Solicitors Study guides, Class notes & Summaries
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LPC Solicitors' Accounts Transactions
- Summary • 10 pages • 2022
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This document states the entries needed to be made for every transaction on the solicitors' accounts module on the LPC.
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Solicitors Accounts SQE1
- Summary • 34 pages • 2024
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Clear, precise, detailed, yet concise, Solicitors Accounts summary for SQE students. I have devoted so much time and energy to writing these notes-summaries that eventually they paid off. Not only they allowed me to pass my PDGL with a distinction, but they were key to studying for the SQE exam. My summaries are concise but complete and allowed me to digest large quantities of information much more easily and quickly. All my friends have studied off my notes and they keep thanking me to this day...
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2022 /23 PSC - Finance and Business Exam Notes
- Other • 26 pages • 2023
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QUESTION 1A – FSMA REGULATIONS 
No person may carry on a regulated activity in the UK unless authorised or exempt (s19 FSMA). 
Need to ensure that the firm is not committing a criminal offence by carrying out a regulated activity 
without authority pursuant to S 23 FSMA, so we need to consider the effect of FSMA. 
1. Are you in Business? 
a. For an activity to be a regulated activity under FSMA, it must be “carried on by way of business”. 
As the firm is providing a service for the client,...
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SUMMARY SOLICITORS' ACCOUNTS MCQS PRACTICE EXAM TEST
- Exam (elaborations) • 8 pages • 2024
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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 of costs and have to pay a disbursement. 
Which is correct...
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SUMMARY SOLICITORS ACCOUNTS UPGRADED EXAM WITH CORRECT ANSWERS
- Exam (elaborations) • 6 pages • 2024
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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 relatio...
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SUMMARY (FOUNDATIONS OF SOLICITORS’ ACCOUNTS) ELABORATED EXAM
- Exam (elaborations) • 5 pages • 2024
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What are the SRA Accounts Rules ('the Rules')? - CORRECT ANSWER--The SRA 
Accounts Rules 2019. This version has been in effect since November 2019 and can be 
found on the SRA website. 
-The Rules govern how law firms operate their accounting systems, and focus 
specifically on safeguarding money belonging to clients and others 
Who do the SRA rules apply to? - CORRECT ANSWER-These rules apply to everyone 
involved in a business that provides legal services, irrespective of their level. 
...
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Solicitors Accounts Exam Revision | 100% Correct Answers | Verified | Latest 2024 Version
- Exam (elaborations) • 5 pages • 2024
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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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FLK2 MCQS SUMMARY SOLICITORS ACCOUNTS EXAM (ELABORATED QUESTIONS AND ANSWERS) LATEST
- Exam (elaborations) • 58 pages • 2024
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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...
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2022/23 Solac Consolidation Solicitors Accounts notes
- Summary • 13 pages • 2023
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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...
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SUMMARY SOLICITORS ACCOUNTS VERIFIED EXAM TEST
- Exam (elaborations) • 4 pages • 2024
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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...
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