Assessment Task 5 Workplace Project 3 ABC Real Estate runs a small business that specialises in residential sales There are regular transactions in the sales trust account We have provided an example of entries into the various books of the account over the month of January 20XX The example will begin with a balance of $150,000 representing a sales deposit from purchaser Peterson who bought a property from Taylor, and we will work through the reconciliation process ABC Real Estate Sales Trust Account Bank Statement BANK NAME Bank of Training STATEMENT BALANCE BANK PHONE 99872322 $ 239,000 00 ACCT NO 12345678 STATEMENT DATE 31st January 20XX DATE DESCRIPTION DEBIT CREDIT BALANCE 31 Dec 20XX Opening balance $ 150,000 00 8 Jan 20XX Deposit Smith $ 85,000 00 $ 235,000 00 15 Jan 20XX Deposit Brown $ 92,000 00 $ 327,000 00 18 Jan 20XX Payment Taylor $ 115,000 00 $ 212,000 00 25 Jan 20XX Payment Taylor Commission $ 30,000 00 $ 182,000 00 28 Jan 20XX Payment Taylor Advertising $ 5,000 00 $ 177,000 00 30 Jan 20XX Deposit Jones $ 62,000 00 $ 239,000 00 31 Jan 20XX Closing Balance $ 239,000 00 ABC Real Estate Trust Cash Receipts Journal DATE VENDOR PURCHASER REC No AMOUNT BANK 8 Jan 20XX Francis Smith 918 $ 85,000 00 $ 85,000 00 15 Jan 20XX Kwan Brown 919 $ 92,000 00 $ 92,000 00 30 Jan 20XX Compton Jones 920 $ 62,000 00 $ 62,000 00 30 Jan 20XX Sweeney 921 $ 5,000 00 30 Jan 20XX Ellis Watson 922 $ 75,000 00 31 Jan 20XX Patten Thompson 923 $ 96,000 00 $ 176,000 00 ABC Real Estate Trust Cash Payments Journal DATE VENDOR PURCHASER FOLIO COMMISSION ADVERTISING SETTLEMENT BANK 18 Jan 20XX Taylor Peterson $115,000 00 $ 115,000 00 25 Jan 20XX Taylor Peterson $ 30,000 00 $ 30,000 00 28 Jan 20XX Taylor Peterson $ 5,000 00 $ 5,000 00 As you see from the above example, ABC Real Estate received money from Sweeney, Watson, and Thompson on 30 th and 31 st January, however these deposits do not show in the Bank Statement This could be due to the cut off date for the bank or that the money has not yet been deposited These deposits need to be accounted for when doing the bank reconciliation Each person for whom we are holding money in trust, must also have a ledger account A basic form of ledger is shown below and has been filled out with the same transactions Totalling the Closing Balance on each ledger account should equal the available funds If it does not, then there is an error that needs to be investigated ABC Real Estate Sales Trust Account Ledgers TAYLOR DATE DESCRIPTION DEBIT CREDIT 31 Dec 20XX Opening balance $ 150,000 00 18 Jan 20XX Settlement $ 115,000 00 Commission $ 30,000 00 Advertising $ 5,000 00 Total $ 150,000 00 31 Jan 20XX Closing Balance $ FRANCIS DATE DESCRIPTION DEBIT CREDIT 8 Jan 20XX Deposit Smith $ 85,000 00 31 Jan 20XX Closing Balance $ 85,000 00 KWAN DATE DESCRIPTION DEBIT CREDIT 15 Jan 20XX Deposit Brown $ 92,000 00 31 Jan 20XX Closing Balance $ 92,000 00 COMPTON DATE DESCRIPTION DEBIT CREDIT 30 Jan 20XX Deposit Jones $ 62,000 00 31 Jan 20XX Closing Balance $ 62,000 00 ELLIS DATE DESCRIPTION DEBIT CREDIT 30 Jan 20XX Deposit Watson $ 75,000 00 31 Jan 20XX Closing Balance $ 75,000 00 PATTEN DATE DESCRIPTION DEBIT CREDIT 31 Jan 20XX Deposit Thompson $ 96,000 00 31 Jan 20XX Closing Balance $ 96,000 00 SWEENEY DATE DESCRIPTION DEBIT CREDIT 30 Jan 20XX Advertising Received $ 5,000 00 31 Jan 20XX Closing Balance $ 5,000 00 The method for completing a bank reconciliation is outlined below ABC Real Estate Trust Reconciliation Statement 31st January 20XX Trust Cash Journals Balance brought forward from 31st December 20XX $ 150,000 00 Plus Receipts for January $ 415,000 00 $ 565,000 00 Less Payments for January $ 150,000 00 Balance as at 31st January 20XX $ 415,000 00 Trust Bank Statement Balance as per statement 31st January 20XX $ 239,000 00 Plus outstanding deposits $ 176,000 00 $ 415,000 00 Less outstanding payments $ 0 00 Balance as at 31st January 20XX $ 415,000 00 As you can see, after completing the reconciliation, the accounts balance and indicate available trust funds of $415,000 You are required to enter the following transactions into the journals and create appropriate ledger accounts (remembering that some already have an opening balance equal to the previous month's closing balance) and then, using the Bank Statement supplied, complete the bank reconciliation Transactions February 8 20XX Received $3000 from Burgess for advertising February 10 20XX Paid ourselves the commission from Francis sale of $17,000 and paid balance of deposit held to the vendor February 18 20XX Received deposit from Zoling of 115,000 for his purchase from Sweeney February 28 20XX Refunded Burgess advertising as he is no longer selling February 28 20XX Received advertising expenses from Goulter of $4,000 ABC Real Estate Sales Trust Account Bank Statement BANK NAME Bank of Training STATEMENT BALANCE BANK PHONE 99872322 $ 448,000 00 ACCT NO 12345678 STATEMENT DATE 28 th February 20XX DATE DESCRIPTION DEBIT CREDIT BALANCE 31Jan 20XX Opening balance $ 239,000 00 1 Feb 20XX Deposit Ellis $ 75,000 00 $ 314,000 00 Deposit Patten $ 96,000 00 $ 410,000 00 Deposit Sweeney $ 5,000 00 $ 415,000 00 8 Feb 20XX Deposit Burgess $ 3,000 00 $ 418,000 00 10 Feb 20XX Payment Francis Commission $ 17,000 00 $ 401,000 00 10 Feb 20XX Payment Francis $ 68,000 00 $ 333,000 00 18 Feb 20XX Deposit Zoling $ 115,000 00 $ 448,000 00 28 Feb 20XX Closing Balance $ 448,000 00 Complete the following templates ABC Real Estate Trust Cash Receipts Journal DATE VENDOR PURCHASER REC No AMOUNT BANK Please enter your response in theblue space above ABC Real Estate Trust Cash Payments Journal DATE VENDOR PURCHASER FOLIO COMMISSION ADVERTISING SETTLEMENT BANK Please enter your response in theblue space above ABC Real Estate Trust Reconciliation Statement 28 th February 20XX Trust Cash Journals Balance brought forward from Plus Receipts for Less Payments for Balance as at Trust Bank Statement Balance as per statement Plus outstanding deposits Less outstanding payments Balance as at 28 th February 20XX Please enter your response in theblue space above ABC Real Estate Sales Trust Account Ledgers NAME DATE DESCRIPTION DEBIT CREDIT Please enter your response in theblue space above NAME DATE DESCRIPTION DEBIT CREDIT Please enter your response in theblue space above NAME DATE DESCRIPTION DEBIT CREDIT Please enter your response in theblue space above NAME DATE DESCRIPTION DEBIT CREDIT Please enter your response in theblue space above NAME DATE DESCRIPTION DEBIT CREDIT Please enter your response in theblue space above DT CREDIT NAME DATE DESCRIPTION DEBIT CREDIT Please enter your response in theblue space above NAME DATE DESCRIPTION DEBIT CREDIT Please enter your response in theblue space above Assessor feedback Date For assessors only The following transactions occurred during the next 2 month period March 20XX 8 Banks paid a deposit on a purchase from DiMarco of $25,000 12 Owens paid a deposit on a purchase from Drake of $93,000 15 Ellis sale settled and commission $15,000 and balance $60,000 paid to Ellis 31 McKenzie paid a deposit on a purchase from Sefton $85,000 April 20XX 1 Error corrected Ellis commission 2 Brown purchase from Kwan settled 7 Fitzgibbon paid advertising of $5,000 18 Leslie paid a 10 deposit on purchase from Fitzgibbon at a sale price of $1 15 million Upon examination of the bank statement for March, you noticed that there is an error in the commission on the Ellis sale You have inadvertently withdrawn more that you should have, resulting in the Ellis account being overdrawn Using the trust reconciliation templates provided, you are required to complete the Bank Reconciliations for the months of March and April You are also required to show how your error will be rectified in the following month ABC Real Estate Sales Trust Account Bank Statement BANK NAME Bank of Training STATEMENT BALANCE BANK PHONE 99872322 $ 489,000 00 ACCT NO 12345678 STATEMENT DATE 31 st March 20XX DATE DESCRIPTION DEBIT CREDIT BALANCE 28 Feb 20XX Opening balance $ 448,000 00 1 March 20XX Deposit Goulter $ 4,000 00 $ 452,000 00 Payment Burgess $ 3,000 00 $ $ 449,000 00 8 March 20XX Deposit DiMarco $ 25,000 00 $ 474,000 00 12 March 20XX Deposit Drake $ 93,000 00 $ 567,000 00 15 March 20XX Payment Ellis Commission $ 18,000 00 $ 549,000 00 Payment Ellis $ 60,000 00 $ 489,000 00 31 March 20XX Closing Balance $ 489,000 00 ABC Real Estate Sales Trust Account Statement BANK NAME Bank of Training STATEMENT BALANCE BANK PHONE 99872322 $ 605,000 00 ACCT NO 12345678 STATEMENT DATE 30 th April 20XX DATE DESCRIPTION DEBIT CREDIT BALANCE 31 March 20XX Opening balance $ 489,000 00 1 April 20XX Deposit Ellis $ 3,000 00 $ 492,000 00 Deposit Sefton $ 85,000 00 $ 577,000 00 2 April 20XX Payment Kwan $ 73,600 00 $ 503,400 00 Payment Kwan Commission $ 18,400 00 $ 485,000 00 7 April 20XX Deposit Fitzgibbon Advertising $ 5,000 00 $ 490,000 00 18 April 20XX Deposit Fitzgibbon $ 115,000 00 $ 605,000 00 31 April 20XX Closing Balance $ 605,000 00 ABC Real Estate Trust Reconciliation Statement 31 st March 20XX Trust Cash Journals Balance brought forward from Plus Receipts for Less Payments for Balance as at Trust Bank Statement Balance as per statement Plus outstanding deposits Less outstanding payments Balance as at Please enter your response in theblue space above ABC Real Estate Trust Reconciliation Statement 30 th April 20XX Trust Cash Journals Balance brought forward from Plus Receipts for Less Payments for Balance as at Trust Bank Statement Balance as per statement Plus outstanding deposits Less outstanding payments Balance as at 30 th April 20XX Please enter your response in theblue space above

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Question: Assessment Task 5 - Workplace Project 3 ABC Real Estate runs a small business that specialises in residential sales. There are regular transactions in the

Assessment Task 5 - Workplace Project 3

ABC Real Estate runs a small business that specialises in residential sales. There are regular transactions in the sales trust account.

We have provided an example of entries into the various books of the account over the month of January 20XX. The example will begin with a balance of $150,000 representing a sales deposit from purchaser Peterson who bought a property from Taylor, and we will work through the reconciliation process.

ABC Real Estate Sales Trust Account - Bank Statement

BANK NAME

Bank of Training

STATEMENT BALANCE

BANK PHONE

99872322

$ 239,000.00

ACCT NO.

12345678

STATEMENT DATE

31st January 20XX

DATE

DESCRIPTION

DEBIT

CREDIT

BALANCE

31 Dec 20XX

Opening balance

$ 150,000.00

8 Jan 20XX

Deposit Smith

$ 85,000.00

$ 235,000.00

15 Jan 20XX

Deposit Brown

$ 92,000.00

$ 327,000.00

18 Jan 20XX

Payment Taylor

$ 115,000.00

$ 212,000.00

25 Jan 20XX

Payment Taylor Commission

$ 30,000.00

$ 182,000.00

28 Jan 20XX

Payment Taylor Advertising

$ 5,000.00

$ 177,000.00

30 Jan 20XX

Deposit Jones

$ 62,000.00

$ 239,000.00

31 Jan 20XX

Closing Balance

$ 239,000.00

ABC Real Estate Trust - Cash Receipts Journal

DATE

VENDOR

PURCHASER

REC. No.

AMOUNT

BANK

8 Jan 20XX

Francis

Smith

918

$ 85,000.00

15 Jan 20XX

Kwan

Brown

919

$ 92,000.00

30 Jan 20XX

Compton

Jones

920

$ 62,000.00

30 Jan 20XX

Sweeney

921

$ 5,000.00

30 Jan 20XX

Ellis

Watson

922

$ 75,000.00

31 Jan 20XX

Patten

Thompson

923

$ 96,000.00

$ 176,000.00

ABC Real Estate Trust - Cash Payments Journal

DATE

VENDOR

PURCHASER

FOLIO

COMMISSION

ADVERTISING

SETTLEMENT

BANK

18 Jan 20XX

Taylor

Peterson

$115,000.00

$ 115,000.00

25 Jan 20XX

Taylor

Peterson

$ 30,000.00

28 Jan 20XX

Taylor

Peterson

$ 5,000.00

As you see from the above example, ABC Real Estate received money from Sweeney, Watson, and Thompson on 30^th and 31^st January, however these deposits do not show in the Bank Statement. This could be due to the cut-off date for the bank or that the money has not yet been deposited. These deposits need to be accounted for when doing the bank reconciliation.

Each person for whom we are holding money in trust, must also have a ledger account. A basic form of ledger is shown below and has been filled out with the same transactions.

Totalling the Closing Balance on each ledger account should equal the available funds. If it does not, then there is an error that needs to be investigated.

ABC Real Estate Sales Trust Account - Ledgers

TAYLOR
DATE	DESCRIPTION	DEBIT	CREDIT
31 Dec 20XX	Opening balance		$ 150,000.00
18 Jan 20XX	Settlement	$ 115,000.00
	Commission	$ 30,000.00
	Advertising	$ 5,000.00
	Total	$ 150,000.00
31 Jan 20XX	Closing Balance		$ -

FRANCIS
DATE	DESCRIPTION	DEBIT	CREDIT
8 Jan 20XX	Deposit Smith		$ 85,000.00
31 Jan 20XX	Closing Balance		$ 85,000.00

KWAN
DATE	DESCRIPTION	DEBIT	CREDIT
15 Jan 20XX	Deposit Brown		$ 92,000.00
31 Jan 20XX	Closing Balance		$ 92,000.00

COMPTON
DATE	DESCRIPTION	DEBIT	CREDIT
30 Jan 20XX	Deposit Jones		$ 62,000.00
31 Jan 20XX	Closing Balance		$ 62,000.00

ELLIS
DATE	DESCRIPTION	DEBIT	CREDIT
30 Jan 20XX	Deposit Watson		$ 75,000.00
31 Jan 20XX	Closing Balance		$ 75,000.00

PATTEN
DATE	DESCRIPTION	DEBIT	CREDIT
31 Jan 20XX	Deposit Thompson		$ 96,000.00
31 Jan 20XX	Closing Balance		$ 96,000.00


SWEENEY
DATE	DESCRIPTION	DEBIT	CREDIT
30 Jan 20XX	Advertising Received		$ 5,000.00
31 Jan 20XX	Closing Balance		$ 5,000.00

The method for completing a bank reconciliation is outlined below.

ABC Real Estate Trust Reconciliation Statement
31st January 20XX
Trust Cash Journals
Balance brought forward from 31st December 20XX	$ 150,000.00
Plus Receipts for January	$ 415,000.00	$ 565,000.00
Less Payments for January		$ 150,000.00
Balance as at 31st January 20XX		$ 415,000.00
Trust Bank Statement
Balance as per statement 31st January 20XX	$ 239,000.00
Plus outstanding deposits	$ 176,000.00	$ 415,000.00
Less outstanding payments	$ 0.00
Balance as at 31st January 20XX		$ 415,000.00

As you can see, after completing the reconciliation, the accounts balance and indicate available trust funds of $415,000.

You are required to enter the following transactions into the journals and create appropriate ledger accounts (remembering that some already have an opening balance equal to the previous month's closing balance) and then, using the Bank Statement supplied, complete the bank reconciliation.

Transactions:

February 8 20XX Received $3000 from Burgess for advertising

February 10 20XX Paid ourselves the commission from Francis sale of $17,000 and paid balance of deposit held to the vendor

February 18 20XX Received deposit from Zoling of 115,000 for his purchase from Sweeney

February 28 20XX Refunded Burgess advertising as he is no longer selling

February 28 20XX Received advertising expenses from Goulter of $4,000

ABC Real Estate Sales Trust Account - Bank Statement
BANK NAME	Bank of Training			STATEMENT BALANCE
BANK PHONE	99872322			$ 448,000.00
ACCT NO.	12345678
STATEMENT DATE	28^th February 20XX


DATE	DESCRIPTION	DEBIT	CREDIT	BALANCE
31Jan 20XX	Opening balance			$ 239,000.00
1 Feb 20XX	Deposit Ellis		$ 75,000.00	$ 314,000.00
	Deposit Patten		$ 96,000.00	$ 410,000.00
	Deposit Sweeney		$ 5,000.00	$ 415,000.00
8 Feb 20XX	Deposit Burgess		$ 3,000.00	$ 418,000.00
10 Feb 20XX	Payment Francis Commission	$ 17,000.00		$ 401,000.00
10 Feb 20XX	Payment Francis	$ 68,000.00		$ 333,000.00
18 Feb 20XX	Deposit Zoling		$ 115,000.00	$ 448,000.00
28 Feb 20XX	Closing Balance			$ 448,000.00

Complete the following templates.

ABC Real Estate Trust - Cash Receipts Journal

DATE

VENDOR

PURCHASER

REC. No.

AMOUNT

BANK

Please enter your response in theblue space above.

ABC Real Estate Trust - Cash Payments Journal

DATE

VENDOR

PURCHASER

FOLIO

COMMISSION

ADVERTISING

SETTLEMENT

BANK

Please enter your response in theblue space above.

ABC Real Estate Trust Reconciliation Statement

28^th February 20XX

Trust Cash Journals

Balance brought forward from____________

Plus Receipts for____________

Less Payments for____________

Balance as at____________

Trust Bank Statement

Balance as per statement

Plus outstanding deposits

Less outstanding payments

Balance as at 28^th February 20XX

Please enter your response in theblue space above.

ABC Real Estate Sales Trust Account - Ledgers

NAME

DATE

DESCRIPTION

DEBIT

CREDIT

Please enter your response in theblue space above.

NAME

DATE

DESCRIPTION

DEBIT

CREDIT

Please enter your response in theblue space above.

NAME

DATE

DESCRIPTION

DEBIT

CREDIT

Please enter your response in theblue space above.

NAME

DATE

DESCRIPTION

DEBIT

CREDIT

Please enter your response in theblue space above.

NAME

DATE

DESCRIPTION

DEBIT

CREDIT

Please enter your response in theblue space above.

CREDIT

NAME

DATE

DESCRIPTION

DEBIT

CREDIT

Please enter your response in theblue space above.

NAME

DATE

DESCRIPTION

DEBIT

CREDIT

Please enter your response in theblue space above.

Assessor feedback	Date

For assessors only.

The following transactions occurred during the next 2-month period.

March 20XX

8 Banks paid a deposit on a purchase from DiMarco of $25,000

12 Owens paid a deposit on a purchase from Drake of $93,000

15 Ellis sale settled and commission $15,000 and balance $60,000 paid to Ellis

31 McKenzie paid a deposit on a purchase from Sefton $85,000

April 20XX

1 Error corrected Ellis commission

2 Brown purchase from Kwan settled

7 Fitzgibbon paid advertising of $5,000

18 Leslie paid a 10% deposit on purchase from Fitzgibbon at a sale price of $1.15 million

Upon examination of the bank statement for March, you noticed that there is an error in the commission on the Ellis sale. You have inadvertently withdrawn more that you should have, resulting in the Ellis account being overdrawn.

Using the trust reconciliation templates provided, you are required to complete the Bank Reconciliations for the months of March and April. You are also required to show how your error will be rectified in the following month.

ABC Real Estate Sales Trust Account - Bank Statement
BANK NAME	Bank of Training			STATEMENT BALANCE
BANK PHONE	99872322			$ 489,000.00
ACCT NO.	12345678
STATEMENT DATE	31^st March 20XX


DATE	DESCRIPTION	DEBIT	CREDIT	BALANCE
28 Feb 20XX	Opening balance			$ 448,000.00
1 March 20XX	Deposit Goulter		$ 4,000.00	$ 452,000.00
	Payment Burgess	$ 3,000.00	$	$ 449,000.00
8 March 20XX	Deposit DiMarco		$ 25,000.00	$ 474,000.00
12 March 20XX	Deposit Drake		$ 93,000.00	$ 567,000.00
15 March 20XX	Payment Ellis Commission	$ 18,000.00		$ 549,000.00
	Payment Ellis	$ 60,000.00		$ 489,000.00

31 March 20XX	Closing Balance			$ 489,000.00

ABC Real Estate Sales Trust Account - Statement
BANK NAME	Bank of Training		STATEMENT BALANCE
BANK PHONE	99872322			$ 605,000.00
ACCT NO.	12345678
STATEMENT DATE	30^th April 20XX


DATE	DESCRIPTION	DEBIT	CREDIT	BALANCE
31 March 20XX	Opening balance			$ 489,000.00
1 April 20XX	Deposit Ellis		$ 3,000.00	$ 492,000.00
	Deposit Sefton		$ 85,000.00	$ 577,000.00
2 April 20XX	Payment Kwan	$ 73,600.00		$ 503,400.00
	Payment Kwan Commission	$ 18,400.00		$ 485,000.00
7 April 20XX	Deposit Fitzgibbon Advertising		$ 5,000.00	$ 490,000.00
18 April 20XX	Deposit Fitzgibbon		$ 115,000.00	$ 605,000.00

31 April 20XX	Closing Balance			$ 605,000.00

ABC Real Estate Trust Reconciliation Statement
31^st March 20XX
Trust Cash Journals
Balance brought forward from____________
Plus Receipts for____________
Less Payments for____________
Balance as at____________
Trust Bank Statement
Balance as per statement
Plus outstanding deposits
Less outstanding payments
Balance as at____________

Please enter your response in theblue space above.

ABC Real Estate Trust Reconciliation Statement
30^th April 20XX
Trust Cash Journals
Balance brought forward from____________
Plus Receipts for____________
Less Payments for____________
Balance as at____________
Trust Bank Statement
Balance as per statement
Plus outstanding deposits
Less outstanding payments
Balance as at 30^th April 20XX

Please enter your response in theblue space above.

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