Q1mcq
See model answer βA solicitor operates a client account that includes money held for multiple clients. At the end of the accounting period, the solicitor performs a reconciliation and discovers a surplus of Β£3,500 in the client account that cannot be attributed to any client. What should the solicitor do?
A) Transfer the surplus to the business account as it does not belong to any client
B) Investigate the surplus promptly, and if it cannot be attributed after reasonable enquiries, pay it to the Law Society as unclaimed client money
C) Leave the surplus in the client account indefinitely until a client claims it
D) Distribute the surplus equally among all current clients