Your client, Julia Waratene $($Julia$)$ is selling her property.

She will be using the proceeds from this sale to purchase another property.

Settlement for the sale of Julia's property is set for Friday, $16$ August $2024.$

Julia is going to be away overseas for the $2$ months. In the middle of her absence$,$ the settlement for the property she is purchasing will take place. Settlement for this property is scheduled for Friday $11$ October $2024.$

Julia has instructed that the settlement funds of the sale be held by the firm and then put toward the purchase of the next property.

Answer the following questions.

a$)$ The client will have a ledger with the firm. What does this reflect? How many 'matters' will there be$?$

b$)$ Where will the sale proceeds in anticipation of settlement on $26$th June $2024$ be placed? Explain your answer.

c$)$ Will these client funds receive interest for the benefit of the client? Note your legal authority for your answer.

d$)$ What happens to the interest earned on the Legal Firm's Trust Account? Note your legal authority for your answer.

e$)$ What is the money in d$)$ above put toward?

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