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LAWP3AP Accounting for Legal Practice
Task
Accounting For Legal Practice.
1a. You receive R 500 000 from Mr. Green to be held in trust pending the happening of a future event. You are authorized to invest the money on his behalf in Bank A.
b. Mr. Green later instructs you to withdraw R 100 000 and pay counsel R 75 000.
c. You receive R 1 950 000 from Mrs. Purchaser being the purchase price of a property she purchased.
d. She instructs you to invest the purchase price on her behalf in Bank B.
e. You receive various amounts totalling R 2 000 000 from a number of clients in Trust. You decide to invest R 1 000 000 with Bank C.
f. You receive a further R 150 000 from the purchaser in respect of the Proforma costs of transfer. You pay Transfer Duty of R 48 250.
g. You withdraw R 750 000 of the investment in Bank C. You receive interest of R 5000 which you pay to the beneficiary.
h. You receive R 350 000 from Mr. White. You are instructed to purchase a unit trust with Old Mutual to the value of R 100 000.
i. White Instructs you to sell the Unit Trust. You receive R 115 000 from Old Mutual.
Requirements:
(a) Record all the above transactions in your Trust Cash Book and Trust Ledger Accounts.
(b) Extract a List of Trust Balances as required by the rules of the Legal Practice Council.
(c) Indicate whether you have sufficient funds in your Trust Accounts to cover Trust
LAWP3AP Accounting for Legal Practice
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