Legal Question in Wills and Trusts in Virginia

I am doing an estate accounting with the help of an attorney but we have a problem that we cannot solve. An initial accounting has been submitted and reviewed by the state of Virginia. The commissioner of the court said that an error was made in recording an asset which was sold. The asset was recorded in initial assets and as a gain on assets(i sold it for more than it was initially valued). It was also recorded under receipts as a deposit when the proceed funds were deposited(incorrectly according to the commissioner).

My problem is that when i remove the $12,000 receipt as requested by the commissioner it throws my balance off by that amount.

Is there another line where this deposit amount can be shown and i can balance the accounting sheet? Maybe adjustments or losses on assets sold?

please advise. (the commissioner i am dealing with does not believe in phones or email, yeah you heard me right so I am on my own unless i write a letter and wait for her response-in which case i will probably be late in submitting my accounting.) please help


Asked on 7/23/12, 6:56 pm

1 Answer from Attorneys
Paul B. Ward Law Offices of Paul B. Ward

Think of the problem as an estate with only one asset, the one that was sold. The initial inventory lists that asset at it's date of death value, say $100. When it is sold for $150, the accounting shows beginning inventory of $100, a gain on assets sold of $50, ending assets on hand of $150. The asset itself is no longer on the ending asset inventory; it's been replaced by the cash which represents its initial value plus the cash representing the gain received in sale.

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Answered on 7/24/12, 5:07 am


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