Mrs. Hobson (Widow), £2,500.
George Hobson (Son, aged 27), £2,000.
Selina Hobson (Daughter, aged 18), £2,000.
Wickham Crawley (Solicitor), £200.
Maria Hawkins (Niece, aged 28), £1,000.
George Hobson, Junr. (Grandson, aged 4), £1,500.
Mrs. Uskins (Housekeeper), £500.
Mrs. Rumbolt (Deceased Brother's Wife), £500.
Mrs. Hobson, Senr. (Deceased's Mother), £2,000,
and the Residue to the Widow absolutely.
Prepare a Distribution Account.
[Illustration: "London and North Western Consolidated Stock."]
PROBLEM No. 14.
Solomon Solfar was a solemn man, and his Will was proved in solemn form.
He died quietly in his bed on the 1st April, 1912, leaving a Widow, two
Sons (Matthew and Mark), and one Daughter (Mary).
On the 1st April, 1913, after all Debts, Testamentary and other Expenses
had been paid, the Estate consisted as follows:--
£6,000 2-3/4% Annuities at 76-5/8.
£2,000 Swansea Corporation 3% Stock at 83 (Interest payable 1st
January and 1st July).
£6,000 London and North Western Consolidated 4% Stock at 103
(Dividends payable 15th February and 15th August).
1,000 Birmingham Small Arms Cum. 5% Preference Shares of £5 each at
£5-1/4 (Dividends payable 1st March and 1st September).
£5,000 British Westinghouse 4% Debenture Stock at 63 (Interest
payable 1st January and 1st July).
Mr. Solfar made during his lifetime advances of £500 to each of his
Sons, which at his death were brought into Hotchpot, and interest charged
thereon at 5% per annum. He directed his Estate to be left in Trust, the
Income to be applied, first in payment of £75 a quarter to Mrs. Solfar,
and the balance to be distributed half-yearly in equal shares to Matthew,
Mark and Mary.
Write up the books of the Trust, ignoring Income Tax, for the year ending
31st March, 1914, the balance of Income in hand on 1st April, 1913 (after
making all necessary payments to the beneficiaries) being £12 0s. 0d.
[Illustration: Mr. Hopkins' bodyguard, The Pride of Bristol.]
PROBLEM No. 15.
The life of Hezekiah Hopkins had been a warning rather than an example
to others, and the administration of his affairs at death caused his
Executors and Trustees to use words which are only permissible amongst
gentlemen when the ladies have withdrawn from the dinner table.
Mr. Hopkins died on the 25th June, 1913.
His Will had been proved, Estate Duty and Legacy Duty had been paid, but
the Trust could not be closed owing to the fact that the Residuary Estate
had been left to Nathaniel Hopkins, a nephew, for life with remainder
over to the said Nathaniel's eldest god-son Walter Blackside, subject to
an annuity of £200 which the Testator had covenanted to pay to the "Pride
of Bristol," a prize fighter, who had acted as bodyguard to Mr. Hopkins
during that gentleman's earthly peregrinations.