Summary
LPC Solicitors' Accounts SUMMARY TABLE (HIGH DISTINCTION - 95%) BPP
- Module
- Solicitor Accounts
LPC Solicitors' Accounts Summary Table containing ALL the transactions you'll need for the exam *PERFECT FOR LAST MINUTE REVISION*
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1 review
By: KP2020 • 2 year ago
Very helpful quick view table, like a flash card reference, i used it with my other notes and helped organise and breakdown the concept
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FINANCIAL (BASIC) TRANSACTIONS PAY MONEY INTO CLIENT ACCOUNT (on account CR Client Ledger
of costs) DR Client Cash
PAY MONEY OUT OF CLIENT ACCOUNT (client DR Client Ledger
pays) CR Client Cash
TRANSFER OF MONEY FROM FIRM’S CLIENT DR Client Ledger
ACCOUNT TO FIRM’S OFFICE ACCOUNT CR Client Cash
CR Office Ledger
DR Office Cash
RECORD A BILL OF COSTS (bill of costs delivered DR Office Ledger
to client) CR Profit Costs
SOLICITOR RECEIVES MIXED CHEQUE (check IMMEDIATELY SPLITTING THE MONEY:
from client, in which paying some into client + CR Office Ledger
office account – Rule 4.2) DR Office Cash
CR Client Ledger
DR Client Cash
PAYS ALL INTO CLIENT ACCOUNT + THEN SPLITS:
CR Client Ledger
DR Client Cash
DR Client Ledger
CR Client Cash
CR Office Ledger
DR Office Cash
BILL OF COSTS PAID DIRECTLY BY CLIENT (to CR Office Ledger
settle a bill of costs) DR Office Cash
IF MONEY REMAINING IN PAYING BILL OF CR Office Ledger
COSTS (allocate bill of costs + keep rest in client DR Office Cash
account)
CR Client Ledger
DR Client Cash
IF MONEY NEEDED/ASKED TO SETTLE REST OF CR Office Ledger
BILL OF COSTS (settle the bill of costs in full by DR Office Cash
solicitor )
IF MONEY NEEDED/ASKED TO SETTLE REST OF DR Client Ledger
BILL OF COSTS (e.g., allowed by client to CR Client Cash
transfer from client account funds to settle bill
in full) CR Office Ledger
DR Office Cash
RECORDINGS PAYMENT OF MONEY BY DR Client Ledger
SOLICITOR TO CLIENT (send cheque to client) CR Client Cash
SOLICITOR PAYS ANOTHER FIRM ON BEHALF OF DR Office Ledger
CLIENT (in respect of work carried out on behalf CR Office Cash
of client)
RECORDINGS PAYMENT OF MONEY BY CLIENT CR Client Ledger
TO SOLICITOR (e.g., using money to pay DR Client Cash
property deposit)
, DISBURSEMENTS PAID BY SOLICITOR (e.g., Land IF MONEY IN CLIENT ACCOUNT:
Registry, surveyor fees, pay on behalf of client – DR Client Ledger
CHECK FIRST if money in client ledger) CR Client Cash
IF NO MONEY IN CLIENT ACCOUNT:
DR Office Ledger
CR Office Cash
REPAYMENT OF DISBURSEMENTS (e.g., sends IF </= AMOUNT REQUIRED:
cheque for money owed by client) – BEWARE CR Office Ledger
OF INSTRUCTIONS TO DO OTHERWISE (e.g., firm DR Officer Cash
elects to pay whole money into client account)
IF > AMOUNT REQUIRED: (can do SPLIT payment)
CR Office Ledger (for covering disbursement)
DR Office Cash
CR Client Ledger (for the remaining)
DR Client Cash
PETTY CASH: MONEY WITHDRAWN (withdrawn CR Office Cash
as petty cash) DR Petty Cash
PETTY CASH (when using for one of clients) DR Office Ledger
CR Petty Cash
CHEQUE RECEIVED FROM FIRM/SOLICITORS NO DR/CR ENTRIES
MADE PAYABLE TO CLIENT (made payable to Make note in ‘Details’ column of Client Ledger – cheque
your client) has been received + passed to client
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