Exam (elaborations)
TAX3703 ASSIGNMENT 2 OF 2021
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Guranteed distinction
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TAX 3703 Norm assignment 2 R1 Heading
First and final liquidation and distribution account of the late Lucas Mabede
(ID 680905 0012 08 6) who is married out of community of property to Pam Madebe (ID 7210305166 08)
residing at 38 Hummingbird Avenue, Green Heights, Johannesburg. The deceased died on 26 January 2021.
Master’s reference number 198/2021.
2 Liquidation account
Assets reduced to cash R 1 625 500,00
Antiques and paintings R 650 000,00
Fixed deposit 503010-1620+110 R 501 500,00
shares in Ace Tech (Pty) Ltd 60000*7,9 R 474 000,00
Assets not reducced to cash R 6 875 000,00
Stand 2100 Residential home R 3 200 000,00
Farm Grootfontein R 1 800 000,00
Motor vehicle R 780 000,00
Computers and computer equipment R 35 000,00
Furniture and household effects R 1 060 000,00
Total assets R 8 500 500,00
Liabilities R 678 796,50
Valuation fees R 6 000,00
Transfer costs R 21 333,00
Funeral costs R 53 000,00
Advertising R 186,00
Mortgage bond costs R 198 000,00
SARS income tax liability R 136 150,00
Executors remuneration 0,035*7546500 R 264 127,50
Estate duty R -
Amount available for distribution R 7 821 703,50
3 Distribution account
Amount available for distribution R 7 821 703,50
Assets distributable to Pam Madebe R 4 410 000,00
Stand 2100 Residential home R 3 200 000,00
Furniture and household effects R 1 060 000,00
Cash legacy R 150 000,00
Assets distributable to Kagiso Madebe R 2 615 000,00
Farm Grootfontein R 1 800 000,00
Motor vehicle R 780 000,00
Computers and computer equipment R 35 000,00
Assets distributable to Vinnie McCarthy
Residue R 796 703,50
R 7 821 703,50
4 Recapitulation account
Cash available for distribution- please refer to the Liquid account R 1 625 500,00
Less liabilities-please refer to the liquidation account R 678 796,50
Cash available for distribution- please refer to the Liquid acc R 946 703,50
5 Income and expenditure account
Income R 40 620,00
Interest R 1 620,00
Dividends 0,65*60000 R 39 000,00
Expenses R 2 547,20
Bank charges R 110,00
Executors remuneration 0,06*40620 R 2 437,20
Net income R 38 072,80
6 Fiduciary assets
There are no fiduciary assets to account for
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