YOUR HOME REAL ESTATE PTY LTD D & S Gregson 150 White Street Byron Bay, NSW...

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YOUR HOME REAL ESTATE PTY LTD D & S Gregson 150 White Street Byron Bay, NSW 0000 Details RE: Sale D & S Gregson to B. Archer Purchase price - $388,000.00 Deposit held Agency Commission 2.5% plus GST Accounting fee Balance of funds payable to Agnes & Fortescue for settlement Closing totals Debit Statement Date Statement Number: Account: $ 10,670.00 $ 20.00 $ 28,110.00 $ 38,800.00 Credit $ 38,800.00 $ 38,800.00 Tax Invoice DSG150 03./05/2013 Balance 1 $ 28,130.00 $ 28,110.00 $ 0.00 Start date: 1/4/2013 23/4/2013 28/4/2013 Information Ted Johnson has listed his house with the agency to sell. The address is: 2 Second St, Byron Bay He has agreed to an advertising campaign. The first payment for the advertising of $350.00 is received on 02/04/2013. You will start with Receipt no. 1206 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 15/4/2013 20/4/2013 30/4/2013 John Jones of 10 Circuit St Byron Bays, has 3 rental properties with the company. They are: 65 Martin St ($1200 per month), 15 Drysdale Ave ($1350 per month), and 47 Robert St ($1500 per month). BAC Commercial pays monthly rent of $2000 by EFT. The tenant Jill Sharp pays by EFT the rental of $1350 for 15 Drysdale Ave. 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. 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 and statement fee to be paid to the office in the figuring. The unit is repaired on 28/4/2013. A cheque (cheque no 1434) is paid that day to Aircold Air-conditioning for $1900. 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 Opening balance @ 01/04/2013 Deposits from Trust Account Receipt Journal Less presented cheques from Trust Payment # 1434 Journal # 1435 #1436 Transfers Less un-presented cheques Total cheques presented # 1437 #1438 Debit $ 1900.00 $1841.00 $ 1823.15 $ 485.85 $ 350.00 Credit $ 59,900.00 Sub-Total $ 6,400.00 Closing balance as at 30/04/2019 Balance $ 38,800.00 $ 98,700.00 $92,300.00 Bank Statement for: Your Home Real Estate Pty Ltd Date: 30/04/2013 John Jones Ch no 1436 30/04/2013 James Smithson Ch no 1435 30/04/2013 General Account Ch no 1438 30/04/2013 General Account Ch no 1437 28/04/2013 Aircold Air Cond Ch no 1434 23/04/2013 Deposit 20/04/2013 Deposit 15/04/2013 Deposit 13/04/2013 Deposit 08/04/2013 Deposit 03/04/2013 Deposit 02/04/2013 Deposit 01/04/2013 Opening Balance Details Dr $1,823.15 $1,841.00 $350.00 $485.85 $1,900.00 Cr Balance $92,300.00 $94,123.15 $95,964.15 $96,314.15 $96,800.00 $42,800.00 $98,700.00 $10,700.00 $55,900.00 $1,350.00 $45,200.00 $2,000.00 $43,850.00 $1,200.00 $41,850.00 $1,500.00 $40,650.00 $350.00 $39,150.00 $38,800.00 John Jones 10 Circuit Street Byron Bay, NSW 0000 2013 YOUR HOME REAL ESTATE PTY LTD 03/04/2013 23/04/2013 30/04/2013 30/04/2013 30/04/2013 30/04/2013 Details Balance brought forward 47 Robert Street, Byron Bay NSW 0000 Fredricks, Bill $ 1500.00 per month Rent 03/04/2013 Transfer from 65 Martin St, Airconditioning Repair Agency commission Statement Fee Payment to Owner Totals at end of period Total expenses on this tax invoice includes GST of $183.68 Statement From: Statement to: Statement Number: Debit $ 1900.00 $ 115.50 $ 5.00 $ 0.00 Account: $ 2020.50 Credit $ 1500.00 $ 520.50 $ 2020.50 Tax Invoice JJ47 01/04/2013 30/04/2013 1 Balance $ 0.00 $ 1500.00 $ 2020.50 $ 120.50 $ 5.00 $ 0.00 $ 0.00 3/5/2013 Information Sale of a house at 150 White St Byron Bay 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% plus GST of the value. There will be a $20.00 accounting fee added as well. The Purchas- er is B. Archer of 40 Black Rd Byron Bay. 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. 7/5/2013 You receive a deposit from R. Ramirez of 14 Dapto St Byron Bay, for the house of A. Jackson at 69 O'Brien Crescent. The full 10% deposit has been received. Deposit amount is $56,900.00 8/5/2013 The tenant Ray Richards pays rent for the property at 65 Martin St by cash $1200. 13/5/2013 BAC Commercial pays monthly rent of $2000 by EFT. 15/5/2013 The tenant Jill Sharp pays by EFT the rental of $1350 for 15 Drysdale Ave. 20/5/2013 Fred Sykes settles the sale of Ted Johnson's house for $535,000.00. You now need to finalise this account and pay the commission to the agency and send the remaining funds to the Solicitor, Reddy and Co Pty Ltd, for settlement (Chq no 1441). The commission is 2.5% plus GST of the value. There will be a $20.00 accounting fee added as well. (Chq no 1442 31/5/2013 You will pay James Smithson (Chq no 1443) and John Jones (Chq no 1444) the rents owing them less the commissions and statement fees. You will pay the General Account the commission owing with Chq no 1445 Question 8 Partially correct Mark 10.00 out of 11.00 Flag question Trust monies must be banked before the end of the next business day after it was received. If this was not possible, it must be banked the next possible day. Refer to the transactions in Part 2 - Trust Account Receipts and complete a bank deposit slip for each transaction that needs to be banked. Trust Account Bank Deposit Slip 1 2 3 4 Drawer Bill Fredericks V (Tenant) Account Name: Your Home Real Estate Pty Ltd t/a Your Home Real Estate Branch Name: Byron Bay BSB: 06 2514 Acc No: 12345678 Bank X Westpac Banking Corporation (Name of Bank) Description: Rent 47 Robert Street, Byron Bay Receipt No: 1207 Deposited By: Student Name (As per trust receipt description) Comok Branch Tenants Branch $ 1500.00 Total Cash: Total Chgs: Total Deposit 1500.00 Date: (DD/MM/YYY 03 /2013 1500.00 04 Amount Question 10 Partially correct Mark 5.83 out of 7.00 Fag question Question 11 Partially correct Mark 6.67 out of 8.00 Fag question Question 12 Partially correct Mark 4.67 out of 7.00 Fag question Refer to the transactions in Part 1 - April Transaction and to validate requests for payment complete a cheque butt for all the relevant transactions. Trust Ledger Account and Follo No Payment to Trust Ledger Account and Follo No Amount Paid Date: Payment to: Trust Ledger Account and Follo No: Refer to the transactions in Part 1 - April Transaction and to validate requests for payment complete a cheque butt for all the relevant transactions. Reason for payment Cheque/EFT Number: 1435 Amount Paid: Reason for payment JS45 Payment Air Cold Air Conditioning 147 30 04 James Smithson Rent Cheque/EFT Number: 1434 Date: Amount Paid s 1841.00 Refer to the transactions in Part 1 - April Transaction and to validate requests for payment complete a cheque butt for all the relevant transactions. 15 Rent 30 /04 John Jones 28 /04 2013 x S 1823.15 Airconditioning Repair $ 1900.00 2013 165 2013 x 147 x X Question 13 Partially correct Mark 5.63 out of 9.00 Flag question Question 14 Partially correct Mark 7.88 out of 9.00 Fag Question Refer to the transactions in Part 1 - April Transaction and to validate requests for payment complete a cheque butt for all the relevant transactions. Date: Payment to Trust Ledger Account and Follo No: Reason for payment Amount Paid Date: Payment to Trust Ledger Account and Follo No 30 /04 2013 Your Home Real Estate Pty Ltd Cheque/EFT Number: 1437 Reason for payment JS45 x Amount Paid Agency Commission Refer to the transactions in Part 1 - April Transaction and to validate requests for payment complete a cheque butt for all the relevant transactions. X- S 485.85 Statement Fee 30 /04 Your Home Real Estate Pty Ltd TJ02 Advertising 2 Second Street, Byron Bay Cheque/EFT Number 1438 $ 350.00 2013 Question 16 Partially correct Mark 58.00 out of 64.00 Flag question The next step in the process is to enter the deposit details into the trust receipt cashbook. All receipts are entered into the one journal and it is good practice to enter the a) Date trust money received b) Date trust receipt issued if different from received date c) Name of person d) Name or identifying code on whose behalf it was paid e) Brief description of matter f) Amount received g) Trust account receipt number h) Date trust money is paid to agents trust account Date Money 02 /04/2013 03 /04/2013 08 /04/2013 13 /04/2013 15 /04/2013 20 Data Recept 23 02 /04/2013 03 /04/2013 08 /04/2013 13 /04/2013 15 /04/2013 20 042013/04/2013 23 04/2013/04/2013 Name of Payer Ted Johnson Bill Fredericks Ray Richards BAC commercial Jill Sharp Fred Sykes Fred Sykes Identifying code o dient Ted Johnson John Jones John Jones James Smithson John Jones Ted Johnson Ted Johnson X x x Rent X Advertising x at Rent 2 Second Street, Byron Bay 47 Robert Street, Byron Bay Description of mater Rent 65 Martin Street, Byron Bay 34 Drinkwater Parade, Byron Bay Rent 15 Drysdale Avenue, Byron Bay Initial Deposit 2 Second Street, Byron Bay Balance Deposit 2 Second Street, Byron Bay Total Receipts Amount Received $ 350 1500 s 1200 2000 1350 10700 42800 59900 < Trust Account Recept Number 1206 1207 1208 1209 > 1210 1211 1212 Date paid to (Banked) 02 /04/2013 03 /04/2013 08 /04/2013 13 /04/2013 15 /04/2013 20 /04/2013 23 /04/2013 Question 17 Partially correct Mark 40.50 out of 45.00 Plag The next step in the process is to enter the payment details into the trust payments cashbook. You will be required to process the cheque transactions. The following details must be included in the cashbook a) Date the cheque is written . b) Amount paid . c) Cheque number . d) Name of person to whom payment is made e) Identifier or person on whose behalf the payment is made f) Brief description of matter being paid g) Ledger account identifier being debited 28 /04/2013 30 /04/2013 30 /04/2013 30 /04/2013 30 /04/2013 Total Paid $ 1900 $ 1841 1823.15 485.85 $350 $1430 > $ 6400.00 Aircold Airconditioning x James Smithson John Jones Your Home Real Estate Pty Ltd Your Home Real Estate Pty Ltd John Jones Your Home Real Estate Pty Ltd Your Home Real Estate Pty Ltd Your Home Real Estate Pty Ltd Your Home Real Estate Pty Ltd Note: When more than 1 ledger is relevant, list ledger identifiers in alphabetically and then by property numerical order. Airconditioning Repair 47 Robert Street, Dyron Bay Rent 34 Drinkwater Parade, Byron Bay Rent Disbursement Agency Commission and Statement fees Advertising 2 Second Street, Byron Bay for 1147 1147 1534 ||15 165 1115 1147 1165 1534 TJ02 > > Question 17 Partially correct Mark 40.50 out of 45.00 Plag The next step in the process is to enter the payment details into the trust payments cashbook. You will be required to process the cheque transactions. The following details must be included in the cashbook a) Date the cheque is written . b) Amount paid . c) Cheque number . d) Name of person to whom payment is made e) Identifier or person on whose behalf the payment is made f) Brief description of matter being paid g) Ledger account identifier being debited 28 /04/2013 30 /04/2013 30 /04/2013 30 /04/2013 30 /04/2013 Total Paid $ 1900 $ 1841 1823.15 485.85 $350 $1430 > $ 6400.00 Aircold Airconditioning x James Smithson John Jones Your Home Real Estate Pty Ltd Your Home Real Estate Pty Ltd John Jones Your Home Real Estate Pty Ltd Your Home Real Estate Pty Ltd Your Home Real Estate Pty Ltd Your Home Real Estate Pty Ltd Note: When more than 1 ledger is relevant, list ledger identifiers in alphabetically and then by property numerical order. Airconditioning Repair 47 Robert Street, Dyron Bay Rent 34 Drinkwater Parade, Byron Bay Rent Disbursement Agency Commission and Statement fees Advertising 2 Second Street, Byron Bay for 1147 1147 1534 ||15 165 1115 1147 1165 1534 TJ02 > > Question 41 Partially correct Mark 7.00 out Fag Question Question 42 Partially correct Mark 70 of 9.00 Fas question Refer to the transactions in Part 14-May Transaction and to validate requests for payment complete a cheque butt for all the relevant transactions. Trust Leger Account and Fu Trust Ledger and 0305 2013 Agnes & Fortescue DSG150 AF Commission x 150 White Street, Byron Bay Refer to the transactions in Part 14-May Transaction and to validate requests for payment complete a cheque butt for all the relevant transactions. 28110 0305 /2013 Your Home Real Estate Pty Ltd DSG150 Commission Statement Fee 10690 Cheer 1440 Question 43 Partially correct Mark 6.86 out of 8.00 Flag question Question 44 Partially correct Mark 6.00 out of 8.00 P Flag question Refer to the transactions in Part 14 - May Transaction and to validate requests for payment complete a cheque butt for all the relevant transactions. Date: Payment to: Trust Ledger Account and Folio No: Reason for payment: Amount Paid: Date: Payment to: 05 Reddy and Co Pty Ltd $ 38767.5 Cheque/EFT Number: 1441 Trust Ledger Account and Folio No: Reason for payment 20 TJ02 Refer to the transactions in Part 14 - May Transaction and to validate requests for payment complete a cheque butt for all the relevant transactions. Amount Paid: Commission 20 TJ02 05 Your Home Real Estate Pty Ltd Commission 2013 5 14732.50 Cheque/EFT Number: 1442 2013 X and Statement fee x x Question 48 Partially correct Mark 47.22 out of 53.00 Flag question The next step in the process is to enter the deposit details into the trust receipt cashbook. All receipts are entered into the one journal and it is good practice to enter the receipts into the jo a) Date trust money received b) Date trust receipt issued if different from received date c) Name of person d) Name or identifying code on whose behalf it was paid e) Brief description of matter 1) Amount received g) Trust account receipt number h) Date trust money is paid to agents trust account Date Money received 03 07 /05/2013/05/2013 07 /05/201 /05/2013/05/2013 08 /05/201 13 Recept Issued /05/201 03 15 07 07 /05/2013 08 /05/201 13 /05/201 15 /05/201/05/201 Name of Payer Bill Fredericks Bill Fredericks R Ramirez Ray Richards BAC Commercial Jill Sharp JJ47 147 AJ69 JJ65 JS34 15 Identifying code or dient X x x Rent 47 Robert Street, Byron Bay x Rent 47 Robert Street, Byron Bay Deposit Description of matter 69 O'Brien Crescent, Byron Bay Rent 65 Martin Street, Byron Bay Rent 34 Drinkwater Parade, Byron Bay Rent 15 Drysdale Avenue, Byron Bay Total Receipts Amount Received 1500 1500 56900 1200 2000 1350 > > 64450 > Trust Account Date paid to Recept bank Number (Banked) 1213 03 1214 1215 1216 1217 1218 /05/2013 07 /05/2013 07 /05/2013 08 /05/2013 13 /05/2013 15 /05/2013 Question 49 Partially of $3.00 The next step in the process is to enter the payment details into the trust payments cashbook. You will be required to process the cheque transactions. The following details must be included in the cashbook: a) Date the cheque is written b) Amount paid c) Cheque number d) Name of person to whom payment is made e) Identifier or person on whose behalf the payment is made Brief description of matter being paid g) Ledger account identifier being debited 03 /05/2013 03 > /05/2013 05 > /05/2013 20 /05/2013 20 /05/2013 31 /05/2013 31 /05/2013 31 /05/2013 $28110 $10690 S 1500 38767.5 14732.5 s 1841 3723.15 485.85 > > 1439 1440 N/A 1441 1442 1443 1445 Agnes and Fortescue Your Home Real Estate Pty Ltd John Jones Reddy and Co Pty Ltd Your Home Real Estate Pty Ltd James Smithson John Jones Your Home Real Estate Pty Ltd D & S Gregson Your Home Real Estate Pty Ltd Bill Fredericks Fred Skyes Your Home Real Estate Pty Ltd Your Home Real Estate Pty Ltd Your Home Real Estate Pty Ltd Your Home Real Estate Pty Ltd Balance of funds to the solicitor for settement 150 White Street, Byron Bay Commission administration fee Dishonoured cheque Balance of funds to the solicitor for settlement 2 Second Street, Byron Bay Commission for sale administration fee Ron Disbursement -145 Drinkwater Parade, Byron Bay Rent Disbursements Agency Commission and statement fees 1149 Ensure you list the chq/elt numbers in numerical order. DSG150 115 1165 1147 1147 Disbursement to agency TJ02 1534 ||15, 47, 65,34 Question 50 Partially correct Mark 22.40 out of 28.00 P Flag question You must keep a ledger consisting of a separate identifiable account for each: person on whose behalf you hold trust money transaction for which you hold trust money. Now enter the transactions into the individual property trust account ledger, these ledgers must balance back to the bank reconciliation at the end of the month. Account of: D & G Gregson (DSG150)- 150 White Street, Byron Bay Date (DOMMYYYY 03 x/05/2013 03 /05/2013 03 Deposit Description of matter (Type and Address) Sale Commission and administration fee Commission /05/2013 x for purchase of 150 White Street, Byron Bay TRUST ACCOUNT LEDGER YOUR HOME REAL ESTATE PTY LTD Amount paid or received 10690 28110 S > Receipt Number/Cha No. 1440 < S 1439 < $ Debit Credi Balance 10690 Opening Bal 38800 28110 s0 $0 $ > Question 52 Partially correct Mark 26.67 out of 32.00 P Flag question You must keep a ledger consisting of a separate identifiable account for each: person on whose behalf you hold trust money transaction for which you hold trust money. Now enter the transactions into the individual property trust account ledger, these ledgers must balance back to the bank reconciliation at the end of the month. Account of: John Jones (147)-47 Robert Street, Byron Bay Date (DD/MMYYYY 03 /05/2013 05 07 /05/2013 dishounoured cheque /05/2013 31 /05/2013 Description of matter (Type and Address) Rent 31 Rent S 1500 Rent Agency Commission and Statement Fee Rent Amount paid or received /05/2013 Disbursement to owner $ 1500 $ 1500 485.85 1014.15 S x S x Receipt Number Cha No. 1213 1214 1213 S 1500 1445 TRUST ACCOUNT LEDGER YOUR HOME REAL ESTATE PTY LTD > 1444 Debit 485.85 1014.15 x S X Credit 1500 1500 $ Opening Bal S Balance 1500 1500 1014.15 $0 $ 0 x > Question 53 Partially correct Mark 20.00 out of 21.00 Flag question You must keep a ledger consisting of a separate identifiable account for each: person on whose behalf you hold trust money transaction for which you hold trust money. Now enter the transactions into the individual property trust account ledger, these ledgers must balance back to the bank reconciliation at the end of the month. Account of: John Jones (147)-65 Martin Street, Byron Bay Date (DOMMYYYY 08 /05/2013 31 /05/2013 31 /05/2013 Rent Description of matter (Type and Address) for 65 Martin Street, Byron Bay Agency Commission and Statement fee Rent Disbursement to Owner Amount paid or received $ 1200 $ 97.4 1102.6 $ TRUST ACCOUNT LEDGER YOUR HOME REAL ESTATE PTY LTD Receipt Number/Cha No 1216 1445 1216 x Debit $ 97,4 1102.6 Credit 1200 S > Opening Bal Balance $ 1200 1102.6 $0 $ 0 $ < > Question 55 Partially correct Mark 18.00 out of 19.00 Flag question You must keep a ledger consisting of a separate identifiable account for each: person on whose behalf you hold trust money transaction for which you hold trust money. Now enter the transactions into the individual property trust account ledger, these ledgers must balance back to the bank reconciliation at the end of the month. Account of: John Jones (15)-15 Drysdale Avenue, Byron Bay Date (DOMMYYYY 15 /05/2013 31 /54/2013 31 /05/2013 Rent Description of matter (Type and Address) for 15 Drysdale Avenue, Byron Bay Agency Commission and Statement Fee Rent Disbursement to Owner Amount paid or received $ 1350 108.95 1241.05 $ $ Receipt Number/Cha No. 1218 1445 1445 TRUST ACCOUNT LEDGER YOUR HOME REAL ESTATE PTY LTD x $ I $ Debit 108.95 1241.05 Credit 1350 $ Opening Bal Balance $ 1350 1241.05 S 0 s0 Account of: Ted Johnson (TJ02) Date 01/04/2013 Advertising payment for 2 Second St, Byron Bay 20/04/2013 Initial deposit for purchase of 2 Second St, Byron Bay Description of matter 23/04/2013 Balance deposit for 30/04/2013 Date purchase of 2 Second St, Byron Bay Advertising Fee Account of REF: John Jones (JJ47) Description of matter 03/04/2013 Monthly Rent-47 Robert St, Byron Bay 23/04/2013 Transfer from JJ65 Landlord ledger (for AC Repair and agency commission) 28/04/2013 Repair of Airconditioning 30/04/2013 Agency Commission and statement fee Amount paid or received $ 350.00 $ 10,700.00 $ 42,800.00 $350.00 Amount paid or received $ 1500.00 $ 520.50 $ 1900.00 $ 120.50 Receipt Number/Ch q No. 1206 1211 1212 1438 Receipt Number/Ch q No. 1207 N/A N/A 1437 Debit $ 350.00 Debit $ 1900.00 $ 120.50 Credit $ 350.00 $ 10,700.000 $ 42,800.000 Opening Bal Credit $ 1500.00 $ 520.50 Opening Bal Balance $350.00 $11,050.00 $ 53,850.00 $ 53,500.00 $ 53,500.00 Balance $ 1500.00 $ 2020.50 $ 120.50 $ 0.00 $0.00 Date Payment made Amou Cheque Payment made to Identifier or name of nt Paid number payer or electroni fund transfer number 28/04/2013 $1900.00 1434 30/04/2013 $1841.00 1435 30/04/2013 $ 1823.15 1436 30/04/2013 $485.85 1437 30/04/2013 $ 350.00 1438 Aircold Airconditioning James Smithson John Jones Your Home Real Estate Pty Ltd Your Home Real Estate Pty Ltd John Jones Your Home Real Estate Pty Ltd Your Home Real Estate Pty Ltd Your Home Real Estate Pty Ltd Your Home Real Estate Pty Ltd Description of matter Airconditioning Repair at 47 Robert St, Byron Bay End of Month Disbursement - 45 Drinkwater Pde, Byron Bay End of Month Disbursements Agency Commission and statement fees Advertising fee for 2 Second St, Byron Bay Ledger identifier debited JJ47 JS45 JJ15 JJ65 JJ47 JS45 JJ15 JJ65 JJ47 TJ02 Date money received Date Receipt Issued Name of payer 02/08/2013 02/08/2013 Ted Johnson Ted Johnson Advertising payment-2 Second St, Byron Bay 03/04/2013 03/04/2013 Bill Fredricks John Jones Monthly Rent - 47 Robert St, Byron Bay 08/04/2013 08/04/2013 Ray Richards 13/04/2013 13/04/2013 15/04/2013 15/04/2013 BAC Commercial Jill Sharpe Identifying Description of matter Amount code or client paid 20/04/2013 20/04/2013 Fred Skyes John Jones Monthly Rent 65 James Smithson Martin St, Byron Bay Monthly Rent 34 Drinkwater Pde, Byron Bay John Jones Monthly Rent 15 Drysdale Ave, Byron Trust Account Receipt Number $350.00 1206 $ 1500.00 1207 $ 1200.00 1208 $ 2000.00 $ 1350.00 1209 1210 Bay Ted Johnson Initial deposit for $ 10,700.00 1211 purchase of 2 Second St, Byron Bay Date paid to bank Banked 02/0/2013 03/04/2013 08/04/2013 13/04/2013 15/04/2013 20/04/2013 Date of transfer 23/04/2013 Amount transferred Transferred From Account $ 520.50 JJ65 Transferred Ref Number to Account JJ47 John Jones Description of matter Transfer balance of funds to JJ47 for payment of Aircon repair and agency commission and statement fee of Your Home Real Estate Pty Ltd for the month ended: Account Name Debit Bank Ted Johnson Ledger James Smithson Ledger John Jones (JJ47) Ledger John Jones (JJ65) Ledger John Jones (JJ15) Ledger Total: Trust Account Reconciliation Balance as at 30/04/2013 Total $ 92,300.00 $ 92,300.00 30/04/2013 Credit $ 38,800.00 $ 53,500.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 93,300.00 $ 92,300.00 Your Home Real Estate Pty Ltd Date: Details 31/05/2013 John Jones Ch no 1444 31/05/2013 James Smithson Ch no 1443 31/05/2013 General Account chq no 1445 20/05/2013 General Account chq no 1442 20/05/2013 Reddy & Co Chq no 1441 15/05/2013 Deposit 13/05/2013 Deposit 08/05/2013 Deposit 07/05/2013 Deposit 07/05/2013 Deposit 05/05/2013 Adjustment Dis chq 03/05/2013 Deposit 30/04/2013 General Account Ch no 1440 03/05/2013 Agnew & Fortescue ch no 1439 30/04/2013 John Jones Ch no 1436 30/04/2013 James Smithson Ch no 1435 30/04/2013 General Account Ch no 1438 30/04/2013 General Account Ch no 1437 28/04/2013 Aircold Air Cond Ch no 1434 23/04/2013 Deposit 20/04/2013 Deposit 15/04/2013 Deposit 13/04/2013 Deposit 08/04/2013 Deposit 03/04/2013 Deposit 02/04/2013 Deposit 01/04/2013 Opening Balance Dr $ 3723.15 $ 1841.00 $485.85 $ 14,732.50 $ 38,767.50 $1,500.00 $10,690.00 $ 28,110.00 $1,823.15 $1,841.00 $350.00 $485.85 $1,900.00 Cr Balance $56,900.00 $ 60,623.15 $62,464.15 $62,950.00 $77,682.50 $1,350.00 $116,450.00 $2,000.00 $115,100.00 $1,200.00 $113,100.00 $56,900.00 $111,900.00 $1,500.00 $55,000.00 $53,500.00 $55,000.00 $53,500.00 $64,130.00 $1,500.00 $92,300.00 $94,123.15 $95,964.15 $96,314.15 $96,800.00 $42,800.00 $98,700.00 $10,700.00 $55,900.00 $1,350.00 $45,200.00 $2,000.00 $43,850.00 $1,200.00 $41,850.00 $1,500.00 $40,650.00 $350.00 $39,150.00 $38,800.00 YOUR HOME REAL ESTATE PTY LTD D & S Gregson 150 White Street Byron Bay, NSW 0000 Details RE: Sale D & S Gregson to B. Archer Purchase price - $388,000.00 Deposit held Agency Commission 2.5% plus GST Accounting fee Balance of funds payable to Agnes & Fortescue for settlement Closing totals Debit Statement Date Statement Number: Account: $ 10,670.00 $ 20.00 $ 28,110.00 $ 38,800.00 Credit $ 38,800.00 $ 38,800.00 Tax Invoice DSG150 03./05/2013 Balance 1 $ 28,130.00 $ 28,110.00 $ 0.00 Start date: 1/4/2013 23/4/2013 28/4/2013 Information Ted Johnson has listed his house with the agency to sell. The address is: 2 Second St, Byron Bay He has agreed to an advertising campaign. The first payment for the advertising of $350.00 is received on 02/04/2013. You will start with Receipt no. 1206 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 15/4/2013 20/4/2013 30/4/2013 John Jones of 10 Circuit St Byron Bays, has 3 rental properties with the company. They are: 65 Martin St ($1200 per month), 15 Drysdale Ave ($1350 per month), and 47 Robert St ($1500 per month). BAC Commercial pays monthly rent of $2000 by EFT. The tenant Jill Sharp pays by EFT the rental of $1350 for 15 Drysdale Ave. 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. 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 and statement fee to be paid to the office in the figuring. The unit is repaired on 28/4/2013. A cheque (cheque no 1434) is paid that day to Aircold Air-conditioning for $1900. 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 Opening balance @ 01/04/2013 Deposits from Trust Account Receipt Journal Less presented cheques from Trust Payment # 1434 Journal # 1435 #1436 Transfers Less un-presented cheques Total cheques presented # 1437 #1438 Debit $ 1900.00 $1841.00 $ 1823.15 $ 485.85 $ 350.00 Credit $ 59,900.00 Sub-Total $ 6,400.00 Closing balance as at 30/04/2019 Balance $ 38,800.00 $ 98,700.00 $92,300.00 Bank Statement for: Your Home Real Estate Pty Ltd Date: 30/04/2013 John Jones Ch no 1436 30/04/2013 James Smithson Ch no 1435 30/04/2013 General Account Ch no 1438 30/04/2013 General Account Ch no 1437 28/04/2013 Aircold Air Cond Ch no 1434 23/04/2013 Deposit 20/04/2013 Deposit 15/04/2013 Deposit 13/04/2013 Deposit 08/04/2013 Deposit 03/04/2013 Deposit 02/04/2013 Deposit 01/04/2013 Opening Balance Details Dr $1,823.15 $1,841.00 $350.00 $485.85 $1,900.00 Cr Balance $92,300.00 $94,123.15 $95,964.15 $96,314.15 $96,800.00 $42,800.00 $98,700.00 $10,700.00 $55,900.00 $1,350.00 $45,200.00 $2,000.00 $43,850.00 $1,200.00 $41,850.00 $1,500.00 $40,650.00 $350.00 $39,150.00 $38,800.00 John Jones 10 Circuit Street Byron Bay, NSW 0000 2013 YOUR HOME REAL ESTATE PTY LTD 03/04/2013 23/04/2013 30/04/2013 30/04/2013 30/04/2013 30/04/2013 Details Balance brought forward 47 Robert Street, Byron Bay NSW 0000 Fredricks, Bill $ 1500.00 per month Rent 03/04/2013 Transfer from 65 Martin St, Airconditioning Repair Agency commission Statement Fee Payment to Owner Totals at end of period Total expenses on this tax invoice includes GST of $183.68 Statement From: Statement to: Statement Number: Debit $ 1900.00 $ 115.50 $ 5.00 $ 0.00 Account: $ 2020.50 Credit $ 1500.00 $ 520.50 $ 2020.50 Tax Invoice JJ47 01/04/2013 30/04/2013 1 Balance $ 0.00 $ 1500.00 $ 2020.50 $ 120.50 $ 5.00 $ 0.00 $ 0.00 3/5/2013 Information Sale of a house at 150 White St Byron Bay 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% plus GST of the value. There will be a $20.00 accounting fee added as well. The Purchas- er is B. Archer of 40 Black Rd Byron Bay. 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. 7/5/2013 You receive a deposit from R. Ramirez of 14 Dapto St Byron Bay, for the house of A. Jackson at 69 O'Brien Crescent. The full 10% deposit has been received. Deposit amount is $56,900.00 8/5/2013 The tenant Ray Richards pays rent for the property at 65 Martin St by cash $1200. 13/5/2013 BAC Commercial pays monthly rent of $2000 by EFT. 15/5/2013 The tenant Jill Sharp pays by EFT the rental of $1350 for 15 Drysdale Ave. 20/5/2013 Fred Sykes settles the sale of Ted Johnson's house for $535,000.00. You now need to finalise this account and pay the commission to the agency and send the remaining funds to the Solicitor, Reddy and Co Pty Ltd, for settlement (Chq no 1441). The commission is 2.5% plus GST of the value. There will be a $20.00 accounting fee added as well. (Chq no 1442 31/5/2013 You will pay James Smithson (Chq no 1443) and John Jones (Chq no 1444) the rents owing them less the commissions and statement fees. You will pay the General Account the commission owing with Chq no 1445 Question 8 Partially correct Mark 10.00 out of 11.00 Flag question Trust monies must be banked before the end of the next business day after it was received. If this was not possible, it must be banked the next possible day. Refer to the transactions in Part 2 - Trust Account Receipts and complete a bank deposit slip for each transaction that needs to be banked. Trust Account Bank Deposit Slip 1 2 3 4 Drawer Bill Fredericks V (Tenant) Account Name: Your Home Real Estate Pty Ltd t/a Your Home Real Estate Branch Name: Byron Bay BSB: 06 2514 Acc No: 12345678 Bank X Westpac Banking Corporation (Name of Bank) Description: Rent 47 Robert Street, Byron Bay Receipt No: 1207 Deposited By: Student Name (As per trust receipt description) Comok Branch Tenants Branch $ 1500.00 Total Cash: Total Chgs: Total Deposit 1500.00 Date: (DD/MM/YYY 03 /2013 1500.00 04 Amount Question 10 Partially correct Mark 5.83 out of 7.00 Fag question Question 11 Partially correct Mark 6.67 out of 8.00 Fag question Question 12 Partially correct Mark 4.67 out of 7.00 Fag question Refer to the transactions in Part 1 - April Transaction and to validate requests for payment complete a cheque butt for all the relevant transactions. Trust Ledger Account and Follo No Payment to Trust Ledger Account and Follo No Amount Paid Date: Payment to: Trust Ledger Account and Follo No: Refer to the transactions in Part 1 - April Transaction and to validate requests for payment complete a cheque butt for all the relevant transactions. Reason for payment Cheque/EFT Number: 1435 Amount Paid: Reason for payment JS45 Payment Air Cold Air Conditioning 147 30 04 James Smithson Rent Cheque/EFT Number: 1434 Date: Amount Paid s 1841.00 Refer to the transactions in Part 1 - April Transaction and to validate requests for payment complete a cheque butt for all the relevant transactions. 15 Rent 30 /04 John Jones 28 /04 2013 x S 1823.15 Airconditioning Repair $ 1900.00 2013 165 2013 x 147 x X Question 13 Partially correct Mark 5.63 out of 9.00 Flag question Question 14 Partially correct Mark 7.88 out of 9.00 Fag Question Refer to the transactions in Part 1 - April Transaction and to validate requests for payment complete a cheque butt for all the relevant transactions. Date: Payment to Trust Ledger Account and Follo No: Reason for payment Amount Paid Date: Payment to Trust Ledger Account and Follo No 30 /04 2013 Your Home Real Estate Pty Ltd Cheque/EFT Number: 1437 Reason for payment JS45 x Amount Paid Agency Commission Refer to the transactions in Part 1 - April Transaction and to validate requests for payment complete a cheque butt for all the relevant transactions. X- S 485.85 Statement Fee 30 /04 Your Home Real Estate Pty Ltd TJ02 Advertising 2 Second Street, Byron Bay Cheque/EFT Number 1438 $ 350.00 2013 Question 16 Partially correct Mark 58.00 out of 64.00 Flag question The next step in the process is to enter the deposit details into the trust receipt cashbook. All receipts are entered into the one journal and it is good practice to enter the a) Date trust money received b) Date trust receipt issued if different from received date c) Name of person d) Name or identifying code on whose behalf it was paid e) Brief description of matter f) Amount received g) Trust account receipt number h) Date trust money is paid to agents trust account Date Money 02 /04/2013 03 /04/2013 08 /04/2013 13 /04/2013 15 /04/2013 20 Data Recept 23 02 /04/2013 03 /04/2013 08 /04/2013 13 /04/2013 15 /04/2013 20 042013/04/2013 23 04/2013/04/2013 Name of Payer Ted Johnson Bill Fredericks Ray Richards BAC commercial Jill Sharp Fred Sykes Fred Sykes Identifying code o dient Ted Johnson John Jones John Jones James Smithson John Jones Ted Johnson Ted Johnson X x x Rent X Advertising x at Rent 2 Second Street, Byron Bay 47 Robert Street, Byron Bay Description of mater Rent 65 Martin Street, Byron Bay 34 Drinkwater Parade, Byron Bay Rent 15 Drysdale Avenue, Byron Bay Initial Deposit 2 Second Street, Byron Bay Balance Deposit 2 Second Street, Byron Bay Total Receipts Amount Received $ 350 1500 s 1200 2000 1350 10700 42800 59900 < Trust Account Recept Number 1206 1207 1208 1209 > 1210 1211 1212 Date paid to (Banked) 02 /04/2013 03 /04/2013 08 /04/2013 13 /04/2013 15 /04/2013 20 /04/2013 23 /04/2013 Question 17 Partially correct Mark 40.50 out of 45.00 Plag The next step in the process is to enter the payment details into the trust payments cashbook. You will be required to process the cheque transactions. The following details must be included in the cashbook a) Date the cheque is written . b) Amount paid . c) Cheque number . d) Name of person to whom payment is made e) Identifier or person on whose behalf the payment is made f) Brief description of matter being paid g) Ledger account identifier being debited 28 /04/2013 30 /04/2013 30 /04/2013 30 /04/2013 30 /04/2013 Total Paid $ 1900 $ 1841 1823.15 485.85 $350 $1430 > $ 6400.00 Aircold Airconditioning x James Smithson John Jones Your Home Real Estate Pty Ltd Your Home Real Estate Pty Ltd John Jones Your Home Real Estate Pty Ltd Your Home Real Estate Pty Ltd Your Home Real Estate Pty Ltd Your Home Real Estate Pty Ltd Note: When more than 1 ledger is relevant, list ledger identifiers in alphabetically and then by property numerical order. Airconditioning Repair 47 Robert Street, Dyron Bay Rent 34 Drinkwater Parade, Byron Bay Rent Disbursement Agency Commission and Statement fees Advertising 2 Second Street, Byron Bay for 1147 1147 1534 ||15 165 1115 1147 1165 1534 TJ02 > > Question 17 Partially correct Mark 40.50 out of 45.00 Plag The next step in the process is to enter the payment details into the trust payments cashbook. You will be required to process the cheque transactions. The following details must be included in the cashbook a) Date the cheque is written . b) Amount paid . c) Cheque number . d) Name of person to whom payment is made e) Identifier or person on whose behalf the payment is made f) Brief description of matter being paid g) Ledger account identifier being debited 28 /04/2013 30 /04/2013 30 /04/2013 30 /04/2013 30 /04/2013 Total Paid $ 1900 $ 1841 1823.15 485.85 $350 $1430 > $ 6400.00 Aircold Airconditioning x James Smithson John Jones Your Home Real Estate Pty Ltd Your Home Real Estate Pty Ltd John Jones Your Home Real Estate Pty Ltd Your Home Real Estate Pty Ltd Your Home Real Estate Pty Ltd Your Home Real Estate Pty Ltd Note: When more than 1 ledger is relevant, list ledger identifiers in alphabetically and then by property numerical order. Airconditioning Repair 47 Robert Street, Dyron Bay Rent 34 Drinkwater Parade, Byron Bay Rent Disbursement Agency Commission and Statement fees Advertising 2 Second Street, Byron Bay for 1147 1147 1534 ||15 165 1115 1147 1165 1534 TJ02 > > Question 41 Partially correct Mark 7.00 out Fag Question Question 42 Partially correct Mark 70 of 9.00 Fas question Refer to the transactions in Part 14-May Transaction and to validate requests for payment complete a cheque butt for all the relevant transactions. Trust Leger Account and Fu Trust Ledger and 0305 2013 Agnes & Fortescue DSG150 AF Commission x 150 White Street, Byron Bay Refer to the transactions in Part 14-May Transaction and to validate requests for payment complete a cheque butt for all the relevant transactions. 28110 0305 /2013 Your Home Real Estate Pty Ltd DSG150 Commission Statement Fee 10690 Cheer 1440 Question 43 Partially correct Mark 6.86 out of 8.00 Flag question Question 44 Partially correct Mark 6.00 out of 8.00 P Flag question Refer to the transactions in Part 14 - May Transaction and to validate requests for payment complete a cheque butt for all the relevant transactions. Date: Payment to: Trust Ledger Account and Folio No: Reason for payment: Amount Paid: Date: Payment to: 05 Reddy and Co Pty Ltd $ 38767.5 Cheque/EFT Number: 1441 Trust Ledger Account and Folio No: Reason for payment 20 TJ02 Refer to the transactions in Part 14 - May Transaction and to validate requests for payment complete a cheque butt for all the relevant transactions. Amount Paid: Commission 20 TJ02 05 Your Home Real Estate Pty Ltd Commission 2013 5 14732.50 Cheque/EFT Number: 1442 2013 X and Statement fee x x Question 48 Partially correct Mark 47.22 out of 53.00 Flag question The next step in the process is to enter the deposit details into the trust receipt cashbook. All receipts are entered into the one journal and it is good practice to enter the receipts into the jo a) Date trust money received b) Date trust receipt issued if different from received date c) Name of person d) Name or identifying code on whose behalf it was paid e) Brief description of matter 1) Amount received g) Trust account receipt number h) Date trust money is paid to agents trust account Date Money received 03 07 /05/2013/05/2013 07 /05/201 /05/2013/05/2013 08 /05/201 13 Recept Issued /05/201 03 15 07 07 /05/2013 08 /05/201 13 /05/201 15 /05/201/05/201 Name of Payer Bill Fredericks Bill Fredericks R Ramirez Ray Richards BAC Commercial Jill Sharp JJ47 147 AJ69 JJ65 JS34 15 Identifying code or dient X x x Rent 47 Robert Street, Byron Bay x Rent 47 Robert Street, Byron Bay Deposit Description of matter 69 O'Brien Crescent, Byron Bay Rent 65 Martin Street, Byron Bay Rent 34 Drinkwater Parade, Byron Bay Rent 15 Drysdale Avenue, Byron Bay Total Receipts Amount Received 1500 1500 56900 1200 2000 1350 > > 64450 > Trust Account Date paid to Recept bank Number (Banked) 1213 03 1214 1215 1216 1217 1218 /05/2013 07 /05/2013 07 /05/2013 08 /05/2013 13 /05/2013 15 /05/2013 Question 49 Partially of $3.00 The next step in the process is to enter the payment details into the trust payments cashbook. You will be required to process the cheque transactions. The following details must be included in the cashbook: a) Date the cheque is written b) Amount paid c) Cheque number d) Name of person to whom payment is made e) Identifier or person on whose behalf the payment is made Brief description of matter being paid g) Ledger account identifier being debited 03 /05/2013 03 > /05/2013 05 > /05/2013 20 /05/2013 20 /05/2013 31 /05/2013 31 /05/2013 31 /05/2013 $28110 $10690 S 1500 38767.5 14732.5 s 1841 3723.15 485.85 > > 1439 1440 N/A 1441 1442 1443 1445 Agnes and Fortescue Your Home Real Estate Pty Ltd John Jones Reddy and Co Pty Ltd Your Home Real Estate Pty Ltd James Smithson John Jones Your Home Real Estate Pty Ltd D & S Gregson Your Home Real Estate Pty Ltd Bill Fredericks Fred Skyes Your Home Real Estate Pty Ltd Your Home Real Estate Pty Ltd Your Home Real Estate Pty Ltd Your Home Real Estate Pty Ltd Balance of funds to the solicitor for settement 150 White Street, Byron Bay Commission administration fee Dishonoured cheque Balance of funds to the solicitor for settlement 2 Second Street, Byron Bay Commission for sale administration fee Ron Disbursement -145 Drinkwater Parade, Byron Bay Rent Disbursements Agency Commission and statement fees 1149 Ensure you list the chq/elt numbers in numerical order. DSG150 115 1165 1147 1147 Disbursement to agency TJ02 1534 ||15, 47, 65,34 Question 50 Partially correct Mark 22.40 out of 28.00 P Flag question You must keep a ledger consisting of a separate identifiable account for each: person on whose behalf you hold trust money transaction for which you hold trust money. Now enter the transactions into the individual property trust account ledger, these ledgers must balance back to the bank reconciliation at the end of the month. Account of: D & G Gregson (DSG150)- 150 White Street, Byron Bay Date (DOMMYYYY 03 x/05/2013 03 /05/2013 03 Deposit Description of matter (Type and Address) Sale Commission and administration fee Commission /05/2013 x for purchase of 150 White Street, Byron Bay TRUST ACCOUNT LEDGER YOUR HOME REAL ESTATE PTY LTD Amount paid or received 10690 28110 S > Receipt Number/Cha No. 1440 < S 1439 < $ Debit Credi Balance 10690 Opening Bal 38800 28110 s0 $0 $ > Question 52 Partially correct Mark 26.67 out of 32.00 P Flag question You must keep a ledger consisting of a separate identifiable account for each: person on whose behalf you hold trust money transaction for which you hold trust money. Now enter the transactions into the individual property trust account ledger, these ledgers must balance back to the bank reconciliation at the end of the month. Account of: John Jones (147)-47 Robert Street, Byron Bay Date (DD/MMYYYY 03 /05/2013 05 07 /05/2013 dishounoured cheque /05/2013 31 /05/2013 Description of matter (Type and Address) Rent 31 Rent S 1500 Rent Agency Commission and Statement Fee Rent Amount paid or received /05/2013 Disbursement to owner $ 1500 $ 1500 485.85 1014.15 S x S x Receipt Number Cha No. 1213 1214 1213 S 1500 1445 TRUST ACCOUNT LEDGER YOUR HOME REAL ESTATE PTY LTD > 1444 Debit 485.85 1014.15 x S X Credit 1500 1500 $ Opening Bal S Balance 1500 1500 1014.15 $0 $ 0 x > Question 53 Partially correct Mark 20.00 out of 21.00 Flag question You must keep a ledger consisting of a separate identifiable account for each: person on whose behalf you hold trust money transaction for which you hold trust money. Now enter the transactions into the individual property trust account ledger, these ledgers must balance back to the bank reconciliation at the end of the month. Account of: John Jones (147)-65 Martin Street, Byron Bay Date (DOMMYYYY 08 /05/2013 31 /05/2013 31 /05/2013 Rent Description of matter (Type and Address) for 65 Martin Street, Byron Bay Agency Commission and Statement fee Rent Disbursement to Owner Amount paid or received $ 1200 $ 97.4 1102.6 $ TRUST ACCOUNT LEDGER YOUR HOME REAL ESTATE PTY LTD Receipt Number/Cha No 1216 1445 1216 x Debit $ 97,4 1102.6 Credit 1200 S > Opening Bal Balance $ 1200 1102.6 $0 $ 0 $ < > Question 55 Partially correct Mark 18.00 out of 19.00 Flag question You must keep a ledger consisting of a separate identifiable account for each: person on whose behalf you hold trust money transaction for which you hold trust money. Now enter the transactions into the individual property trust account ledger, these ledgers must balance back to the bank reconciliation at the end of the month. Account of: John Jones (15)-15 Drysdale Avenue, Byron Bay Date (DOMMYYYY 15 /05/2013 31 /54/2013 31 /05/2013 Rent Description of matter (Type and Address) for 15 Drysdale Avenue, Byron Bay Agency Commission and Statement Fee Rent Disbursement to Owner Amount paid or received $ 1350 108.95 1241.05 $ $ Receipt Number/Cha No. 1218 1445 1445 TRUST ACCOUNT LEDGER YOUR HOME REAL ESTATE PTY LTD x $ I $ Debit 108.95 1241.05 Credit 1350 $ Opening Bal Balance $ 1350 1241.05 S 0 s0 Account of: Ted Johnson (TJ02) Date 01/04/2013 Advertising payment for 2 Second St, Byron Bay 20/04/2013 Initial deposit for purchase of 2 Second St, Byron Bay Description of matter 23/04/2013 Balance deposit for 30/04/2013 Date purchase of 2 Second St, Byron Bay Advertising Fee Account of REF: John Jones (JJ47) Description of matter 03/04/2013 Monthly Rent-47 Robert St, Byron Bay 23/04/2013 Transfer from JJ65 Landlord ledger (for AC Repair and agency commission) 28/04/2013 Repair of Airconditioning 30/04/2013 Agency Commission and statement fee Amount paid or received $ 350.00 $ 10,700.00 $ 42,800.00 $350.00 Amount paid or received $ 1500.00 $ 520.50 $ 1900.00 $ 120.50 Receipt Number/Ch q No. 1206 1211 1212 1438 Receipt Number/Ch q No. 1207 N/A N/A 1437 Debit $ 350.00 Debit $ 1900.00 $ 120.50 Credit $ 350.00 $ 10,700.000 $ 42,800.000 Opening Bal Credit $ 1500.00 $ 520.50 Opening Bal Balance $350.00 $11,050.00 $ 53,850.00 $ 53,500.00 $ 53,500.00 Balance $ 1500.00 $ 2020.50 $ 120.50 $ 0.00 $0.00 Date Payment made Amou Cheque Payment made to Identifier or name of nt Paid number payer or electroni fund transfer number 28/04/2013 $1900.00 1434 30/04/2013 $1841.00 1435 30/04/2013 $ 1823.15 1436 30/04/2013 $485.85 1437 30/04/2013 $ 350.00 1438 Aircold Airconditioning James Smithson John Jones Your Home Real Estate Pty Ltd Your Home Real Estate Pty Ltd John Jones Your Home Real Estate Pty Ltd Your Home Real Estate Pty Ltd Your Home Real Estate Pty Ltd Your Home Real Estate Pty Ltd Description of matter Airconditioning Repair at 47 Robert St, Byron Bay End of Month Disbursement - 45 Drinkwater Pde, Byron Bay End of Month Disbursements Agency Commission and statement fees Advertising fee for 2 Second St, Byron Bay Ledger identifier debited JJ47 JS45 JJ15 JJ65 JJ47 JS45 JJ15 JJ65 JJ47 TJ02 Date money received Date Receipt Issued Name of payer 02/08/2013 02/08/2013 Ted Johnson Ted Johnson Advertising payment-2 Second St, Byron Bay 03/04/2013 03/04/2013 Bill Fredricks John Jones Monthly Rent - 47 Robert St, Byron Bay 08/04/2013 08/04/2013 Ray Richards 13/04/2013 13/04/2013 15/04/2013 15/04/2013 BAC Commercial Jill Sharpe Identifying Description of matter Amount code or client paid 20/04/2013 20/04/2013 Fred Skyes John Jones Monthly Rent 65 James Smithson Martin St, Byron Bay Monthly Rent 34 Drinkwater Pde, Byron Bay John Jones Monthly Rent 15 Drysdale Ave, Byron Trust Account Receipt Number $350.00 1206 $ 1500.00 1207 $ 1200.00 1208 $ 2000.00 $ 1350.00 1209 1210 Bay Ted Johnson Initial deposit for $ 10,700.00 1211 purchase of 2 Second St, Byron Bay Date paid to bank Banked 02/0/2013 03/04/2013 08/04/2013 13/04/2013 15/04/2013 20/04/2013 Date of transfer 23/04/2013 Amount transferred Transferred From Account $ 520.50 JJ65 Transferred Ref Number to Account JJ47 John Jones Description of matter Transfer balance of funds to JJ47 for payment of Aircon repair and agency commission and statement fee of Your Home Real Estate Pty Ltd for the month ended: Account Name Debit Bank Ted Johnson Ledger James Smithson Ledger John Jones (JJ47) Ledger John Jones (JJ65) Ledger John Jones (JJ15) Ledger Total: Trust Account Reconciliation Balance as at 30/04/2013 Total $ 92,300.00 $ 92,300.00 30/04/2013 Credit $ 38,800.00 $ 53,500.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 93,300.00 $ 92,300.00 Your Home Real Estate Pty Ltd Date: Details 31/05/2013 John Jones Ch no 1444 31/05/2013 James Smithson Ch no 1443 31/05/2013 General Account chq no 1445 20/05/2013 General Account chq no 1442 20/05/2013 Reddy & Co Chq no 1441 15/05/2013 Deposit 13/05/2013 Deposit 08/05/2013 Deposit 07/05/2013 Deposit 07/05/2013 Deposit 05/05/2013 Adjustment Dis chq 03/05/2013 Deposit 30/04/2013 General Account Ch no 1440 03/05/2013 Agnew & Fortescue ch no 1439 30/04/2013 John Jones Ch no 1436 30/04/2013 James Smithson Ch no 1435 30/04/2013 General Account Ch no 1438 30/04/2013 General Account Ch no 1437 28/04/2013 Aircold Air Cond Ch no 1434 23/04/2013 Deposit 20/04/2013 Deposit 15/04/2013 Deposit 13/04/2013 Deposit 08/04/2013 Deposit 03/04/2013 Deposit 02/04/2013 Deposit 01/04/2013 Opening Balance Dr $ 3723.15 $ 1841.00 $485.85 $ 14,732.50 $ 38,767.50 $1,500.00 $10,690.00 $ 28,110.00 $1,823.15 $1,841.00 $350.00 $485.85 $1,900.00 Cr Balance $56,900.00 $ 60,623.15 $62,464.15 $62,950.00 $77,682.50 $1,350.00 $116,450.00 $2,000.00 $115,100.00 $1,200.00 $113,100.00 $56,900.00 $111,900.00 $1,500.00 $55,000.00 $53,500.00 $55,000.00 $53,500.00 $64,130.00 $1,500.00 $92,300.00 $94,123.15 $95,964.15 $96,314.15 $96,800.00 $42,800.00 $98,700.00 $10,700.00 $55,900.00 $1,350.00 $45,200.00 $2,000.00 $43,850.00 $1,200.00 $41,850.00 $1,500.00 $40,650.00 $350.00 $39,150.00 $38,800.00

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