The accounts in the Property Management ledger are as follows: -

500 Trust Bank Account $ 11,380.00 Debit

530 L Turner (owner) 4,000.00 Credit

540 F Moore(owner) 3,000.00 Credit

550 T Oaks (owner) 2,900.00 Credit

560 Rental Bond Suspense 1, 480.00 Credit

7/5 Paid N Harris for plumbing on behalf of T Oaks $ 160 for property at 2/65 Martin Street.
Paid outstanding amount due to Rental Bond Board

25/5 Paid water rates to City Water for properties owned by
Fred Turner $450
Frank Moore $400
Settled with L Turner. Property Management fees inclusive of GST are $308.00

30/5 Settled property management accounts.

Moore Management fee $160

Oaks Management fee $90

• Paid N Harris for plumbing: $160.
• Paid outstanding amount due to Rental Bond Board: $1,480. So, the total amount of debits is $160 + $1,480 = $1,640.
• Turner credit: $4,000.
• F Moore credit: $3,000.
• T Oaks credit: $2,900. So, the total amount of credits is $4,000 + $3,000 + $2,900 = $9,900.

To calculate the balance, we subtract the total debits from the total credits:

$9,900 - $1,640 = $8,260

EXPLANATION

Therefore, the balance of the funds is $8,260.

• Paid water rates to City Water for Fred Turner: $450.
• Paid water rates to City Water for Frank Moore: $400.
• Settled with L Turner. Property Management fees inclusive of GST: $308. So, the total amount of debits is $450 + $400 + $308 = $1,158.

To calculate the balance, we need to know the initial debit amount, which is not given.

• Fred Turner credit: $450.
• Frank Moore credit: $400. So, the total amount of credits is $450 + $400 = $850.

EXPLANATION

Therefore, there is a shortfall of $308 (management fee inclusive of GST), which should be paid by either Fred Turner or Frank Moore.

• Moore Management fee: $160.
• Oaks Management fee: $90. So, the total amount of debits is $160 + $90 = $250.
• F Moore credit: $3,000.
• T Oaks credit: $2,900. So, the total amount of credits is $3,000 + $2,900 = $5,900.

To calculate the balance, we subtract the total debits from the total credits:

$5,900 - $250 = $5,650

EXPLANATION

Therefore, the balance of the funds is $5,650.

Record the payments You are now to record the payments from the trust account in the trust cash book

	CASHBOOK - PAYMENT SIDE (TCP)
Date 20xx	Chq No	EFT	Paid to	On Account of	LF	transaction	amount
						Bal B/d