Exercise Answer I

EXERCISE ANSWER 1 First and final Liquidation and Distribution account in the estate of the late Tom Jones I/D no 1234567 who died on 22nd January 2003 and surviving spouse Sarie Jones (born Smith) I/D no 3456789 Masters ref 123/03 LIQUIDATION ACCOUNT 1

2

Certain piece of land being Erf 123 Windhoek held By transfer deed no 234/1993 1 Awarded to the heirs in terms of the laws of intestate succession Household furniture Taken over by the surviving spouse in terms of Section 38

500 000

1

50 000

3

Proceeds of!999 B.M.W sedan registration no N3456W

2

150 000

4

Bank Windhoek Savings A/C NO 567689

3

200 000 900 000

5

Advertisement for creditors Government Gazette Namibian Advertisement of Account Government Gazette Namibian Masters Fees Executors remuneration VAT B Joseph valuation costs Jenkins & co Transfer fees Bank charges Bank Windhoek overdraft AVBOB Funeral costs Balance for distribution

6 7 8 9 10 11 12 13

4

20 180 20 180 31 500 4 725

5 6 3 7

400 2 700 36 225 2 000 4 000 200 48 475 6 000 800 000 900 000 900 000

RECAPITULATION STATEMENT Cash available (assets 3&4) Liabilities Cash for distribution

350 000 100 000 250 000

DISTRIBUTION ACCOUNT Balance for distribution To Sarie Jones (born Smith) surviving spouse ½ in terms of the marriage ICOP ½ funeral expenses 1/8 in terms of intestate succession Award consists of Fixed property Movables Cash

800 000 400 000 3 000 99 250

502 250

312 500 50 000 139 750 502 250

To Betty Cohen (born jones) marrird ICOP to Jack Cohen 1/8 in terms of intestate succession Award consists of Fixed property 62 500 Cash 36 750 99 250 To Connie Peters (born Jones) marrird OCOP 1/8 in terms of intestate succession Award consists of Fixed property 62 500 Cash 36 750 99 250 To David Jones minor born 24th March 1990 ID no 9012035678 1/8 in terms of intestate succession Award consists of Fixed property 62 500 Cash 36 750 99 250

99 250

99 250

99 250

800 000 800 000 INCOME ACCOUNT Interest on Bank Windhoek savings account Executors remuneration VAT

3

Awarded to Sarie Jones Betty Cohen Connie Peters David Jones (minor)

10 000 600 90 5818.75 1163.75 1163.75 1163.75 10 000 10 000

FIDUCIARY ASSET ACCOUNT There are no fiduciary assets EXECUTORS CERTIFICATE I Sarie Jones Executrix hereby certify that the above account is true and correct and that there are no further assets or income collected after death to be accounted for Signed at Windhoek this 12th day of May 2003 ……………………………