UNIVERSITY OF ZIMBABWE

FACULTY OF LAW

ACCOUNTING FOR LEGAL PRACTITIONERS

SYLLABUS 2020/2021

The objective of the course is to develop basic accounting and finance knowledge and skills to enable
the student to obtain the analytical and practical skills necessary to the practice of law and to use the
knowledge and skills to understand the financial condition of businesses and the financial
environment in which businesses operate.

1. Bookkeeping principles of double entry and the relationship between capital, assets and
liabilities.
- double entry
- the accounting equation
- the relationship between capital, assets and liabilities
- classification of accounts
- income and expenditure
- the statement of financial position
Final accounts
- income statement (the trading and profit and loss account)
- statement of financial position (balance sheet)
- stock of goods for resale
- gross profit and its significance
- margin of sales
- working capital
- accounting ratios
The Trial Balance
Basic documentation — invoices, receipts, debit and credit notes and statements
The books of account — ledger, cash book, journal, petty cash book
Bank statement and bank reconciliation statement
Adjustment of accounts

1
- depreciation of assets
- bad debts
- prepayments and accruals
Introduction to Partnerships
- appropriation of profits and losses
- capital and current accounts
- goodwill
Trust accounts
- requirements of the Legal Practitioners Act, regulations and by-laws
- trust money
- difference between trust accounts and office accounts
- investment of trust monies
- Law Society Compensation Fund
- deposits and withdrawals
- trust shortfalls
- balancing of books
- notification to council of trust account details
- liability of banks
- audit certificates
- practising certificates
- subsidiary books, transfer journal, fees book
- debt collection
- accounting to clients
- statements of accounts
- combined accounting records
- the legal practitioner’s final accounts
- contravention of Act and regulations

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Suggested textbooks :
Book-keeping and Accounts, Frank Wood, Sheila Robinson, 7th Edition
Principles of Accounts, Vol. One, N.A. Siddiqui