Double entry bookkeeping in Property transactions

Question 1

How will it appear on a double entry basis: Deposit rec’d by buyer’s solicitor from client

Answer 1

credit client ledger, debit cash sheet client account

Question 2

How will it appear on a double entry basis: Deposit paid by buyer’s solicitor to seller’s solicitor

Answer 2

debit client ledger, credit cash sheet client account

Question 3

What does it mean when a deposit is held as stakeholder?

Answer 3

held on trust for buyer and seller until clear whom should be paid to

Question 4

How will it appear on a double entry basis: Deposit rec’d by seller’s solicitor to be held as stakeholder

Answer 4

Credit stakeholder ledger, debit cash sheet client account

Question 5

How will it appear on a double entry basis: Deposit sent by seller’s solicitor held as stakeholder to client

Answer 5

Debit staleholder ledger, credit cash sheet client account

Question 6

What does it mean when a deposit is held as agent?

Answer 6

can send deposit to seller before completion