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exercise answer i

exercise answer i

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Published by André Le Roux

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Published by: André Le Roux on Jun 16, 2009
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02/01/2013

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EXERCISE ANSWER 1
First and final Liquidation and Distribution account in the estate of the late Tom Jones I/D no 1234567 who died
on 22nd January 2003 and surviving spouse Sarie Jones (born Smith) I/D no 3456789
Masters ref 123/03
LIQUIDATION ACCOUNT
1
Certain piece of land being Erf 123 Windhoek held
By transfer deed no 234/1993
1
500 000
Awarded to the heirs in terms of the laws of intestate succession
2 Household furniture
Taken over by the surviving spouse in terms of Section 38
1
50 000
3
Proceeds of!999 B.M.W sedan registration no N3456W
2
150 000
4
Bank Windhoek Savings A/C NO 567689
3
200 000
900 000
5
Advertisement for creditors
Government Gazette
20
Namibian
4
180
Advertisement of Account
Government Gazette
20
Namibian
180
400
6
Masters Fees
2 700
7
Executors remuneration
31 500
VAT
4 725 36 225
8
B Joseph valuation costs
5
2 000
9
Jenkins & co Transfer fees
6
4 000
10
Bank charges
200
11
Bank Windhoek overdraft
3
48 475
12
AVBOB Funeral costs
7
6 000
13
Balance for distribution
800 000
900 000 900 000
RECAPITULATION STATEMENT
Cash available (assets 3&4)
350 000
Liabilities
100 000
Cash for distribution
250 000

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