Account of profits

In this essay I will be advising Eric on certain ways to severe the property and explaining the differences between joint tenancy and tenancy in common. I will be using relevant case law and statues to prove my advisory. Starting off, when Tom died he left his property Mason Towers off to his 5 children, assuming this is after the 1926 the children will be held as joint tenants instead of tenants in common. However, in the law it states that there can only be a maximum of 4 joint tenants, so the first four listed names will be held as joint tenants. Also because Bill is only 16 he will need to wait until 18 to get a share of the property. Both joint tenancy and tenancy in common are two separate titles that origin from co-ownership of property. In joint tenancy, tenants have equal share of interest of the property according to Lord Nicholls in Burton v Camden LBC . A joint tenancy can only be formed when the four unities are fulfilled. Which are Unity of time, possession, interest and title. Unity of time is when co owner’s acquire property at the same time similar to unity of possession when have the right to possess property. Unity of possession which is when all tenants have the right possess the property, this happened when Tom left is property to his children after he died, they all have the right to possess the property. Unity of interest is all tenants have the same interest in property. Lastly unity of title is when co owners must arise out of the same instrument.…

clear distinction between gross and net profit. I am going to be covering both the trading account and the profit and loss account and explain the difference between the two. I am then going to give examples of the key component parts of the statement of financial position of a commercial company. I am going to cover the balance sheet and provide an example along with a full explanation of all the financial terms used. Financial statements Financial statements are a collection of reports…

customers. The other issue is what if any, legal rights Will has against Jack for accepting bribes from potential buyers to ensure that their offer is accepted by Flip masters. Law A joint venture can be distinguished from a partnership on the basis that it is a separate venture for each of the parties were they share profits individually. Parties do not act as agents of each other and therefore do not owe a fiduciary duty to each other. In Cox v Coulson,…

he Income Summary account is used to Close the revenue and expense accounts. The income summary account is a transitional account into which all income statement revenue and expense accounts are transferred at the end of an accounting period. The net amount transferred into the income summary account equals the net profit or loss that the business incurred during the period. Thus, shifting revenue out of the income statement means debiting the revenue account for the total amount of revenue…

business person from the Kingdom of Saudi Arabia. In July 2011, the bank was renamed Burj Bank Ltd. Prof. Mufti Munib-Ur-Rehman is heading Shariah Department of the Bank as the bank's Shariah counsel. It as of now has 75 online branches. Burj Bank has a broadened scope of Shariah Consistent supported and non-financed items and administrations went for both individual and corporate clients. The bank additionally offers venture and corporate admonitory administrations. Burj Bank cited the best…

Prepare a post-closing trial balance at January 31, 2014. Closing trial balance at Jan. 31, 2014 Date Explanation Dr Cr Jan. 31 sundries account of repair services revenue 31,200.00 Earned services revenue a/c 800.00 the Income Summary a/c 32,000.00 Jan. 31 By Income ummary a/c 5,780.00 sundries fuel expense a/c 600.00 rent expense a/c 1,200.00 salary expense a/c 3,200.00 depreciation expense a/c…

With this accounting equation, it is presented to give you an idea of a double entry accounting. And when a company borrows from the bank, a company 's cash account can increase and its liability account loans payable will increase. If the company pays for advertisement their cash flow will decrease but the account advertisements expenses can increase. Connections between an income statement and Balance sheet Each of the financial statements is on separate sheets for the annual financial…

here in America, we find that we are running out of room in state run prisons. How do we accommodate the influx of prisons? you may ask, well one way is to house them in For-Profit Prisons. For-Profit Prisons are a way for the state to house prisoners in a way that saves money, since For-Profit Prisons are essentially a privatized business. However, there leads to questions being asked, such as, Are For-Profit Prisons effective? Do they operate in an ethical/humane way? Security Concerns?…

Financial management is an essential part of a non-profit organization. In the chapter, Worth states that financial management involves analyzing different financial ratios that can help explain trends and the financial health of an organization. (Worth, 2017) Something that stood out to me in the beginning of the chapter was this line from the chapter; “a well-managed organization will strive to achieve diverse revenue sources, both to minimize risk and to maximize autonomy…” I agree with this…

2.2 Profit Determination Equation Profit is the amount whereby it is calculated with the formula, revenue minus expenses in a business (Appendix 3). The owner will obtain profit when the total revenue exceeded the total of expenses. What is a revenue? Revenue is an amount that the owner earned during the business period. For example, when the owner rents out one of his or her shoplot to others for business purposes, the owner will receive rental fee from them as a revenue which means profit.…