Using the following information provided by the licensee of Sellit Real Estate Agency, you are required...
Fantastic news! We've Found the answer you've been seeking!
Transcribed Image Text:
Using the following information provided by the licensee of Sellit Real Estate Agency, you are required to: Correctly complete the 1. Trust Cash Book 2. Trust Ledgers. 3. a Trial Balance and prepare 4. a Bank Reconciliation as at 31 January 2019 You should note the following: • The Trust Cash Book, Trust Ledger and Trust Trial Balance are to be completed so as to comply with the Regulations • The next Trust Receipt Number to be issued is number 800 • The next Trust Cheque Number is number 300 • All trust receipts are banked on day of receipt • All receipts and payments are by cheque unless otherwise stated • The accounts in the Trust Ledger had the following balances as at 1st January 2019 • The first thing you need to do is to carry forward the balances below onto the relevant ledgers 110 Hope to Charity $50.000 Credit 120 Juice to Mc Duff 130 Mr Toolong $30,000 Credit $10.000 Credit 140 Rental Bond Suspense $8,000 Credit Total Balance brought forward $98,000 January 2019 Below is a pile of source documents, ie receipts, invoices for you to enter into the cash book. The first thing to do is go through the list carefully and cross a line through any items that would NOT BE TRUST MONIES. Then go through each item and note whether they are Receipts or Payments and then put them in the corresponding page in the cash book. • Received $25,000 (10% deposit) from Mr Rentalot - vendor is Mr 1 Ownya th 4 • Paid amount due to the Residential Tenancy Bond Authority - bonds to date $8000 th • Received $1500 rent from Mr. U. N. Lucky - Owner Toolong th 10 • Paid to Mr Toolong's all funds in his account less the Property Management fee, which was $750. This is paid to us, the Agent • Paid $2000 for Advertising sign on local Bus Stop th 18" • The sale, Hope to Charity, was settled and the balance of the deposit was forwarded to the vendor's solicitor, Mr Grabitandrun, after deducting sales commission of $12,000. th • Received a cheque for $25,000 from B. Good, being 5% deposit for the purchase of property owned by Mr F.Lab. This has been cleared and is to be invested in an Interest Bearing Account the same day, with Westpac 20 21 • Owner, Mr L Lord, has a new tenant -Ms O Time who pays 2 weeks rent in advance with a personal cheque for $1000 and a bank cheque of $2000 for the bond. She signs the lease and moves into today. • Purchased a company car for $15,000 rd- 23 • Our bank statement shows a dishonoured cheque for $1000 from Ms O Time plus a dishonour fee of $35 has been charged to the business account • Mrs O Time brings in $1035 in a bank cheque (think about where $35 might go - which ledger?) 24th st 31 • Obtained a new tenant Black - owner Toolong. The tenant paid with two cheques. One cheque was for 2 weeks rent which totalled $1600, and the other cheque was for bond of $3200 - this 2 cheque was made out Office Fair Trading - Renting nd Services • Settled Toolongs's account for January 2019 after paying agents Pty Mgmt fees of $350. • 31 Mr F lab property has settled and now we need to account to the vendor and purchaser for the 5% deposit. - Total Interest paid $220 to be shared equally with vendor and purchaser. Agents selling fee was $10.000 BANK BANK PTY LIMITED BANK STATEMENT ACCOUNT NAME: SELLIT REAL ESTATE AGENCY TRUST ACCOUNT ACCOUNT NUMBER: 954321 AS AT 31 JANUARY 2019 Date Description Debit Credit Balance 1/1/2019 Opening Balance $98,000 1/1/2019 Rentalot $25,000 $123,000 4/1/2019 Chq 300 $8,000 $115,000 9/1/2019 U. Lucky rent $1,500 $116,500 10/1/2019 Chq 302 $10,750 $105,750 10/1/2019 Chq 301 $750 $105,000 18/1/2019 Chq 303 $12,000 $93,000 18/1/2019 Chq 304 $38,000 $55,000 20/1/2019 B Good $25,000 $80,000 20/1/2019 Westpac IBD $25,000 $55,000 23/1/2019 O.Time rent $1,000 $56,000 23/1/2019 O.Time bond $2,000 $58,000 23/1/2019 Dishonoured $1,000 $57,000 24/1/2019 O Time $1,035 $58,035 31/1/2019 Westpac IBD $25,220 $83,255 Using the following information provided by the licensee of Sellit Real Estate Agency, you are required to: Correctly complete the 1. Trust Cash Book 2. Trust Ledgers. 3. a Trial Balance and prepare 4. a Bank Reconciliation as at 31 January 2019 You should note the following: • The Trust Cash Book, Trust Ledger and Trust Trial Balance are to be completed so as to comply with the Regulations • The next Trust Receipt Number to be issued is number 800 • The next Trust Cheque Number is number 300 • All trust receipts are banked on day of receipt • All receipts and payments are by cheque unless otherwise stated • The accounts in the Trust Ledger had the following balances as at 1st January 2019 • The first thing you need to do is to carry forward the balances below onto the relevant ledgers 110 Hope to Charity $50.000 Credit 120 Juice to Mc Duff 130 Mr Toolong $30,000 Credit $10.000 Credit 140 Rental Bond Suspense $8,000 Credit Total Balance brought forward $98,000 January 2019 Below is a pile of source documents, ie receipts, invoices for you to enter into the cash book. The first thing to do is go through the list carefully and cross a line through any items that would NOT BE TRUST MONIES. Then go through each item and note whether they are Receipts or Payments and then put them in the corresponding page in the cash book. • Received $25,000 (10% deposit) from Mr Rentalot - vendor is Mr 1 Ownya th 4 • Paid amount due to the Residential Tenancy Bond Authority - bonds to date $8000 th • Received $1500 rent from Mr. U. N. Lucky - Owner Toolong th 10 • Paid to Mr Toolong's all funds in his account less the Property Management fee, which was $750. This is paid to us, the Agent • Paid $2000 for Advertising sign on local Bus Stop th 18" • The sale, Hope to Charity, was settled and the balance of the deposit was forwarded to the vendor's solicitor, Mr Grabitandrun, after deducting sales commission of $12,000. th • Received a cheque for $25,000 from B. Good, being 5% deposit for the purchase of property owned by Mr F.Lab. This has been cleared and is to be invested in an Interest Bearing Account the same day, with Westpac 20 21 • Owner, Mr L Lord, has a new tenant -Ms O Time who pays 2 weeks rent in advance with a personal cheque for $1000 and a bank cheque of $2000 for the bond. She signs the lease and moves into today. • Purchased a company car for $15,000 rd- 23 • Our bank statement shows a dishonoured cheque for $1000 from Ms O Time plus a dishonour fee of $35 has been charged to the business account • Mrs O Time brings in $1035 in a bank cheque (think about where $35 might go - which ledger?) 24th st 31 • Obtained a new tenant Black - owner Toolong. The tenant paid with two cheques. One cheque was for 2 weeks rent which totalled $1600, and the other cheque was for bond of $3200 - this 2 cheque was made out Office Fair Trading - Renting nd Services • Settled Toolongs's account for January 2019 after paying agents Pty Mgmt fees of $350. • 31 Mr F lab property has settled and now we need to account to the vendor and purchaser for the 5% deposit. - Total Interest paid $220 to be shared equally with vendor and purchaser. Agents selling fee was $10.000 BANK BANK PTY LIMITED BANK STATEMENT ACCOUNT NAME: SELLIT REAL ESTATE AGENCY TRUST ACCOUNT ACCOUNT NUMBER: 954321 AS AT 31 JANUARY 2019 Date Description Debit Credit Balance 1/1/2019 Opening Balance $98,000 1/1/2019 Rentalot $25,000 $123,000 4/1/2019 Chq 300 $8,000 $115,000 9/1/2019 U. Lucky rent $1,500 $116,500 10/1/2019 Chq 302 $10,750 $105,750 10/1/2019 Chq 301 $750 $105,000 18/1/2019 Chq 303 $12,000 $93,000 18/1/2019 Chq 304 $38,000 $55,000 20/1/2019 B Good $25,000 $80,000 20/1/2019 Westpac IBD $25,000 $55,000 23/1/2019 O.Time rent $1,000 $56,000 23/1/2019 O.Time bond $2,000 $58,000 23/1/2019 Dishonoured $1,000 $57,000 24/1/2019 O Time $1,035 $58,035 31/1/2019 Westpac IBD $25,220 $83,255
Expert Answer:
Answer rating: 100% (QA)
Sellit Real Estate Agency Cash Book as on 31012019 Date Cheque No Particulars Receipts Payments Bala... View the full answer
Related Book For
Accounting concepts and applications
ISBN: 978-0538745482
11th Edition
Authors: Albrecht Stice, Stice Swain
Posted Date:
Students also viewed these accounting questions
-
You are required to prepare two written responses: 1) tax file memorandum and 2) client letter. For the tax memorandum file, use exhibit 2.9 on page 2-27 for an example
-
Using the following information about McAuliff e Company, decide whether you would want to loan money to thecompany. 2010 2011 2012 $1,295 (2,023) (1,450) 5,300 Net income. Cash provided by lused in)...
-
Using the following information for Gold Star National Bank, calculate that banks ratios of Tier 1 capital-to-risk-weighted assets and total-capital-to-risk-weighted assets. Does the bank have...
-
Under Social Security, the family of a worker who dies while fully insured at the time of death has a right to survivors' benefits. True False
-
The following TI-84 Plus calculator display presents a 95% confidence interval for the difference between two proportions. a. Find the point estimate of pt p2. b. Fill in the blanks: We are 95%...
-
Figure gives an overhead view of the path taken by a 0.1-65 kg cue ball as it bounces from a rail of a pool table. The ball's initial speed is 2.00 m/s, and the angle ?1 is 30.0o. The bounce reverses...
-
Calculate the magnitude of the magnetic field at the center of a circular arc of radius \(25 \mathrm{~mm}\) spanning an angle of \(\pi / 2\) and carrying a current of \(3.0 \mathrm{~A}\).
-
Cost centers, profit centers, decentralization, transfer prices. Fenster Corporation manufactures windows with wood and metal frames. Fenster has three departments: Glass, Wood, and Metal. The Glass...
-
a) Risk analysis is the study of the underlying uncertainty of a given course of action and refers to the uncertainty of forecasted cash flow streams, the variance of portfolio or stock returns, the...
-
Ace Companys income statements for the three years 2012, 2011, and 2010 are given below (all amounts in $ millions): 1. Other income (expense) comprised the following: 2. In 2012, cost of goods sold...
-
5. You have four successive polarizing filters. The first is horizontal, the second is 48 from vertical, the third is 63.7 from vertical and the last is vertical. What percentage of light is...
-
Write a program called 'palindromeprime.java' that finding all palindromic primes between two integers supplied as input (start and end points are excluded). A palindrome number is a number that...
-
On the formation of HYG Corporation, A (a cash-basis individual) receives 70 shares (70%) of HYG common stock by transferring ordinary income property with a basis of $10,000 and a FMV of $70,000,...
-
Why is termination of a construction contract a high risk option?
-
Esther, the sales manager for Reynoso Products, wants to sponsor a one-week "Customer Appreciation Sale" during which the firm will sell additional units of a product at the lowest price possible...
-
Rocket spray's manufacturing costs for July are: Materials cost: $4,000 Labor cost: $3,200 Overhead: $800 If Rocket spray's one plant employee manufactured 10 bottles per hour, and worked 8 hours per...
-
Execute the following ForLoop control logic C++ statements and write the results in the answer space below. Show your calculations. for (j=testn; j < 5; j++) cout < < j < < " ;
-
For the given transfer function: Vo(s) / Vi(s) = (s^2C^2R^2 + 1) / (s^2C^2R^2 + 4sCR + 1) Assumiing that 1/(CR) = 120 PI so write the matlab code to find the magnitude plot
-
You are at the student union having lunch with a friend who is attending law school. In the course of your conversation, you tell your friend that, in contrast to financial accounting or tax...
-
The text has pointed out that ethics is an important topic, especially for CPAs. Derek Bok, former law professor and president of Harvard University, has suggested that colleges and universities have...
-
You recently ran into Bill Autograph, a friend from high school who has been busy getting his sports collectible/memorabilia business off the ground. When he heard you were an accountant, he became...
-
a. For the allowed energies of a particle in a box to be large, should the box be very big or very small? Explain. b. Which is likely to have larger values for the allowed energies: an atom in a...
-
The molecules in the rods and cones in the eye are tuned to absorb photons of particular energies. The retinal molecule, like many molecules, is a long chain. Electrons can freely move along one...
-
What was the approximate activity of the plutonium source at the start of the mission? A. \(2 \times 10^{21} \mathrm{~Bq}\) B. \(2 \times 10^{19} \mathrm{~Bq}\) C. \(2 \times 10^{17} \mathrm{~Bq}\)...
Study smarter with the SolutionInn App