ASSESSMENT TASK 5 Date Information 65 Martin St ($1200 per month), 15 Drysdale Ave ($1350 per month), and 47 Robert St ($1500 per month). James Smithson has a commercial property he rents through your company. It is located at 34 Drinkwater Pde. It is rented to BAC Commercial for $2000 per month. 3/4/2013 The tenant Bill Fredericks pays rent for the property at 47 Robert St of $1500 with a cheque. 8/4/2013 The tenant Ray Richards pays rent for the property at 65 Martin St by cash $1200. 13/4/2013 BAC Commercial pays monthly rent of $2000 by EFT. 15/4/2013 The tenant Jill Sharp pays by EFT the rental of $1350 for 15 Drysdale Ave. 20/4/2013 Fred Sykes signs a contract to buy Ted Johnson's house for $535,000.00. He pays 2% ($10,700.00) at the signing of the contract with the balance of the deposit to be paid in 3 days. The contract is due to settle in 30 days. 23/4/2013 Fred Sykes pays the rest of the deposit - $42,800.00. The air conditioning unit needs replacing at 47 Robert St. This will cost $1900. The tenant wants it done immediately. So John Jones agrees to this and asks you take the necessary funds from the rental at 47 Robert St and the balance from the rental at 65 Martin St. You need to transfer the funds so that the account can be paid and you need to allow for the commission to be paid to the office in the figuring. 28/4/2013 The unit is repaired on 28/4/2013. A cheque (cheque no 1434) is paid that day to Aircold Air-conditioning for $1900. 30/4/2013 You will pay the rent owing to James Smithson with Chq no 1435 You will pay the rent owing John Jones with Chq no 1436 You will pay the commission for both of these to the General Account using Chq no 1437 You receive an account from the Agency general account for the advertising fee of $350.00 for Ted Johnson's house. Pay with Chq no 1438 3/5/2013 Sale of a house at 150 White St Wodonga for D & S Gregson is finalised. The sale price was for $388,000.00. The agency has held the deposit of $38,800 in its trust account. You now need to finalise this account and pay the commission to the agency and send the remaining funds to the Solicitor, Agnew and Fortescue, for settlement. The commission is 2.5% of the value. There will be a $20.00 accounting fee added as well. The Purchaser is B. Archer of 40 Black Rd Wodonga. You will use Chq no 1439 for Agnes & Fortescue and Chq no 1440 for the commission. 3/5/2013 The tenant Bill Fredericks pays rent for the property at 47 Robert St of $1500 with a cheque. 5/5/2013 Bill Frederick's cheque is dishonoured. 7/5/2013 Bill Frederick pays the rent by cash. CPP40307 Certificate IV in Property Services (Real Estate) 2015 National Real Estate Learning Page 34 Version 1.1 - Aug 2020