You have been retained by Efficient Conveyancing to prepare some of their trust accounts for a series of transactions.

You are to prepare the following trust accounts: - Controlled Money Movement Record for Penny Warren - Trust account Cash Book Summary and Bank Reconciliation for the month ending 31/03/2022 (please use format on word document attached)

In preparing these accounts you will on occasions have to make assumptions or need to seek further instructions from your clients. Particulars of these assumptions, further instructions, or notes about failures in office procedures must be stated as footnotes to your accounts. Trust account receipts start at 000. Trust account cheques start at 1000 and are signed by C Roberts, the Efficient Conveyancing's office accountant. The responsible partner supervising your files is Belinda Scott.

The lowest balance in the trust account for the period 1 July 2021 to 30 June 2022 occurred on 7 July 2021 in the amount of $12000. The amount held in the statutory deposit on that day was $11 000. The relevant portion of the Efficient Trust Account Bank Statement is set out on the next page.

You are to assume that all cheques clear in three days unless a special clearance is sought in which case clearance will occur the next day. The firm policy is that for amounts in excess of $500 a special clearance will be sought.

01/01/2022 Penny Warren purchase from Tom Jones, 7 Stewart Lane. File No. 645. You act for the purchaser Penny Warren of 12 Box Street Box Hill. In terms of a clause in the contract of sale, a $5000 deposit was paid in cash by Penny Warren into the trust account to be invested in a 2 month term deposit with ABC Bank in the name of Efficient Conveyancing as trustee for Penny Warren with all interest ($300 - 36% simple interest per annum) for the account of the purchaser. Settlement is to occur in 2 months.

02/01/2022 Estate of White - deceased. File No 897. Received from RAMS a bank cheque for $10 000 being the proceeds of the deceased life policy number 123645 together with written instructions from the two executors to invest the funds with Northpac Bank on a term deposit for two months. Interest to amount to $500 over the two-month period. The balance including accrued interest is to be reinvested on the same terms. The bank confirms on the telephone that their bank cheque is valid and will clear.

07/01/2022 Penny Warren purchase from Tom Jones, 7 Stewart Lane. File No. 645. Received from Penny Warren a bank cheque in the sum of $1900 drawn on XYZ Bank, Epping for $700 professional costs, $700 stamp duty, $50 transfer registration fees, $ 350 search fees, and $100 mortgage discharge fees.

08/01/2022 Penny Warren purchase from Tom Jones, 7 Stewart Lane. File No. 645. Draw a trust account cheque in the sum of $150 in favour of City of Whitehorse for search fees.

14/01/2022 Penny Warren purchase from Tom Jones, 7 Stewart Lane. File No. 645. Draw a trust account cheque for $100 in favour of Law Point for search fees.

01/03/2022 Penny Warren purchase from Tom Jones, 7 Stewart Lane. File No. 645. Received a trust account authority signed by Penny Warren authorising Efficient, according to the terms of the contract of sale, to withdraw the investment from ABC Bank and accrued interest, and place it in the Efficient Trust Account.

Northpac Bank of Australia Reservoir Bank Statement Efficient Conveyancing Trust Account 2022 bal balance brought forward 50000.00 Jan 1 cash 5000.00 55000.00 cheque 10 000.00 65000.00 3 1000 5000.00 60000.00 4 1001 10000.00 50000.00 8 cheque 1900.00 51900.00 11 1002 150.00 51750.00 Mar 1 EFT 5300.00 57050.00 6 1004 700.00 56350.00 10 1006 600.00 55750.00 14 Fed Debits Tax 11.00 55739.00 15 Bank fees 22.00 55717.00 EFT 25000.00 80717.00 April 30 80717.007. Trust Account Cash Book Summary and Bank Reconciliation for the month ending 31/03/2022 EFFICIENT CONVEYANCING CASH BOOK SUMMARY Opening Balance $12,435 Receipt from Receipt Sub Total Payments Closing Balance EFFICIENT CONVEYANCING BANK RECONCILIATION Reconciliation Statement as at Balance as of Outstanding Debt Unpresented Cheques Sub Total Drawn Bank Fees - Request bank to Direct Fees to Trading Account Drawn Fed Debit Tax - Request bank to Direct Fees to Trading Account Reconciled cash book Balance