Investment Research Associates - Page 106




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         increasing the receivables due to IRA from the Bea Ritch Trusts              
         by $500,000; (2) decreasing IRA's outstanding receivables due                
         from HELO by $701,200; (3) eliminating HELO's $95,000 receivables            
         from Lisle's Basking Ridge Trust and $106,200 from Ballard's                 
         Summit Trust; and (4) creating IRA receivables of $95,000 from               
         the Basking Ridge Trusts and $106,200 from the Summit Trust.                 
         IRA's general ledger and adjusting journal entries reflected the             
         effect of the transfers on receivables owed to it as follows:                

                               HELO Receivables Owed to IRA                           

          1983   Beginning balance                            $1,189,900              
                 Loan repymt from HELO                            (11,200)            
                 Part. loan repymt HELO                              (900)            
                 Repymt frm HELO via BRT1                        (500,000)            
                 Lns Bask Rg & Summit via HELO                   (201,200)            
                 Ln fm FIN Acq. via HELO                           33,500             
                 Ending balance                                   510,100             
              1 No actual payment was made.  Instead the receivable due               
         from Bea Ritch Trusts was increased by $500,000.                             

                            Summit Trust Receivables Owed to IRA                      

          1983    Beg. balance                                        -0-             
                  Ln rpymt from Summit                           ($10,100)            
                  Lns BSK RG & SMT via HELO                       106,200             
                  Asgn SMT & BSK RG to IFI                        (96,100)            
                  Ending balance                                      -0-             
                        Basking Ridge Trust Receivables Owed to IRA                   

          1983    Beg. balance                                        -0-             
                  Ln rpymt Frm Bask Rdg                          ($10,300)            
                  Lns BSK RG & SMt via HELO                        95,000             
                  Asgn SMT & BSK RT to IFI                        (84,700)            
                  Ending balance                                      -0-             






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Last modified: May 25, 2011