module specification

LC7043 - Solicitors Accounts (2018/19)

Module specification Module approved to run in 2018/19
Module title Solicitors Accounts
Module level Masters (07)
Credit rating for module 6
School Guildhall School of Business and Law
Total study hours 60
 
12 hours Scheduled learning & teaching activities
48 hours Guided independent study
Assessment components
Type Weighting Qualifying mark Description
Unseen Examination 100%   Closed book examination
Running in 2018/19
Period Campus Day Time Module Leader
Autumn semester City Not applicable Not applicable

Module summary

 This module focuses on the Solicitors’ Accounts Rules and the accounting principles used by solicitors in practice. The module aims to provide students with the opportunity to develop or improve their understanding of accounting principles and the rules that apply to solicitors.

Prior learning requirements

Qualifying Law Degree

Syllabus

 TLS 1
· the need to maintain separate office and client ledgers and bank accounts;
· the need to record receipts and payments of office and client moneys;
· the obligations regarding payment into and drawings from client bank accounts;
· financial statements.

SLS 1
· fundamental accounting principles;
· analysis and interpretation of ledger entries;
· preparation of a financial statement on completion of a transaction.

TLS 2
· recording profit costs and VAT;
· recording abatements and bad debts.

SLS 2
· financial statements for simultaneous sale and purchase transactions;
· ledger entries recording all dealings on a conveyancing transaction;
· fundamental accounting principles.

TLS 3
· transfers between client bank accounts and ledgers and between client and office bank accounts;
· the obligation to pay interest to clients and the funding of such payments.

SLS 3
· financial statement and ledger entries relating to simultaneous sale and purchase transactions; split money; accounting for interest; disbursements and VAT
· fundamental accounting principles.

TLS 4
· consolidation.

SLS 4
· formative assessment.

Covers all Learning Outcomes

Balance of independent study and scheduled teaching activity

4 one-hour TLS sessions and 4 two-hour SLS sessions.

Learning outcomes

 At the completion of the module, a successful student should have a basic understanding of the Solicitors’ Accounts Rules, including the:

1. requirement to maintain separate office and client ledgers and bank accounts
2. obligations regarding payment into and drawings from client bank accounts
3. entitlement to make transfers between client bank accounts and ledgers and
between client and office bank accounts and the need to record such transfers
4. obligation to pay interest to clients and the funding of such payments
5. requirements in respect of the holding of trust monies
6. powers of the Solicitors Regulation Authority to secure compliance with the Solicitors’ Accounts Rules and should be able to:
7. recognise, record and interpret receipts into and payments from office and client
accounts
8. prepare a simple statement for clients on completion of a matter.

Assessment strategy

 The assessment is an unseen closed book examination. The assessment is designed to replicate practice and enable students to demonstrate the application of legal principles in a realistic, practical context. Students are given a formative assessment and receive examiners' guidance.

Bibliography

 Basic Texts
Accounts for Solicitors, University of Law Publishing

Online Materials
Supporting WebLearn materials and student study materials

Websites
SRA Accounts Rules 2011 available at http://www.sra.org.uk/solicitors/handbook/accountsrules/cont