EXERCISE ANSWER 1

First and final Liquidation and Distribution account in the estate of the late Tom Jones I/D no 1234567 who died
on 22nd January 2003 and surviving spouse Sarie Jones (born Smith) I/D no 3456789 Masters ref 123/03

LIQUIDATION ACCOUNT

1 Certain piece of land being Erf 123 Windhoek held

By transfer deed no 234/1993 1 500 000
Awarded to the heirs in terms of the laws of intestate succession

2 Household furniture
Taken over by the surviving spouse in terms of Section 38 1 50 000

3 Proceeds of!999 B.M.W sedan registration no N3456W 2 150 000

4 Bank Windhoek Savings A/C NO 567689 3 200 000

900 000

5 Advertisement for creditors

Government Gazette 20
Namibian 4 180
Advertisement of Account
Government Gazette 20
Namibian 180 400
6 Masters Fees 2 700
7 Executors remuneration 31 500
VAT 4 725 36 225
8 B Joseph valuation costs 5 2 000
9 Jenkins & co Transfer fees 6 4 000
10 Bank charges 200
11 Bank Windhoek overdraft 3 48 475
12 AVBOB Funeral costs 7 6 000
13 Balance for distribution 800 000
900 000 900 000

RECAPITULATION STATEMENT

Cash available (assets 3&4) 350 000

Liabilities 100 000
Cash for distribution 250 000
 DISTRIBUTION ACCOUNT

Balance for distribution 800 000

To Sarie Jones (born Smith) surviving spouse
½ in terms of the marriage ICOP 400 000
½ funeral expenses 3 000
1/8 in terms of intestate succession 99 250 502 250

Award consists of Fixed property 312 500

Movables 50 000
Cash 139 750
502 250

To Betty Cohen (born jones) marrird ICOP to

Jack Cohen
1/8 in terms of intestate succession 99 250
Award consists of Fixed property 62 500
Cash 36 750
99 250
To Connie Peters (born Jones) marrird OCOP
1/8 in terms of intestate succession 99 250
Award consists of Fixed property 62 500
Cash 36 750
99 250
To David Jones minor born 24th March 1990
ID no 9012035678
1/8 in terms of intestate succession 99 250
Award consists of Fixed property 62 500
Cash 36 750
99 250
800 000 800 000

INCOME ACCOUNT

Interest on Bank Windhoek savings account 3 10 000

Executors remuneration 600
VAT 90

Awarded to
Sarie Jones 5818.75
Betty Cohen 1163.75
Connie Peters 1163.75
David Jones (minor) 1163.75
10 000 10 000

FIDUCIARY ASSET ACCOUNT

There are no fiduciary assets

EXECUTORS CERTIFICATE

I Sarie Jones Executrix hereby certify that the above account is true and correct and that there are no
further assets or income collected after death to be accounted for

Signed at Windhoek this 12th day of May 2003

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