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TOPIC 5: LEGAL FIRM - Coggle Diagram

- - - - Each client's money are distinguished from other client's money
      - The firm applies the certificate to accept client's money annually
      - The firm sends the accountant's report if it had received client's money during acc. period
      - All client's account do not have a debit balance (means that no error or client's money has been used) - customer = liability to the bank
      - Proper and complete records are maintained for each client's account
      - Proper and complete records are maintained for all receipts and payments
- - - - Dr. Client A - office Cr. Service fee revenue - office
    - - Dr. Cash - office, Cr. Client A - office
  - - - BC for trust charged on trust account
        
        should be allocated to all clients using that account according to certain ratio / %
      - BC for firm's account charged to the firm's account
        
        to avoided tedious (membosankan) computation.
  - - - Dr. Cash - trust, Cr. Client A - trust
    - - Dr. Client A - trust, Cr. Cash - trust
  - - - Dr. Utility expenses, Cr. Cash - office
    - - Dr. Cash, Cr. Service revenue - office