill.u.s.tration: Mr. Hopkins' bodyguard, The Pride of Bristol.]

PROBLEM No. 15.

The life of Hezekiah Hopkins had been a warning rather than an example to others, and the administration of his affairs at death caused his Executors and Trustees to use words which are only permissible amongst gentlemen when the ladies have withdrawn from the dinner table.

Mr. Hopkins died on the 25th June, 1913.

His Will had been proved, Estate Duty and Legacy Duty had been paid, but the Trust could not be closed owing to the fact that the Residuary Estate had been left to Nathaniel Hopkins, a nephew, for life with remainder over to the said Nathaniel's eldest G.o.d-son Walter Blackside, subject to an annuity of 200 which the Testator had covenanted to pay to the "Pride of Bristol," a prize fighter, who had acted as bodyguard to Mr. Hopkins during that gentleman's earthly peregrinations.

The Residuary Estate consisted of the following property:--

(1) Leasehold Property having 30 years to run, producing 900 per annum. The property, which was valued for probate at 15,000, and which was subject to a Ground Rent of 100 per annum, was sold on on the 24th June, 1914, for 16,400 and the proceeds invested on the following day in Consols at 73, including brokerage, &c.

(2) Deceased's Share in the firm of Hezekiah Hopkins & Co. This amounted to 18,000 upon the death of Mr. Hopkins, and, according to the Partners.h.i.+p Deed, was to be paid out by instalments of 6,500 a year including interest at 5% on the unpaid balances. The first instalment was to be paid on the first anniversary of deceased's death.

(3) A Reversionary Interest in the Estate of his Uncle Mr. John Oppit, the life interest of which was being enjoyed by Mrs.

Oppit. This Reversionary Interest was valued, at the death of Mr. Hopkins for probate purposes, at 850, and was retained until the 25th June, 1916, when it fell into possession. It then consisted of 1,500 India 3-1/2% at 88.

(4) 10,000 invested in a Loan redeemable on the 24th June, 1915, with interest at 10% per annum payable half-yearly on the 25th December and the 24th June in each year.

The Trustees decided on their own responsibility to retain this investment, which was redeemed on the due date and the interest paid in the meanwhile.

(5) 10,000 India 3% Stock at 84, purchased by Deceased on 18th June, 1913.

Upon the 25th June in each year the balance of Corpus Realised was to be placed on deposit with the Hong Kong and Shanghai Bank at 4%, less any fraction of 100 which was to be retained on Current Account at the Union of London and Smith's Bank.

Mr. Nathaniel Hopkins died on the 25th June, 1916.

Write up the books showing the position of affairs when Mr. Blackside came into the property, ignoring Income Tax.

PROBLEM No. 16.

Mrs. Wiggins was the Life Tenant and Mr. Gilbert Gunter was the Remainderman of the Property left by the late Ebenezer Wiggins.

Mr. Gunter had begun to despair of ever enjoying the fruits of Mr.

Wiggins' generous intentions, when, fortunately for him, on the 14th March, 1914, Mrs. Wiggins got a fish bone lodged in her gullet and died two hours later.

The Accounts had been prepared regularly on the 21st September each year, the anniversary of Mr. Wiggins' death, and the following is the Balance Sheet, dated 21st September, 1913:--

EBENEZER WIGGINS Decd.

Dr. Balance Sheet, 21st September, 1913. Cr.

s. d. s. d.

To Estate Account 33,900 0 0 By Investments: " Income " 125 0 0 India 3 per Cent.: 25,000 at 72 18,000 0 0 Chili 4 per Cent.: 5,000 at 90 4,500 0 0 London United Tramways: 10,000 4 per Cent.

Debentures at 70 7,000 0 0 West African Trading Co., Ltd.: 1,000 Shares 1 each fully paid 1,000 0 0 " Freehold House 2,600 0 0 " Furniture and Effects 800 0 0 " Cash at Bank 125 0 0 ------------ ----------- 34,025 0 0 34,025 0 0

Mr. Gunter requires Accounts to be prepared, showing the position of affairs at the 14th July, 1914, and volunteers the following information:--

(1) The Investments remain unaltered, with the exception of the India 3% Stock, which was sold on the 10th January, 1914, and the proceeds, viz., 18,500, were invested in a Mortgage at 5% Interest payable half-yearly on the 10th July and 10th January each year.

(2) The Coupons on the Chili 4% Bonds are payable on the 1st April and 1st October, and the Interest on the London United Tramway Debenture Stock on the 1st January and 1st July in each year.

(3) On 3rd July, 1914, a Final Dividend at the rate of 15% per annum, free of Tax, was declared by the West African Trading Company, Ltd., and paid on the 8th July, 1914, making, with the interim dividend paid on the 10th January, 1914, 10% for the year ended 30th June, 1914, free of tax.

(4) The Freehold House was let on a full repairing lease at an annual rental of 146, the a.s.sessment was also 146. The rent is payable quarterly on the usual quarter days.

(5) The Trustees had paid to the late Mrs. Wiggins 75 on account of income on the 12th day of each month, including March, 1914.

(6) The Professional Accountant's fee for writing up the books from the 22nd September, 1913, to 14th July, 1914, and making the necessary adjustments was agreed at 100 guineas, and this fee was to be apportioned between Mr. Gunter and the Estate of Mrs.

Wiggins deceased equally.

Write up the Accounts for the period, making the necessary adjustments, and prepare Balance Sheet dated 14th July, 1914, showing the amount due.

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De Mortuis Nil Nisi Bona Part 5 summary

You're reading De Mortuis Nil Nisi Bona. This manga has been translated by Updating. Author(s): Ernest Charles Pegler and Ernest Evan Spicer. Already has 637 views.

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