Debtor Estate Sequestration Timelines

During the course of your practice, the following transactions take place: *. You receive R800 *.* from K Hart as a deposit for the purchase of a property. *. K Hart authorises you in writing to invest the funds on his behalf with Green Bank. *. M Carey instructed you to collect an amount of R250 *.* from C Rock as damages to her vehicle caused by the negligence of Mr Rock. You issue a summons and debit a fee of R1 *.*. *. You receive R120 *.* from T Banks as a deposit for the registration of a trust. *. Mrs Banks instructs you in writing to invest the money with Blue Bank. *. Mrs Banks further instructs you to proceed with the registration of the Bank’s Family Trust. You draft the documents you charge a fee of R40 *.*. *. Mrs Banks instructs you to withdraw R20 *.* from the investment. *. Mrs Banks further instructs you to pay R11 *.* (inclusive of VAT) to the agent that submitted the documents at the Master’s offices. *. You receive a further payment of R45 *.* from K Hart in respect of the transfer costs which include transfer fees and transfer duty. *. You receive payment in the amount of R25 *.* (inclusive of VAT) from A Keys in settlement of your statement of account, for professional services rendered in her divorce case. *. You pay R22 *.* to SARS in respect of the transfer duty in the matter of Mr Hart. *. You receive a payment in the amount of R100 *.* from Mr Rock as a part payment in respect of the damages to Mrs Carey’s vehicle. *. You record the collection commission in the amount of R1 *.*. *. You receive R5 * *.* from Obama Construction (Pty) Ltd as the purchase price in respect of a new development. *. You decide to invest R2 * *.* of the available trust funds with Red Bank. *. You call up the investment with Green Bank and you receive interest in the amount of R4 *.*. You pay the beneficiaries thereof. *. You receive a cash payment from D Johnson in the amount of R25 *.* as a deposit in action proceedings against the Minister of Police. *. You receive medical reports from the medical practitioner in the matter for Mr Johnson and you pay his account in the amount R8 *.*. *. You debit an instruction fee of R2 *.* in the matter of Mr Johnson. *. You withdraw R1 * *.* from the Red Bank investment. *. You brief Counsel in the matter of Mr Johnson and you receive the particulars of claim together with Counsel’s account in the amount of R14 *.* (inclusive of VAT). You pay Counsel. *. You withdraw a further R37 *.* of the investment with Blue Bank on instructions of T Banks to cover your fees. *. It is the end of the month and you effect a trust transfer of the amounts that you are entitled to transfer. *. You pay any available funds to Mrs Carey. *. You pay SARS the amount due in terms of Output Vat. Record all of the above transactions as they would appear in your books of account. Funds must be transferred from your trust to your business account only once at the end of the month. Make provision where applicable for VAT at the rate of *%. It is not necessary to prepare accounting statements. South Africa

Yes