Part 34

—1— Paid the following: Dr. Knight 200.00 Funeral expenses 250.00 Henry Cole 62.00 H. Dawson 17.00 Probate expenses 100.00

—5— Received dividend on R. R. stock 3½% semi-annual on $5,000.00 $175.00

—5— Sold R. R. stock $5,000.00 @ 132 6,600.00

Sept. 1 Collected the following account: J. L. Lawrence 52.00

—20— Sold H. H. furniture 790.00 Depreciation on H. H. furniture 210.00

Nov. 1 Collected the following accounts: F. D. Smith 84.50 Geo. Smith 50.00

Dec. 1 Collected 6 mo. interest on mortgage $5,000.00 @ 5% 125.00

—1— Sold mortgage 5,000.00

A GENERAL VIEW OF THE PLANT OF THE FOX TYPEWRITER COMPANY, GRAND RAPIDS, MICH. ]

Executor's Journal ]

Executor's Account of Cash Receipts and Disbursements ]

Classified Ledger Accounts of an Executor ]

Classified Ledger Accounts of an Executor ]

Classified Ledger Accounts of an Executor ]

Schedule Filed by an Executor ]

Schedule Filed by an Executor ]

EXERCISE

=7.= George Williams died on March 5th, bequeathing his entire property, after payment of all debts and funeral expenses, to the following beneficiaries: George Williams, Jr., one-fifth; John Williams, one-fifth; Fred Williams, one-fifth; Mary Williams, three-tenths; and George Robinson, one-tenth.

The inventory filed by his executors was as follows:

Stocks and bonds $4,000.00 Mortgages 6,000.00 Wearing apparel 100.00 Cash in bank 40.00

There are two executors, and their transactions are as follows:

CASH RECEIPTS Stocks and bonds sold 3,341.00 Mortgages realized 4,656.00 Wearing apparel sold 50.00 Dividends collected on stocks and bonds 1,800.00 Interest collected on mortgages 2,400.00 Interest received on deposits in bank 100.00 Real estate sold 1,000.00 Rents collected 720.00 Cash in bank at decease, withdrawn 40.00 --------- 14,107.00

CASH DISBURSEMENTS Funeral expenses 30.00 Expenses of probate 200.00 General legal expenses 400.00 Repairs to building 220.00 Stationery, postage, etc. 10.00 Accountant's fee 80.00 Debts of deceased 500.00 Taxes 800.00 Insurance 10.00 George Williams, Jr., on account of legacy 2,200.00 John Williams, on account of legacy 2,500.00 Fred Williams, on account of legacy 2,220.00 Mary Williams, on account of legacy 3,100.00 George Robinson, on account of legacy 960.00 --------- 13,230.00 =========

The inventory at the date on which they wish to account is as follows:

Stocks and bonds $1,000.00 Mortgages 1,280.00 Cash in bank 877.00

Make up summary statement of the Executor's Accounts showing the balance due each legatee.

ACCOUNTS WITH TRUST PROVISIONS

=8.= In the accounts shown in the preceding illustrations the entire estate is distributed by judicial decree. When all of the property has been distributed, the custodian accounts will have been closed into the personal estate account, which in turn is closed by the distribution of the estate. In many cases the will of the deceased provides that certain beneficiaries shall have a life interest in certain of the assets. Quite frequently the widow is given the income on certain investments which will revert to the estate at her death. This is illustrated in the following example of trust accounts: