Solicitors' Accounts

Do you find solicitors' accounts daunting? Are you unsure of the requirements of the Solicitors' Accounts Rules 1998? Would you like further practice in applying double entry book-keeping principles to practical scenarios? The innovative and engaging exercises in this section have been specifically designed to offer you a practical forum in which you can put your accounting skills into practice, ensuring that you are confident in handling both client and office money in your professional career.

Topics covered in this section introduce you to the essential principles of:

double entry book-keeping

(contains 14 exercises)

using the dual ledger system of accounting

(contains 9 exercises)

complying with the Solicitors' Accounts Rules 1998

(contains 7 exercises)

transferring money between accounts, and invoicing clients

(contains 9 exercises)

receiving stakeholder money and accounting for interest

(contains 8 exercises)

preparing Completion Statements

(contains 11 exercises)

accounting for VAT

(contains 8 exercises)

recording abatements and bad debts

(contains 4 exercises)

Business Accounts

What is shown on a Profit & Loss account and a Balance Sheet? How do the accounts of a sole trader, partnership and company differ? Do you find the thought of interpreting financial statements daunting?

The ability to understand and interpret financial accounts is essential across all areas of practice, whether you are advising a client on a new business activity, conducting litigation, or advising on how finances should be divided upon divorce. The exercises included in this section aim to test your understanding of how business accounts are constructed, ensuring that you are fully equipped to interpret any set of accounts you may encounter in your training contract.

Topics covered in this section introduce you to the essential principles of:

preparing financial statements

(contains 6 exercises)

sole trader accounts

(contains 6 exercises)

partnership accounts

(contains 6 exercises)

company accounts

(contains 6 exercises)

interpreting financial statements

(contains 4 exercises)