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Problem 1: When a law practice receives a payment from a client for services rendered the transaction will be recorded in the trust cash receipts journal.
True
False
Problem 2: According to Rule 56.10 of the LPA, the accounting records of the practice are to be updated and balanced monthly.
Problem 3: When a law practice receives money that has to be paid over to a nominated person on behalf of a client, the transaction will be recorded in the business cash payments journal.
Problem 4: The two subsidiary ledgers are included in the general ledger by means of two control accounts and therefore the general ledger will balance.
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