legal accounting will be required

account PART B 120 SMN Attorneys policy is to bank all receipts in its Trust bank account and at the end of each month the bookkeeper transfers the relevant funds due to SMN Attorneys from the trust to the business You represent Mrs Ngobeni in numerous legal matters. She is in the process of a divorte and also Instructs you to prepare a sale agreement in which she sells a property to Miss Tiger for 1 millon You act for Miss Tiger. The agreement makes provision for a deposit of 10% to be held in the trust pending transfer and balance of R900 000 to be secured by a mortgage bond from Virtual Bank. The purchaser will pay for transfer costs as well as bond costs. a Miss Tiger authorizes you to invest the deposit in an interest bearing account The following transactions took place during the month of October 2019 The parties sign the agreement & Miss Tiger gives you cheques for R100 000 & R25 000 for the deposit and proforma (transfer & band) costs respectively. 1 2 Received R 15 000 from Mrs Ngobeni as a deposit towards trees) the cost of her divorce proceedings, which she asked SMN Attorneys to institute on her behalf. 7 8 15 SMN pays counsel R 10 000 in respect of consultations that Mrs Ngoberi had with counsel and charges Mrs Ngabeni R5 000 in legal fees. R20 000 transfer duty is paid Investec Bank advises you that Miss Tigers cheque of R25 000 was dishonoured. Miss Tiger pays you R25 000 in cash Investec Bank gives you a R900 000 guarantee. The property is transferred. On closing the Investment account, Investec pays out interest of R1 500. The fees due to SMN Attorneys is R 6000. The bookkeeper transfers all monies entitled to the practice for the services rendered during the month 30 31 REQUIRED (10) [7] [3] 1. 2. 3. Prepare the Trust & Business Bank Accounts Prepare the Trust Account of Miss Tiger & Mrs Ngobeni Prepare the Section 78(2A) Account account PART B 120 SMN Attorneys policy is to bank all receipts in its Trust bank account and at the end of each month the bookkeeper transfers the relevant funds due to SMN Attorneys from the trust to the business You represent Mrs Ngobeni in numerous legal matters. She is in the process of a divorte and also Instructs you to prepare a sale agreement in which she sells a property to Miss Tiger for 1 millon You act for Miss Tiger. The agreement makes provision for a deposit of 10% to be held in the trust pending transfer and balance of R900 000 to be secured by a mortgage bond from Virtual Bank. The purchaser will pay for transfer costs as well as bond costs. a Miss Tiger authorizes you to invest the deposit in an interest bearing account The following transactions took place during the month of October 2019 The parties sign the agreement & Miss Tiger gives you cheques for R100 000 & R25 000 for the deposit and proforma (transfer & band) costs respectively. 1 2 Received R 15 000 from Mrs Ngobeni as a deposit towards trees) the cost of her divorce proceedings, which she asked SMN Attorneys to institute on her behalf. 7 8 15 SMN pays counsel R 10 000 in respect of consultations that Mrs Ngoberi had with counsel and charges Mrs Ngabeni R5 000 in legal fees. R20 000 transfer duty is paid Investec Bank advises you that Miss Tigers cheque of R25 000 was dishonoured. Miss Tiger pays you R25 000 in cash Investec Bank gives you a R900 000 guarantee. The property is transferred. On closing the Investment account, Investec pays out interest of R1 500. The fees due to SMN Attorneys is R 6000. The bookkeeper transfers all monies entitled to the practice for the services rendered during the month 30 31 REQUIRED (10) [7] [3] 1. 2. 3. Prepare the Trust & Business Bank Accounts Prepare the Trust Account of Miss Tiger & Mrs Ngobeni Prepare the Section 78(2A) Account