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CPPDSM4006A | Establish and manage agency trust accounts | Management

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Project 1.

Part 1
The Courageous Real Estate agency balances its trust account records each week and for the week ending 27th July the following receipts and cheques were written:
Record the relevant details from the information supplied below, into the Receipts Cash Book and Payments Cash Book for the week from the 21st July — 27th July. All trust funds receipted are banked on the same day as they are receipted.
For this exercise, ignore folio references.

Part 2

You have been asked to take over the trust accounting duties for the above agency from a staff member who has taken ill. You are to create new records detailing the information provided below. You are not required to show a record of the Cashbooks.    .
1. Create the client ledgers for all clients for whom you receive or hold trust monies for the month of July
2. Record receipts and payments in the appropriate ledgers
3. Deduct 11% management fees (including GST) from the rent monies received (NOT from balances brought forward) at the end of the month, showing the GST amounts and commission amounts separately on the ledgers
4. Record property management fees in the Commission Clearing Ledger and GST Clearing Ledger
5. Show balance of funds paid to owners and commission and GST paid to the agency

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