Double Entry Book-Keeping

Question 1

Client Money recieved

Such as on account of costs

Answer 1

CR client ledge client account
DR Cash Sheet Client Account

Question 2

Client Money Paid Out

Returned to client

Answer 2

DR Client Ledge Client Account
CR Cash Sheet Client Account

Question 3

Non-client Money Recieved

Client pays back firm for paid disbursement

Answer 3

CR Client Ledger Business Account
DR Cash Sheet Business Account

Question 4

Non-Client Money Paid Out

Firm pays disbursement out of their bank account as not enough in client account

Answer 4

DR Client Ledger Business Account
CR Cash Sheet Business Account/Petty Cash

Question 5

Transfer from client account to business account

Answer 5

DR Client Ledger Client Account
CR Cash Sheet Client Account

DR Client Ledger Business Account
CR Cash Sheet Business Account

Question 6

Transfer between two clients within same client account

Answer 6

DR Client Ledger Client Account (for client whose money being removed)
CR Client Ledger Client Account (for client whose money being added)

Question 7

Recieving deposit money by seller’s solicitor then paying as as stakeholder

Answer 7

CR Stakeholder Ledger
DR Cash Sheet Client Account

DR Stakeholder Ledger
CR Client Ledger Client Account

Question 8

Recieving deposit money by seller’s solicitor then paying as as agent

Answer 8

CR Client Ledger Client Account
DR Cash Sheet Client Account

DR Client Ledger Client Account
CR Cash Sheet Client Account