Solicitors Study guides, Class notes & Summaries

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...

SUMMARY SOLICITORS ACCOUNTS BLP MCQS PRACTICE TEST Butterberry Limited is a company making yoghurts and other dairy products. It has been in existence for 12 years and has four shareholders who are also the four directors of the company. It has outgrown its existing premises and needs to move to a larger factory. Nick and Andi, two of the company's directors, negotiate the purchase of a new factory on the Wrexford Industrial Estate with Wrexford Development Corporation. Nick and An...

SOLAC SRA Accounts Rules Client Money Client Money Defined in Rule 2.1 as money held or receive by the firm: (a) Relating to regulated services delivered by you [the firm] to a client. (b) On behalf of a third party in relation to regulated services delivered by you (incl stakeholder). (c) As a trustee or as the holder of a specified office or appointment. (d) In respect of your fees and any unpaid disbursements if held or received prior to delivery of a bill for the same. (but note: o...

Summary SQE Notes Solicitors' Accounts Notes 2022/2023

FLK2 MCQS SUMMARY SOLICITORS ACCOUNTS EXAM (ELABORATED QUESTIONS AND ANSWERS) LATEST The solicitor should pay the whole of the sum into client account and promptly transfer £800 to business account When there is a mixed payment of client money and non-client money, it must be paid into client account, and the non-client money transferred to business account. - CORRECT ANSWER-A solicitor acts for a residential buyer, and the transaction is nearing simultaneous exchange and completio...

CHAPTER 6-12 FOR MOCK MCQS SUMMARY SOLICITORS ACCOUNTS RETAKE EXAM Inherent risk differs from detection risk in that inherent risk: A. arises from the misapplication of auditing procedures. B. may be assessed in either quantitative or non-quantitative terms. C. exists independently of the financial report audit. D. can be changed at the auditor's discretion. - CORRECT ANSWER-C Which of the following would not increase inherent risk? A. Introduction of a performance-based management ...

ACTUAL EXAM FOR REAL ESTATE MCQS SUMMARY SOLICITORS ACCOUNTS Entry 2 of a Charges Register states that a conveyance dated 5 October 1999, made between Edward Charles Rigley (1) and Euan Andrew Palenbella (2), contains restrictive covenants. The Land Registry does not have a copy of this conveyance. Which ONE of the following statements about the contents of the conveyance is CORRECT? A. A buyer would be bound by the covenants contained in the missing conveyance, because the Charg...

SUMMARY SOLICITORS' ACCOUNTS MCQS PRACTICE EXAM TEST You hold £500 on account of costs for the client. You pay a surveyor's fee of £200 + £40 for the client. The invoice is made out to you. Subsequently you send the clients a bill for £400 in professional charges. The client is registered for VAT. How do you send the VAT invoices? - CORRECT ANSWER-You will send the client one VAT invoice covering the VAT on both the survey and the profit costs. You are holding £600 on account o...

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 ...

SUMMARY SOLICITORS ACCOUNTS EXAM TEST (QUESTIONS AND ANSWERS) UPDATED what system is used for recording solicitors accounts? - CORRECT ANSWER-double entry bookkeeping what are the two aspects of every financial transaction to be logged? - CORRECT ANSWER-Debit DR Credit CR what are the two aspects if the firm pays cash to buy premises? - CORRECT ANSWER1. firm has less cash 2. firm has acquired an asset in the form of premises examples of what will go in the left/debit side column?...