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FAC1503 ASSIGNMENT 4 FOR 2024
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EXPECTED QUESTIONS AND ANSWERS. Questions may differe
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FAC1503ASSIGNMENT 4 FOR 2024
FEND TUTORIALS
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, Question 2
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Only 95% of the interest earned on Section 86(4) trust investments vests with the Legal Practitioners
Fidelity Fund and therefore is not the property of the legal practitioner nor the trust creditors.
Select one:
True
False
Question 3
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The correspondent allowance is only payable on the fees of the attorney.
Select one:
True
False
Question 4
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A legal practitioner collected R11 000 from a debtor, paid R900 as sheriff costs, charged R700 as
receiving instruction fees, R1 200 for issuing summons and paid R730 as tracing costs. Collection
commission will be R1 100.
Select one:
True
False
Question 5
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Which option represent the correct percentage at which interest earned on the trust investment
account will be owed to the beneficiaries, in terms of section 86(3)?
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