LEGAL PRACTITIONER'S MID TERM EXAM Question 1

AUGUST 2002

First and final liquidation and distribution account in the estate of the late Peter Miller (widower) i/d no ............ who died on 30/3/02 Master's reference 123/02 ASSETS 1 2 3 4 5 LIQUIDATION ACCOUNT.

Fixed property (description) Divestment note Furniture Divestment note 1/2 farm (description) Proceeds Swabou savings a/c Interest on savings a/c

(1) (1) (2) (3) (3)

500 000 50 000 300 000 100 000 10 000

LIABILITIES 6 7 8 9 9 10 Avbob Swabou mortgage bond Master's Fee Executors fee GST 33 600 5 040 85 15 85 15 (6) (7) 850 000 960 000 (4) (5) 2 285.71 38 640

Advertisement creditors Namibian Gov. Gazette Advertisement account Namibian Gov. gazette ....... Sworn appraisement ....... Transfer costs Bank charges Balance for distribution

100 100

11 12 13 14

960 000

RECAPITULATION STATEMENT Cash available Liabilities Available for distribution 410 000 110 000 300 000

DISTRIBUTION ACCOUNT Balance for distribution To Jenny Peters married i c o p to Paul Peters 1/2 in terms of intestate succession Award consists of 1/2 fixed property Movables Cash To Susan Smuts married ocop 1/4 in terms of intestate succession Award consists of cash To Benny Miller minor born ..... i/d no ............ 1/4 in terms of intestate succession Award consists of cash INCOME ACCOUNT 1 2 Interest on savings account Executors fee 6% GST Balance for distribution Awarded to Jenny peters Susan Smuts Benny Miller 6 982.50 3 491.25 3 491.25 13 965 (3) 135 900 1 035 13 965 15 000 15 000 15 000 212 500 850 000 425 000 250 000

50 000 125 000 425 000

212 500 _________ 850 000 __ 850 000

FIDUCIARY ASSET ACCOUNT 1 1/2 proceeds farm (description)(2) 300 000

2 3

Executors fee GST Master's Fee Balance for distribution

10 500 1 575

12 075 714.29 287 210.71 300 000 287 210.71 287 210.71 287 210.71 300 000

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

287 210.71

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 total master's fee

1/ 350 53 (403) nil 2/ 490 74 (564) nil 3/ 1 050 158 (1208) 87 4/ 14 000 2100 (16 100) 1 200 5/ 42 000 6300 (48 300) 3 000 _____________________________________________________________________________________ ____ QUESTION 3 1/ exceeding 15 000 2/ Where the deceased left fixed property in Namibia 3/ 100 4/ Only the natural guardian of the minor can give security. 5/ not exceeding 30 000. _____________________________________________________________________________________ ____ QUESTION 4 A/ 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. B/ Before the account is due

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