Question-1
Identify whether the following transactions are recorded in the Trust Cash Receipts Journal,thrust Cash Payments
Journal or Neither(they do not trust Account transactions).
Transaction | Trust Cash Receipts Journal | Trust Cash Payments Journal | Neither(No Trust Account) |
Rent money paid by a tenant | |||
Pay office window cleaning | |||
Pay repairs to rent a property | |||
Receiver 1mb meant for Advertising | |||
Pay water rates for Landlord | |||
Receive cash for Bond | |||
Receive preliminary deposit from a tenant | |||
Pay sales commission to staff |
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Question-2
On 4th March 2016, Jonathan! Leep paid the Agency $3,.660 in cash for two weeks rent and four weeks! Bond. The lease commission is 8h March 2016. The address is 92 Franklin! Drive, Movie Town. The next receipt number is 140. The Landlord is David Smith, account 150. Rental! The bond Suspense(RBS) account number is 90. Complete the following receipts for the tenant.
Question-3
Is Trust Accounting based on Cash Accounting or Accrual Accounting? Why?
CPPDSM4006A_Worksheets_Templates
Question-4
- If a tenant gives you a cheque for bond money, and the cheque is made payable to the Rental Bond Board, do you bank
- the cheque into the trust account? Why or why not?
Question-5
When is an Agency authorized to draw their commission/fees from the Trust Account for:
1) Property Management services
2) Property Sales
Question 6
In the Sales Trust account for A.A. Michael Real Estate, an amount of $76000 is held in trust for the sale of 123 Summer Street, Summer Hill, NSW.
The Order from the Agent was received on 18 June 2016, indicating the property was settled in June 2016.
Details are as follows:
Vendor: Michael Steven Smith
Purchaser: Philip!Rees
Sale Price: $760,000
Commission Payable: $30,250*GST inclusive
Prepare the Settlement Statement on the next page:
Question-7
Using the following information provided by the licensee of Austin Realty, you are required to:
- Complete the Trust Cashbook
- Complete the Trust Ledger
- Complete the Trust Trial Balance as at 30th June, 2016
- You may use this template.
Please note the following:
- Illustrate Cashbook, edger, and Trial Balance must comply with the Property, Stock and Business Agents Act 2002 and the associated! Regulations. under that Act
- The next trust Receipt in the sequence is 123, and the following case trust check number is 156.
- All trust receipts are banked on the day of receipt.
- All recipients and the payments are by check unless otherwise stated.
- All transactions are GST-free unless stated.
- Today’s date is 12 July 2016.
- The account in the trust ledger had the following opening balances on 1st May 2016.