- Study guides, Class notes & Summaries

Solicitor’s Accounts Exam Information ⇒ 4 sections in 2 hours o Client ledgers (property, probate, sale of business, litigation matter) – more than one client in exam: how many clients? ▪ Use pencil in exam o Written questions on the Rules – 64 marks with above o Financial Statement (in the context of property transaction) – 16 marks ▪ Use pencil in exam o 5 MCQ’s - 20 marks ▪ Be aware of ‘must, never and always’ as some rules have exceptions Categories of Money ...

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9 pages

Written in 2022/2023

Grade A+

UNLIMITEDPAPERS

Solicitors accountsSolicitors accountsSolicitors accountsSolicitors accountsSolicitors accountsSolicitors accountsSolicitors accountsSolicitors accountsSolicitors accountsv

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9 pages

Written in 2024/2025

Grade A+

Creativepdf

Solicitors Accounts Exam 2025

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3 pages

Written in 2024/2025

Grade A+

cherrygracious

Solicitors Accounts Solicitors Accounts Solicitors Accounts Solicitors Accounts Solicitors Accounts Solicitors Accounts Solicitors Accounts Solicitors Accounts Solicitors Accounts Solicitors Accounts Solicitors Accounts Solicitors Accounts Solicitors Accounts Solicitors Accounts Solicitors Accounts

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8 pages

Written in 2024/2025

Grade A+

tutor1

Solicitors Accounts Solicitors Accounts Solicitors Accounts Solicitors Accounts Solicitors Accounts Solicitors Accounts Solicitors Accounts Solicitors Accounts Solicitors Accounts Solicitors Accounts Solicitors Accounts Solicitors Accounts Solicitors Accounts Solicitors Accounts Solicitors Accounts Solicitors Accounts

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6 pages

Written in 2024/2025

Grade A+

tutor1

Solicitors accountsSolicitors accountsSolicitors accountsSolicitors accountsSolicitors accountsSolicitors accountsSolicitors accountsSolicitors accountsSolicitors accountsSolicitors accountsSolicitors accountsSolicitors accountsSolicitors accounts

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9 pages

Written in 2024/2025

Grade A+

tutor1

Solicitors AccountsSolicitors AccountsSolicitors AccountsSolicitors AccountsSolicitors AccountsSolicitors AccountsSolicitors Accounts

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9 pages

Written in 2024/2025

Grade A+

Creativepdf

Solicitors AccountsSolicitors AccountsSolicitors AccountsSolicitors AccountsSolicitors AccountsSolicitors AccountsSolicitors AccountsSolicitors AccountsSolicitors AccountsSolicitors AccountsSolicitors AccountsSolicitors AccountsSolicitors AccountsSolicitors AccountsSolicitors AccountsSolicitors AccountsSolicitors AccountsSolicitors AccountsSolicitors AccountsSolicitors AccountsSolicitors AccountsSolicitors Accounts

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6 pages

Written in 2024/2025

Grade A+

Creativepdf

Client or office money? Money held to sender's order where sender is not a client of the firm. - Client money. See r12.1 Client or office money? Money held or received as stakeholder, where firm is conducting a transaction for a principal of the firm. - Client money. Stakeholder money is always client money. See r12.2(b) Client or office money? Money received for any paid disbursement. - Office money. Doesn't matter what the nature of the disbursement is. See r12.7(c)(ii) Client or offic...

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5 pages

Written in 2023/2024

Grade A+

AmazingGrace

Solicitors Accounts Package |Questions With Correct Answers|

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4 items

cracker

What is client money? CORRECT ANSWER Money received by you relating to regulated services by you to a client, on behalf of a 3rd party in relation to the regulated services If a client has not yet been billed but you receive money from them, which account does it go into? CORRECT ANSWER The client bank account Money coming INTO the firm for a client, is recorded how? CORRECT ANSWER As a CREDIT in their Credit ledger and DEBIT in the cash account Money LEAVING the firm, is owed to it by ...

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15 pages

Written in 2022/2023

Grade A+

cracker

12.8 CORRECT ANSWER Money held or received on behalf of the principal is office money 12.8(b) CORRECT ANSWER If partner buying jointly with spouse then client account 12.8(a) CORRECT ANSWER If partner buying using mortgage and firm instructed by mortgage lender then client account 12.8(c) CORRECT ANSWER If partner acting for employee then client account Money received from client on account of costs CORRECT ANSWER Client money 12.2(e) Money received in respect of unpaid disburse...

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13 pages

Written in 2022/2023

Grade A+

cracker

The Overarching Objective: CORRECT ANSWER Rule 1.1 of SRA Accounts Rule - To keep client money safe Office Money: CORRECT ANSWER Belongs to firm Client Money: CORRECT ANSWER Belongs to clients. Rule 12 SRA 12.2 & 12.7: CORRECT ANSWER set out the distinctions between what is client money and what is office money. Rule 12.7 is the main rule listing examples of what is office money Out of scope money: CORRECT ANSWER money received by a multi-disciplinary partnership in relation to activ...

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8 pages

Written in 2022/2023

Grade A+

cracker

money received for costs in payment of a bill or agreed fee - client or office money? CORRECT ANSWER Office Money money received as an advance or on account of costs generally - client or office money? CORRECT ANSWER Client Money money received to cover disbursements which have not yet been paid - client or office money? CORRECT ANSWER Generally Client Money - limited exception at 12.7(e) - money received for disbursements not yet paid but for which firm has incurred liability eg account a...

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6 pages

Written in 2022/2023

Grade A+

cracker