Respuestas
FAC1503 - Financial Accounting Principles for Law Practitioners Assignment 2 semester 2 2020
- Grado
- Institución
fac1503 second semester second 2 2020
[Mostrar más]Vista previa 1 fuera de 7 páginas
Vista previa 1 fuera de 7 páginas
Añadir al carrito
Añadir al carrito
Vendedor
Seguir
Lazie10
Comentarios recibidos
Vista previa del contenido
Assignment 02 FAC1503Unique no 571826
Semester 2 2020
ASSIGNMENT 02 – SEMESTER 2
1. Question 1
Which one of the following statements is not correct?
1. Trust money cannot be deposited directly into a trust investment account.
2. The attorney’s practice may open as many trust investment accounts as is
necessary.
3. The practitioner can levy fees once his/her obligation to the client has been
met in full.
4. The attorney’s practice must keep two sets of accounting records, one for
the business and one for the trust.
5. Trust money may be used to pay for the attorney’s practice’s expenses when
the business bank account does not have sufficient funds.
The following information pertains to questions 2, 3 and 4:
2. A client of Dlamini Attorneys, Mr Maxi, is in the process of purchasing a
house from Mr March. Mr Maxi has a credit balance of R22 000 on his trust
creditor account at 30 June 2019. All trust funds are deposited for the covering
of a deposit payable to Mr March on the purchase of the house. The client
account of Mr Maxi reflects a debit balance of R1 000 for postage and petties
incurred on behalf of the client. Dlamini Attorneys issued an
interim/provisional invoice to Mr Maxi for fees of R8 000 at the end of June
2019, before any transfer of funds.
What is the amount that needs to be at 30 June 2019?
1. R1 000 (transfer to business bank account)
2. R9 000 (transfer to business bank account)
Los beneficios de comprar resúmenes en Stuvia estan en línea:
Garantiza la calidad de los comentarios
Compradores de Stuvia evaluaron más de 700.000 resúmenes. Así estas seguro que compras los mejores documentos!
Compra fácil y rápido
Puedes pagar rápidamente y en una vez con iDeal, tarjeta de crédito o con tu crédito de Stuvia. Sin tener que hacerte miembro.
Enfócate en lo más importante
Tus compañeros escriben los resúmenes. Por eso tienes la seguridad que tienes un resumen actual y confiable. Así llegas a la conclusión rapidamente!
Preguntas frecuentes
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.
100% de satisfacción garantizada: ¿Cómo funciona?
Nuestra garantía de satisfacción le asegura que siempre encontrará un documento de estudio a tu medida. Tu rellenas un formulario y nuestro equipo de atención al cliente se encarga del resto.
Who am I buying this summary from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Lazie10. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy this summary for 2,68 €. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
45,681 summaries were sold in the last 30 days
Founded in 2010, the go-to place to buy summaries for 14 years now