(6) The Professional Accountant's fee for writing up the books from the 22nd September, 1913, to 14th July, 1914, and making the necessary adjustments was agreed at 100 guineas, and this fee was to be apportioned between Mr. Gunter and the Estate of Mrs. Wiggins deceased equally.
Write up the Accounts for the period, making the necessary adjustments, and prepare Balance Sheet dated 14th July, 1914, showing the amount due.
PROBLEM No. 17.
Mr. Montagu Summers had a conscientious objection to the Income Tax, and a positive loathing of the Super-Tax, and the trouble lay in the fact that he had amassed a considerable fortune in the City of London.
Something had to be done, however, to relieve Mr. Summers of a portion of this scandalous taxation, and so, converting as much of his property into cash as he could spare, he invested the same in various ways in other countries.
He bought Russian 41⁄2% Bonds in Holland of the nominal value of 200,000 Guilders, and a Freehold Farm near Amsterdam, which cost in English money about £8,000.
He bought Freehold Land in Canada, for which he paid £80,000, and deposited with the Calgary Investment &Security Trust $300,000 at 5%.