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What is the accounting entry for booking homeowners association restricted reserves?
Wiki User
∙ 7y ago
Read your governing documents to determine how 'restricted reserves' are treated as accounts.
Often, and state laws can dictate -- that 'restricted reserves' are mandated to be kept in separate accounts, in a bank, for example. Whether these are 'maintenance reserves' , 'capital reserves' or 'insurance deductible reserves', your chart of accounts should differentiate (each of) them from the association's operating account.
Wiki User
∙ 7y ago
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Do you have to have your house inspected to get homeowners insurance?
The insurance company reserves that right.
What is difference between legal and statutory reserves?
Answer: legal and statutory reserves There is no difference. Both legal and statutory reserves are reserves that must be maintained by law. The previous answer ("Legal reserves are stipulated by law, while statutory reserves are determined in the Articles of Association (the Statute of a company)") is incorrect: the primary meaning of 'statutes' is 'enacted laws'
What is the accounting treatment when partner do not want to show reserve in the accounting books?
One proposed treatment is as follows: [Debit]Reserves xxxx [Credit] partner's capital account xxxx
Successful-efforts method of accounting?
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What has the author Veijo Riistama written?
Veijo Riistama has written: 'Inflaatiovaraus' -- subject(s): Accounting, Corporate profits, Effect of inflation on, Industrial management, Mathematical models, Reserves (Accounting)
Is it legal to assess to rebuild reserves in a condo association?
Yes, it is legal to assess monies for reserves; a special assessment may be required.You can read your state condominium law covering reserve accounts, and then read your governing documents concerning assessments and special assessments.Apparently, your association had reserves funded at some level, then either spent the reserve dollars for their intended purpose, or borrowed from the reserves fund.When reserves are spent for their intended purpose, the level of annual funding anticipates the useful life of the assets being saved for. For example: when the assets' replacement exceeds the amount of funding available, the next year's assessments will probably show an increase in reserve funding, so that the next component to be replaced can be fully funded.When the board borrows against reserves, usually a repayment plan and schedule are required by state law, so that reserves are maintained at appropriate levels.It's impossible to tell from your question how the reserves were spent.You are owed an explanation from your board so that you understand the assessment being levied against your unit.
What are the estimated reserves?
Not sure if this is a math/ statistics question. Reserves are assets you hold, but are not using immediately. There are oil reserves, mineral reserves (like gold reserves) and cash reserves. I think you need to rephrase the question for a proper answer.
What is minimal reserves in the Illinois condominium law?
In Illinois condominium law, minimal reserves refer to the minimum amount of funds that a condominium association must set aside and maintain in reserve for major repairs or replacements of the common elements of the property. These reserves are established to ensure that the association has adequate funds to cover future capital expenditures and prevent the need for special assessments on unit owners. The amount of minimal reserves required can vary depending on the size and age of the condominium property.
How are proved reserves and potential reserves used to estimate the remaining amount of fossil fuels?
Proven reserves are reserves we know about, potential reserves are those we suspect are present in certain geological formations. The combination of the two along with the estimated size of these reserves gives us the estimated total reserves.
Right of first refusal for condominium association sample?
This right is documented in your governing documents, because each situation is unique. Essentially, it means that should you decide to sell your unit, the association reserves the right to purchase it, and if it refuses -- by right of first refusal -- to buy it, you can sell it on the open market.
What are proven reserves?
What are proven-in-place reserves
Is there more known coal reserves in Illinois than oil reserves?
more oil reserves
