Overview
Accounts for Solicitors is a practical introduction to a subject that all practising solicitors need to understand. The text is divided into two parts: the first explains fundamental accounting concepts to allow students to read and interpret end of year accounts; the second deals with the accounts of solicitors and, in particular, the need to account for a client’s money in accordance with the Solicitors’ Accounts Rules.
Written in simple, non-technical language, Accounts for Solicitors provides a clear and comprehensive introduction to this complex subject with worked examples, self-test sections and key learning points at the end of each chapter to help illustrate and reinforce the unfamiliar, and often difficult, concepts involved.
Contents
Business Accounts
Why Do I Need to Know About Accounts?
An Introduction to Business Accounts
The Analysis and Interpretation of Accounts (1)
Final Accounts – Preparation of Profit and Loss Account
Final Accounts – Preparation of Balance Sheet
Analysis and Interpretation of Accounts (2) – Ratios and Methods
An Introduction to Company Accounts
Analysis and Interpretation of Accounts (3) – Company Accounts Ratios and the Cash Flow Statement
Adjustments
Partnerships
Appendix
Solicitors’ Accounts
Solicitors and the Day-to-Day Recording of Transactions
The Solicitors’ Accounts Rules
Simple Entries for Solicitors
Transfers
Value Added Tax
Splitting Cheques and Receiving Cheques in Payment of a Bill
Accounting to the Client for Interest
Financial Statements
Accounting Problems for Solicitors
Compliance
Text of the Solicitors’ Accounts Rules