FAC1503 Assignment 5 (COMPLETE ANSWERS) Semester 2 2024 - DUE 17 October 2024; 100% TRUSTED Complete, trusted solutions and explanations. For assistance, Whats-App 0.6.7-1.7.1-1.7.3.9. Ensure your success with us...
Terms of use
By making use of this document you agree to:
• Use this document as a guide for learning, comparison and reference purpose,
• Not to duplicate, reproduce and/or misrepresent the contents of this document as your own work,
• Fully accept the consequences should you plagiarise or misuse this document.
Disclaimer
Extreme care has been used to create this document, however the contents are provided “as is” without
any representations or warranties, express or implied. The author assumes no liability as a result of
reliance and use of the contents of this document. This document is to be used for comparison, research
and reference purposes ONLY. No part of this document may be reproduced, resold or transmitted in any
form or by any means.
, FAC1503-24-S2 FAC1503 - Financial Accounting Principles for Law Practitioners Assessment 5
QUIZ
Time left 0:36:43
Question 2
Answer saved
Marked out of 1.00
Calculate the amount payable if equipment to the amount of R7 400 (VAT exclusive) was purchased by a business registered
as a VAT vendor:
Instructions for numeric response:
1. Please round your answer to the nearest rand (eg: 1000)
2. Only show the amount, do not show the "R" (eg: 1000)
Answer: 8510.00
Question 3
Answer saved
Marked out of 1.00
A favourable bank balance will be classified as a liability.
Select one:
True
False
,Question 4
Answer saved
Marked out of 1.00
Mr A South requested SA Attorneys to draw up his will. On 30 March 2022, after completion of the task, SA Attorneys levied
fees to the amount of R2 000 and issued the necessary supporting documents for the recording of the transaction. On 6 April
2022, Mr A South directly deposited the amount of R2 000 into the bank account of SA Attorneys. The transaction on 6 April
2022 will be entered in the .... book of first entry.
Select one:
a. Trust cash receipts journal
b. Fees journal
c. General journal
d. Business cash receipts journal
Clear my choice
Question 5
Answer saved
Marked out of 1.00
Which one of the following statements is incorrect?
Select one:
a. No legal practitioner referred to in section 84(1) of the Legal Practice Act, 28 of 2014 or person employed or
supervised by that legal practitioner may receive or hold funds or property belonging to any person unless the legal
practitioner concerned is in possession of a Legal Practitioners Fidelity Fund (LPFF) certificate.
b. The provisions of section 84(1) and section 84(2) of the Legal Practice Act, 28 of 2014 apply to a deposit taken on
account of fees or disbursements in respect of legal services to be rendered.
c. Every legal practitioner referred to in section 84(1) of the Legal Practice Act, 28 of 2014 may choose to operate a
trust account or not.
d. Every attorney or any advocate referred to in section 34(2)(b) of the LPA, who practices or is deemed to practice for
his or her own account either alone or in partnership; or as a director of a practice which is a juristic entity, must be in
possession of a Legal Practitioners Fidelity Fund certificate.
Clear my choice
, Question 6
Answer saved
Marked out of 3.00
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 Clients control account?
Select one:
a. Clients control account
2022 R 2022 R
31/05 Trust bank TCRJ 216 830 31/05 Trust bank TCRJ 231 000
C Natal (client) GJ1 19 110 West Attorneys TJ1 4 940
(Trust creditor)
235 940 235 940
b. Clients control account
2022 R 2022 R
31/05 C Natal (trust GJ1 231 000 31/05 Trust bank TCRJ 216 830
creditor)
West Attorneys C Natal (client) GJ1 19 110
(Trust creditor) TJ1 4 940
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through EFT, credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying this summary from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller iStudy. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy this summary for R50,00. You're not tied to anything after your purchase.
