Straightforward discretionary trust accounts
I am preparing the trust accounts for a discretionary trust with few transactions in the year, namely:
- the purchase and sale of equities
- fund management fees
- payments of tax in the period
- accountancy fees
- dividends received
Can someone please provide some guidance on which accounts these transactions are related to, i.e. the capital or income account? I can reconcile the balance sheet in total but am struggling to find definitive answers regarding the split of the capital and income accounts.
Any pointers would be gratefully appreciated.