Welcome to Scribd, the world's digital library. Read, publish, and share books and documents. See more
Download
Standard view
Full view
of .
Look up keyword
Like this
1Activity
0 of .
Results for:
No results containing your search query
P. 1
feb-96 ans

feb-96 ans

Ratings: (0)|Views: 17|Likes:
Published by André Le Roux

More info:

Published by: André Le Roux on Jun 16, 2009
Copyright:Attribution Non-commercial

Availability:

Read on Scribd mobile: iPhone, iPad and Android.
download as DOC, PDF, TXT or read online from Scribd
See more
See less

05/11/2014

pdf

text

original

FEBRUARY 96
ANSWERS TO QUESTIONS.
QUESTION 1.

First and Final Liquidation and Distribution Account in the estate of the late Peter Smith (ID........) of Windhoek, and of his surviving spouse Anne Smith (ID.........) to whom he was married in community of property Date of death 1 June 1995

Master's Ref No 195/95

LIQUIDATION ACCOUNT.
ASSETS.
1

Certain
piece
of
land
being
erf

1234 Windhoek held under deed of transfer no 234/1956 as per sworn appraisement

Awarded and to be transferred to the heirs
as per the distribution account.
1
450 000.00
2
Toyota sedan N98760W as per appraisement
1
80 000.00
3
Household furniture as per valuation
Awarded to the heirs as per the distribution
account
1
40 000.00
4
Proceeds fixed deposit Swabou
2
130 000.00
5
Proceeds current a/c First National Bank
3
120 000.00
6
Proceeds Policy no 56789 Sanlam
4
130 000.00
7
Surrender value of Policy no 13653 Old
Mutual
awarded
to
the
heirs
as
per
distribution account
5
3 000.00
----------
953 000.00

==========
LIABILITIES.
Administration costs:
1

Advertisement to creditors
The Windhoek Advertiser
6
68.00
Government Gazette dated.14/8/95
12.00
2
Provision for advertisement of the account
The Windhoek Advertiser
68.00
Government Gazette
12.00
3
Bank charges
60.00
4
D. Mathews cost of valuation of fixed
property and movables
7
500.00
5
Jones and partners Transfer costs
8
2 235.00
6
Executor's remuneration
2 1/2% of 953 000.00
23 825.00
Sales tax 11% of 23825.00
2 620.00
7
Masters fee
600.00Claims against the estate
1
AVBOB funeral expenses
9
4 000.00
2
Receiver of Revenue Income Tax
10
8 000.00
3
Dr Muller
11
3 000.00
4
A B Furniture
12
4 000.00
5
Balance for distribution
904 000.00
----------
953 000.00
==========
RECAPITULATION STATEMENT
Total cash
380.000.00
Liabilities
49 000.00
surplus awarded to heirs
331 000.00
---------- ----------
380 000.00 380 000.00
========== ==========
DISTRIBUTION ACCOUNT.
Balance for distribution
904 000.00

To Anne Smith, surviving spouse,
1/2 by virtue of the marriage
in community of property

452 000.00
Plus 1/2 funeral expenses
2.000.00
1/6 in terms of the laws of intestate
succession
150 000.00
Award consists of:
2/3 fixed property
300 000.00
2/3 movables
80 000.00
2/3 policy
2 000.00
cash
222 000.00
----------
604 000.00
==========
To John Smith Major
1/6 in terms of the laws of intestate
succession
150 000.00

3 to Mary Adams (born Smith) married in
community of property to Paul Adams.
1/6 in terms of the laws of intestate
succession.

150 000.00

Award to 2 and 3 above
consists of:
1/6 fixed property

75 000.00
1/6 movables
2 000.00
1/6 policy
500.00
cash
72 500.00
----------
150 000.00
==========
----------
----------
904 000.00
904 000.00
==========
==========
INCOME AND EXPENDITURE ACCOUNT
Nil
FIDUCIARY ASSET ACCOUNT
Nil
CERTIFICATE

I the undersigned certify that the above account is true and correct and that all assets of the deceased have been accounted for and that no income was collected.

Signed at Windhoek this..... day of..........1996
(sign)..........
Executor
[Discretionary mark for neatness, layout and overall impression. (5)]
---------------------------------------------------------------------
QUESTION 2
There is a presumption that the testator intended A to receive the farm
free from the burden thereon.

A will receive the farm free from the bond (unless a contrary intention can be gathered from the will ) The bond will have to be repaid from funds forming part of the residue of the estate.

The bond is therefore effectively repaid out of B's share of the estate.
-------------------------------------------------------------------------
QUESTION 3
3.1

We hereby mass our separate estates upon the death of the first dying of us and direct that the so massed estates shall, upon the death of the first dying devolve upon our son Peter, subject to the lifelong usufruct in favour of the survivor of us.

You're Reading a Free Preview

Download
scribd
/*********** DO NOT ALTER ANYTHING BELOW THIS LINE ! ************/ var s_code=s.t();if(s_code)document.write(s_code)//-->