LEGAL PRACTITIONER'S MID TERM EXAM Question 1

AUGUST 1999

First and final liquidation and distribution account in the estate of the late Peter Miller (widower) i/d no ............ who died on 30/3/99 Master's reference 123/99 LIQUIDATION ACCOUNT. ASSETS 1 2 3 4 5 Fixed property (description) Divestment note Furniture Divestment note 1/2 farm (description) Proceeds Swaou savings a/c Interest on savings a/c (1) (1) (2) (3) (3) 300 000 50 000 250 000 100 000 10 000

LIABILITIES 6 7 8 9 9 10 Avbob Swabou mortgage bond Master's Fee Executors fee GST 24 850 2 485 (4) (5) 2 130 27 335

Advertisement creditors Namibian 90 Gov. Gazette 10 Advertisement account Namibian 90 Gov. gazette 10 ....... Sworn appraisement ....... Transfer costs Bank charges (6) (7)

100 100

11 12 13

14

Balance for distribution

110 000 600 000 710 000

710 000

RECAPITULATION STATEMENT Cash available Liabilities Available for distribution DISTRIBUTION ACCOUNT Balance for distribution To Jenny Peters married o c o p 300 000 1/2 in terms of intestate succession Award consists of 1/2 fixed property 150 000 Movables 50 000 Cash 100 000 300 000 To Susan Smuts married icop to Andrew Smuts 150 000 1/4 in terms of intestate succession Award consists of cash To Benny Miller minor born ..... i/d no ............ 150 000 1/4 in terms of intestate succession Award consists of cash 600 000 INCOME ACCOUNT 1 2 Interest on savings account Executors fee 6% GST 900 90 (3) 990 14 010 15 000 15 000 15 000 600 000 410 000 110 000 300 000

600 000

Balance for distribution

Awarded to Jenny peters Susan Smuts Benny Miller 7 005 3 502.50 3 502 50 14 010

FIDUCIARY ASSET ACCOUNT 1 2 3 1/2 proceeds farm (description)(2) Executors fee GST Master's Fee Balance for distribution 8 750 875 9 625 750 239 625 250 000 250 000 239 625 239 625 239 625 250 000

Balance for distribution To Jenny Peters married ocop in terms of the will of .... Award consists of cash. CERTIFICATE

239 625

I ......... hereby certify that the above account is true and correct and that all assets and income collected after date of death to date of this account has been reflected therein. ...................... date, -------------------------------------------------------------QUESTION 2 ex comm gst master's fee

1/ 350 35 nil 2/ 490 49 nil 3/ 1 050 105 87 4/ 14 000 1 400 1 200 5/ 42 000 4 200 3 000 ------------------------------------------------------------QUESTION 3 1/ 15 001 2/ Where the deceased left fixed property in Namibia 3/ 100 4/ Only the natural guardian of the minor can give security. 5/ 30 000. --------------------------------------------------------------

QUESTION 4 1/ Why account cannot be lodged 2/ What steps have been taken to expedite submission of account 3/ What progress has been made 4/ What moneys are on hand and why a 1st a/c cannot be lodged 5/ Is the estate solvent.

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