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The following information was obtained from the accounting records of SA Attorneys: On 1 April 2022, A South, a client of the practice, handed a
The following information was obtained from the accounting records of SA Attorneys: On 1 April 2022, A South, a client of the practice, handed a cheque to the amount of R100 000 to Mr Africa and requested him to invest the money in a fixed deposit account at ABC Bank until the money is paid over for a property transaction. Which one of the following statements is incorrect for the above type of investment? Select one: a. When the invested money is withdrawn from the trust investment account it is deposited back into the trust bank account. b. A percentage of the trust interest earned will be paid monthly to the Legal Practitioners Fidelity
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