Answered step by step
Verified Expert Solution
Question
1 Approved Answer
On 2 April 2022, SA Attorneys decided to invest R90 000 of trust money, not immediately needed, in a special savings account at SA Bank
On 2 April 2022, SA Attorneys decided to invest R90 000 of trust money, not immediately needed, in a special savings account at SA Bank to earn interest until the end of May 2022. All the investments were made in terms of section 86 of the Legal Practice Act 28 of 2014. SA Attorneys redeemed the trust investment made on 3 May 2022 and received R95 600, which was then paid into the trust bank account. No payments have been made to the beneficiaries yet. What portion of the interest received on the above transaction should be transferred to the Legal Practitioners Fidelity Fund
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started