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FAC1503 ASSIGNMENT 5 FOR 2024
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FAC1503 ASSIGNMENT 5 FOR 2024. Kindly be advised that the questions may differ and therefore you can use this document as a guideline.
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FAC1503ASSIGNMENT 5 FOR 2024
FEND TUTORIALS
,Question 2
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Which one of the following types of instructions involves trust monies?
Select one:
a.
The collection of child maintenance
b.
The registration of a company
c.
The registration of patents
d.
The settlement of a divorce case
Clear my choice
Question 3
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For section 86(4) of the LPA, the LPA do not require that the bank statements be endorsed. This is
one difference between section 86(3) and section 86(4) investments.
Select one:
Whatsapp Marlvin @ +2763 173 8181
, True
False
Question 4
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The senior partner in the legal firm, SA Attorneys, instructed A South from West Attorneys to act on his
behalf in the matter between C Natal and E North. C Natal instituted a claim against E North for damages
incurred in an accident due to negligent driving. However, before the case served before the court, the
parties settled on an amount of R231 000 payable by E North to C Natal. E North immediately paid the
amount into the trust bank account of West Attorneys.
SA Attorneys received the following statement from West Attorneys at 31 May 2022:
Account statement
WEST ATTORNEYS
SA ATTORNEYS
PO Box 4000 PO Box 253
DURBAN MBOPANE
31 May 2022
R R
Collection of settlement amount – C Natal vs E North 231 000
Fees for receiving instruction 12 900
Correspondence 920
Expert witness fees – Dr East 3 500
Medical records obtained 790
Subtotal 18 110
Collection fees 1 000
Your share of fees (allowance) 4 940
Electronic fund transfer to yourself 216 830
235 940 235 940
Which one of the following represents the correct recording of the above information in
the general ledger of SA Attorneys for the Trust bank account?
Whatsapp Marlvin @ +2763 173 8181
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