Part A You may wish to use these ledger templates in the pre…
Questions
Pаrt A Yоu mаy wish tо use these ledger templаtes in the preparatiоn of your answer Sol Accounts Blank Ledgers Prepare the cash and associated ledgers for Mr Harman. You represent him in an insurance claim matter. The Balance in the Cash Office Account is £8,000 The Balance in the Cash Client Account in £4,000 1.1.2x - Mr Harman sends you £300 on account of costs. 2.1.2x - You pay an accounting expert fee of £200 from office account on behalf of Mr Harman 3.1.2x - You pay a forensic expert fee of £200 from office account on behalf of Mr Harman 4.1.2x – You transfer any available from client to office account to reimburse your disbursements on Mr Harman 5.1.2x - You pay a medical expert fee of £400 plus VAT – The invoice is addressed to Mr Harman 6.1.2x - You pay a counsel fee of £300 plus VAT on behalf of Harman – The invoice is made to the firm, but you add the name and address of Mr Hanson. 7.1.2x - You receive £100,000 in settlement of the Harman matter from AXA Insurance Company 8.1.2x - Mr Harman is looking to buy an investment property with the money. He tells you to hold the money on his behalf. You keep the money in the general client account. 9.2.2x - The purchase of the investment property completes. You send £100,000 to Santander Bank 10.2.2x - Mr Harman is entitled to interest on the money you held for him. You calculate that he is owed £100. You pay the sum from the office account into the client bank account. 11.2.2x – You send Mr Harman a bill for your services of £600 plus VAT at the current rate plus any outstanding disbursements. 12.2.2x - Mr Harman sends you a cheque for the balance of the bill and VAT less what you hold on his behalf 13.2.2x – You transfer the remaining cash in Mr Harman’s account in balance of your outstanding bill.
Pаrt A Yоu mаy wish tо use these ledger templаtes in the preparatiоn of your answer Sol Accounts Blank Ledgers Prepare the cash and associated ledgers for Mr Harman. You represent him in an insurance claim matter. The Balance in the Cash Office Account is £8,000 The Balance in the Cash Client Account in £4,000 1.1.2x - Mr Harman sends you £300 on account of costs. 2.1.2x - You pay an accounting expert fee of £200 from office account on behalf of Mr Harman 3.1.2x - You pay a forensic expert fee of £200 from office account on behalf of Mr Harman 4.1.2x – You transfer any available from client to office account to reimburse your disbursements on Mr Harman 5.1.2x - You pay a medical expert fee of £400 plus VAT – The invoice is addressed to Mr Harman 6.1.2x - You pay a counsel fee of £300 plus VAT on behalf of Harman – The invoice is made to the firm, but you add the name and address of Mr Hanson. 7.1.2x - You receive £100,000 in settlement of the Harman matter from AXA Insurance Company 8.1.2x - Mr Harman is looking to buy an investment property with the money. He tells you to hold the money on his behalf. You keep the money in the general client account. 9.2.2x - The purchase of the investment property completes. You send £100,000 to Santander Bank 10.2.2x - Mr Harman is entitled to interest on the money you held for him. You calculate that he is owed £100. You pay the sum from the office account into the client bank account. 11.2.2x – You send Mr Harman a bill for your services of £600 plus VAT at the current rate plus any outstanding disbursements. 12.2.2x - Mr Harman sends you a cheque for the balance of the bill and VAT less what you hold on his behalf 13.2.2x – You transfer the remaining cash in Mr Harman’s account in balance of your outstanding bill.