Edward Brown died on June 15, 1907, leaving a will which elected that after payment of all just and lawful debts the following legacies should be made:
To his widow, that part of the real estate consisting of his residence, the household effects therein, and the income from $50,000.00 to be invested.
To his son and daughter, $20,000.00 each, and an equal share of the above $50,000.00 at his widow's death.
The inventory made up for the preliminary accounting was as follows:
Cash in house $200.00 Cash in bank 1,500.00 Household effects valued at 2,500.00 Stocks 40,000.00 Book accounts 20,000.00 Merchandise, fixtures, and stock in trade 25,000.00
The residence of the deceased, valued at 15,000.00 5 houses valued at 15,000.00 (to be sold according to will)
Executor's Accounts With Trust Provisions ]
Executor's Accounts With Trust Provisions ]
Executor's Accounts With Trust Provisions ]
Executor's Accounts With Trust Provisions ]
Executor's Accounts With Trust Provisions ]
Accounting of an Executor, in the Form of an Account of Charge and Discharge ]
A FACTORY CHEMICAL LABORATORY AT THE PLANT OF THE S. OBERMAYER CO., CINCINNATI, OHIO ]
Accounting of an Executor, in the Form of an Account of Charge and Discharge ]
=9.= A _realization and liquidation account_ is an account showing the result of the liquidation of a business or an estate.
It is debited with the total assets as shown by the _balance sheet_ or _statement of affairs_, and is credited with all liabilities to outside creditors. The account is subsequently credited with the amounts realized on assets, and debited with liabilities liquidated together with the expenses of realization and cost of liquidation.
Realization and liquidation accounts are frequently prepared in the form of an _account of charge and discharge_ as shown in the preceding pages for executor's accounts.
=10.= A statement of affairs is frequently confused with a balance sheet. This is because, like a balance sheet, a statement of affairs exhibits the resources and liabilities of a business. The difference lies in the fact that a statement of affairs is made up partly from information gained from the books and partly from information secured from other sources.