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Which account will be credited in the general ledger

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On 1 May 2021, Client S Africa deposited R180 000 into the trust bank account of SA Attorneys. The R180 000 is the deposit payable by S Africa on a property purchased from the City Council.

On 3 May 2021, S Africa instructed SA Attorneys to invest the total amount of R180 000 in an interest-bearing investment account at South Bank in terms of section 86 of the Legal of the Legal Practice Act 28 of 2014, until the transfer of the property is affected.

Problem 1: For the transaction on 3 May 2021, which account will be debited and which account will be credited in the general ledger of SA Attorneys?

A. The trust bank account will be debited with R180 000 and the trust creditors control account will be credited with R180 000

B. The Trust bank account will be debited with R180 000 and S Africa sec 86(4) investment - South Bank will be credited with R180 000

C. S Africa sec 86(4) investment - South Bank will be debited with R180 000 and the trust bank account will be credited with R180 000

D. The trust creditors control account will be debited with R180 000 and the trust bank account will be credited with R180 000

Reference no: EM132992430

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