£5,000 India 3% quoted at 75-3/8-7/8.
10,000 Ordinary Shares of £1 each in the Improved Pork Pie Factory,
Ltd., valued at 25/- per share.
£4,000 Mortgage at 4-1/2% on the farm known as "Little Watchem,"
interest payable 30th September and 31st March, paid to 30th
September, 1913.
Cash in the house, £15.
Cash at the Bank £355 on Current Account and £2,000 on deposit at
3%, interest payable 30th June and 31st December.
£5,000 Policy in the Live Stock Breeders' Mutual Assurance Society,
upon which the Bonus at the date of death amounted to £190.
Household Goods, Horses, and Motor Car, £3,500.
Implements of Husbandry, £150.
The Freehold Estate, comprising Mansion House, Park, and Home
Farm known as "The Piggeries," valued at £15,000, subject to a
Mortgage of £10,000 at 4-1/2%, interest payable 30th November
and 31st May, paid to 30th November, 1913.
He was also life tenant of Real Property producing £3,000 per
annum, in respect of which there was income accrued due but not
received prior to death amounting to £900.
By his Will he left the following bequests:
£1,000 in trust to the President for the time being of the Royal
Society for the Propagation and Improvement of Pigs, to be
invested and the interest awarded annually in prizes for the
best sucking pigs.
£100 to the Perennial Society of Whole Hoggers, of the local branch
of which he was the esteemed and Honorary President; and
His famous White Sow, known as the "Soworthy Sow," to his lifelong
friend the celebrated judge of pigs, Mr. Anthony Golightly
Wackenbath.
The prize pigs were directed to be sold and realised £2,690. The
collection of silver salt-cellars was bequeathed to the Victoria and
Albert Museum on condition that it should be shown as a whole and named
the Soworthy Collection. This bequest was accepted.
[Illustration: "His famous White Sow, known as the 'Soworthy Sow.'"]
The debts due at death amounted to £215, and the funeral expenses to £45.
Within a week of the funeral the famous Soworthy Sow died in giving
birth to a fine litter of ten little pigs, two of which unfortunately
pre-deceased their Mother. The result of this event had been awaited
before sending the Sow to Mr. Wackenbath, who was thus deprived of this
mark of the deceased gentleman's affection. The value of the Sow alive
had been £50, but dead she was not worth more than £3 10s. 0d., while
the litter, whose father was the same Berkshire Boar that had been the
unwitting cause of Mr. Soworthy's death, were worth £2 a-piece.
* * * * *
Prepare the Estate Duty Account, the affidavit being brought in on the
31st March, 1914. Show the amount of duty and interest payable.
PROBLEM No. 33.
Referring to the preceding Problem, all bequests were left free of duty
and the residue of the estate was left in equal shares to Mr. Soworthy's
grand-daughter, his brother, and his adopted son.
The India Stock was sold on the 25th March, 1914, at 77; the Shares in
the Improved Pork Pie Factory, Ltd., realised 24/- per share net on the
25th May, 1914, after receipt on the 1st May of a Final Dividend of 1/-
per Share paid in respect of the year ending 31st March, 1914, an interim
dividend of 6d. per share having been received by Mr. Soworthy prior to
his decease.
The Mortgage on "Little Watchem" Farm was called in and paid off on
the 30th June, 1914, while "The Piggeries" was directed to be sold and
realised £14,500 after payment of all expenses, completion being made on
31st May.
The household goods and implements of husbandry were sold at the same time
and produced £3,000 and £120 respectively.
The Policy money with bonus was received on February 25th and the proceeds
of the sale of pigs on March 5th, while the income from the Real Estate
was received on February 10th.
Estate and Legacy Duties were paid on March 31st, and the debts, funeral
expenses and legacies were also paid on the same date. Executorship
expenses amounting to £250 were paid on June 14th.
On the last day of each month such portion of the cash balance as was
available in round thousands was placed on deposit at 3%.
* * * * *
Prepare Residuary Account as at June 30th, 1914, and state the duties
payable on the Residue.
PROBLEM No. 34.
Referring to the two preceding Problems, prepare an Account to be rendered
by the Executors to the Residuary Beneficiaries, showing the realisation
and distribution of the Estate, the final payment to the Residuary
Beneficiaries taking place on July 1st, 1914.
PROBLEM No. 35.
To anyone not in the secret, the conduct of Mr. Pipkin would appear
inexplicable, for on March 3rd, 1914, he very deliberately entered a
Tobacconist's shop, ordered a threepenny cigar, and afterwards resigned
his position as Assistant Book-keeper in Messrs. Macfarlane's Grocery
Establishment.
The secret, however, lay in the fact that Mrs. Pipkin had come into money,
and Mr. Pipkin very naturally felt himself independent of other people
and yearned for the ease and comfort appertaining to the position of a
retired gentleman of means.
Mrs. Pipkin's fortune consisted of a life interest in the Property left
by Mr. Austen Friars, who died on the 28th February, 1914.