FAC1503 Assignment 3 Questions and Answers Assignment

B. If the client's business account exceeds the amount owing on the client's trust creditors account, the amount transferred is limited to the amount owing on the client's trust creditors account. C. The transfer of funds from the trust creditor's account must be done before the invoice is sent to the client. D. The client should owe an amount of money to the attorney's practice on the clients' business account. Answer Key: C Feedback: Refer to learning unit 6.3 Part 3 of 9 - Part 3 3.0/ 9.0 Points Question 9 of 32 3.0/ 3.0 Points The following balances were obtained from the accounting records of the attorneys' practice, SA Attorneys on 30 March 2020: Client Trust creditors account R Clients account R A South 2 000 Cr 5 000 Dr S Africa 5 000 Cr 9 000 Dr The following transactions took place and were accounted for on 31 March 2020: Client Received from client R Fees charged R A South S Africa The services to A South and S Africa were completed on 30 March 2020. What will be the total amount to be transferred from the trust bank account to the business bank account on 31 March 2020? A. R20 000 B. R23 000 C. R21 000 D. R9 000 Answer Key: A Feedback: Refer to learning unit 6.3 to 6.5 Question 10 of 32 You were presented with the following list of balances by the bookkeeper of SA Attorneys at 0.0/ 3.0 Points 30 June 2020. The balances already include all transactions and fees levied after all obligations to the clients were met in full.