Aug-99 Ans

LEGAL PRACTITIONER'S MID TERM EXAM

AUGUST 1999

Question 1 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

Fixed property (description) Divestment note

(1)

300 000

2

Furniture Divestment note

(1)

50 000

3

1/2 farm (description) Proceeds

(2)

250 000

4

Swaou savings a/c

(3)

100 000

5

Interest on savings a/c

(3)

10 000

LIABILITIES 6

Avbob

(4)

7

Swabou mortgage bond

(5)

8

Master's Fee

9

Executors fee GST

9 10

2 130 24 850 2 485

27 335

Advertisement creditors Namibian 90 Gov. Gazette 10 Advertisement account Namibian 90 Gov. gazette 10

100 100

11

....... Sworn appraisement

(6)

12

....... Transfer costs

(7)

13

Bank charges

14

110 000 600 000 710 000

Balance for distribution

710 000

RECAPITULATION STATEMENT Cash available Liabilities Available for distribution

410 000 110 000 300 000

DISTRIBUTION ACCOUNT Balance for distribution

600 000

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

600 000

INCOME ACCOUNT 1

Interest on savings account

2

Executors fee 6% GST

900 90

Balance for distribution

(3)

15 000 990 14 010 15 000

15 000

Awarded to Jenny peters

7 005

Susan Smuts

3 502.50

Benny Miller

3 502 50 14 010

FIDUCIARY ASSET ACCOUNT 1

1/2 proceeds farm (description)(2)

2

Executors fee GST

3

8 750 875

250 000 9 625

Master's Fee

750

Balance for distribution

239 625 250 000

Balance for distribution

250 000 239 625

To Jenny Peters married ocop in terms of the will of ....

239 625 239 625

239 625

Award consists of cash. CERTIFICATE 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.