Fiduciary Accounting BY John Thomas Madden, B.C.S., C.P.A. Assistant Professor of Accounting, New York University, ASSISTED BY Charles H. Edwards, LL.B. Of the New York Bar FIRST EDITION 1913 THE WILLIAM G. HEWITT PRESS 61-67 NAVY STREET, BROOKLYN PUBLISHERS PREFACE This syllabus has been prepared for the use of students in New York University School of Commerce, Accounts and Finance, in the course in Fiduciary Accounting. The will accompanying the syllabus has been written for use as a basis for the course, and brings out as many possible situations as are likely to arise in the administration of a decedent estate. Other technical points not covered in the operation of the estate accounts, as outlined in the syllabus, are introduced through the medium of questions, many of which have been taken from the C. P. A. examination papers set in New York and other states. The legal phases of the course are treated from the viewpoint of the New York Statute, and certain essential parts of the Code of Civil Procedure, the Decedent Estate Law, and the Transfer Tax Law, have been incorporated in the syllabus. The legal forms accompanying the set include those which concern the accountant, or which require action on the part of the executor; and forms, such as citations, which concern the attorney only, have been omitted. The syllabus is designed solely as an aid to the instructor and the students in the practical laboratory course in the classroom, and it is not intended as a textbook nor as an exhaustive work on the subject. NEW YORK UNIVERSITY, July 1, 1913. JNO. T. MADDEN. 293749 UNIV. OF FIDUCIARY ACCOUNTING ESTATE OF JOHN SMART, DECEASED CHRONOLOGICAL STATEMENT OF FACTS John Smart, who resided at 100 Washington Square, in the City of New York, died on January 15, 1911. On January 17, 1911, the will of the deceased was read, and in this instrument the following heirs and next of kin were mentioned: Mrs. Anna C. Smart, widow, aged 60 years; Mr. George Smart, son, aged 39 years, married; Mr. Oliver Smart, son, aged 37 years, unmarried; Miss Jane Smart, daughter, aged 34 years, unmarried; Mr. Thomas Smart, son, aged 31 years, unmarried; Mrs. Margaret Jones, sister, aged 50 years, married, residing at 1 University Place; Mr. Arthur Jones, nephew, aged 23 years, unmarried; Mr. William Smart, brother, aged 44 years, married, and residing at 23 East Ninth Street. The will also gives legacies to Robert Brown, of 111 West IIIth Street; Henry Robinson, 222 West 222d Street; Charles Robinson, 222 West 222d Street; Walter Mead, aged 25 years, and Richard Mead, aged 30 years, both of 545 Fifth Avenue. The will also mentioned Miss Mary Smart, daughter, who died five days prior to the death of the testator. All of the above resided in the State of New York, with the exception of George and Oliver Smart, both of whom resided in Newark, N. J. The executors immediately notified the insurance companies of the testator's death. JANUARY 19, 1911 Application was made for letters testamentary; the executors opened an account in the Union Trust Company, in the name of the "Estate of John Smart: Mrs. Anna C. Smart, George Smart, Oliver Smart and Charles Robinson, Execu |