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 fill bank deposit slip for each transaction that needs to be banked.
Trust Account Bank Deposit Slip
Date: (DD/MM/YYYY)
Answer/Answer/Answer
Drawer Bank Branch Amount
1 Answer (Tenant) Answer Tenants Branch $Answer
2
3
4
Account Name: Description: Total Cash:
Your Home Real Estate Pty Ltd
t/a Your Home Real Estate
Answer - Answer
(As per trust receipt description)
Total Chqs: $Answer
Receipt No:Answer
Branch Name: Byron Bay
BSB: 06 2514
Act No: 12345678
Deposited By:
Student Name
Total Deposit $Answer
Question 9
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 fill a bank deposit slip for each transaction that needs to be banked.
Trust Account Bank Deposit Slip
Date: (DD/MM/YYYY)
Answer/Answer/Answer
Drawer Bank Branch Amount
1
2
3
4
Account Name: Description: Total Cash:
Your Home Real Estate Pty Ltd
t/a Your Home Real Estate
Answer - Answer
(As per trust receipt description)
Total Chqs: $Answer
Receipt No:Answer
Branch Name: Byron Bay
BSB: 06 2514
Act No: 12345678
Deposited By:
Student Name
Total Deposit $Answer
Refer to the transactions in Part 1 - April Transaction andvalidate requests for payment cheque butt for all the relevant transactions.
Date: Answer/Answer/Answer
Payment to: Air Cold Airconditioning
Trust Ledger Account and Folio No: Answer
Reason for payment: Answer Disbursement
Amount Paid: $Answer
Cheque/EFT Number: 1434
Question 11
Refer to the transactions in Part 1 - April Transaction andto validate requests for paymentfill a cheque butt for all the relevant transactions.
Date: Answer/Answer/Answer
Payment to: James Smithson
Trust Ledger Account and Folio No: Answer
Reason for payment: Answer
Amount Paid: $Answer
Cheque/EFT Number: 1435
Question 12
Refer to the transactions in Part 1 - April Transaction andto validate requests for paymentfill a cheque butt for all the relevant transactions.
Date: Answer/Answer/Answer
Payment to: Answer
Trust Ledger Account and Folio No: Answer
Reason for payment: Answer
Amount Paid: $Answer
Cheque/EFT Number: 1436
Question 13
Refer to the transactions in Part 1 - April Transaction andto validate requests for paymentfill a cheque butt for all the relevant transactions.
Date: Answer/Answer/Answer
Payment to: Answer
Trust Ledger Account and Folio No: Answer
Reason for payment: Answer andAnswer
Amount Paid: $Answer
Cheque/EFT Number: 1437
Question 14
Refer to the transactions in Part 1 - April Transaction andto validate requests for payment fill a cheque butt for all the relevant transactions.
Date: Answer/Answer/Answer
Payment to: Answer
Trust Ledger Account and Folio No: Answer
Reason for payment: Answer atAnswer
Amount Paid: $Answer
Cheque/EFT Number: 1438
Question 15
Explain how you would confirm authorization for payment for all of the transactions for Part 4.
The next step in the process is to enter the deposit details into the trust receipt cashbook. All receipts are entered into one journal and it is good practice to enter the receipts into the journal in numerical order. The following details must be included in the journal;
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 the agents trust account
Date Money
received
Date
Receipt
Issued
Name of
Payer
Identifying
code or
client
Description of matter
Amount Received
Trust Account
Receipt
Number
Date paid to the bank
(Banked)
Answer/04/2013 Answer/04/2013 Answer Answer Answer atAnswer $Answer Answer Answer/04/2013
Answer/04/2013 Answer/04/2013 Answer Answer Answer atAnswer $Answer Answer
Answer/04/2013
Answer/04/2013 Answer/04/2013 Answer Answer Answer atAnswer $Answer Answer
Answer/04/2013
Answer/04/2013 Answer/04/2013 Answer Answer Answer atAnswer $Answer Answer
Answer/04/2013
Answer/04/2013 Answer/04/2013 Answer Answer Answer atAnswer $Answer Answer
Answer/04/2013
Answer/04/2013 Answer/04/2013 Answer Answer Answer atAnswer $Answer Answer
Answer/04/2013
Answer/04/2013 Answer/04/2013
Answer
Answer Answer atAnswer $Answer Answer
Answer/04/2013
Total Receipts: $Answer
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
Date
Payment
made
Amount
The No. or
EFT No.
Payment made to
Identifier or name of
payer
Description of
matter
Ledger
identifier
debited
paid
Answer/04/2013 $Answer 1434 Answer Answer Answer atAnswer Answer
Answer/04/2013 $Answer 1435 Answer Answer Answer atAnswer Answer
Answer/04/2013 $Answer 1436 Answer Answer Answer
Answer
Answer
Answer
Answer/04/2013 $Answer 1437 Answer Answer Answer and Answer
Answer
Answer
Answer
Answer
Answer/04/2013 $Answer 1438 Answer Answer Answer for Answer Answer
Total Paid: $Answer
A trust journal is a record of all transactions that don't affect the trust bank account and include the following:
transfer of money from one matter to another, or
correction of an incorrect posting.
Entries in a transfer journal must include:
the date of the transfer
the amount transferred to and from each ledger account
the names of all ledger accounts to be debited or credited, including identifying references
details that identify the purpose for which the money was transferred.
Date
of transfer
Amount
Transferred From Account
Transferred to Account
Ref Number
Description of
matter
transferred
Answer/04/2013 $Answer Answer Answer #1 Answer
You must keep a ledger consisting of a separate identifiable account for each:
the REAL-ESTATEperson 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 ledgersmust balance back to the bank reconciliation at the end of the month.
Ensure you enter the transaction in date order.
TRUST ACCOUNT LEDGER YOUR HOME REAL ESTATE PTY LTD
Account of:Ted Johnson (TJ02) - 2 Second Street, Byron Bay
Date
(DD/MM/YYYY)
Description of matter
(Type and Address)
Amount paid
or received
Receipt
Number/Chq No.
Debit
Credit
Balance
Answer/04/2013 Answer for Answer $Answer Answer $Answer $Answer
Answer/04/2013 Answer for Answer $Answer Answer $Answer $Answer
Answer/04/2013 Answer for Answer $Answer Answer $Answer $Answer
Answer/04/2013 Answer $Answer Answer $Answer $Answer
Opening Bal.
$Answer
Question 20
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 ledgersmust balance back to the bank reconciliation at the end of the month.
Ensure you enter the transaction in date order.
TRUST ACCOUNT LEDGER YOUR HOME REAL ESTATE PTY LTD
Account of: John Jones (JJ47) - 47 Robert Street, Byron Bay
Date
(DD/MM/YYYY)
Description of matter
(Type and Address)
Amount paid
or received
Receipt
Number/Chq No.
Debit
Credit
Balance
Answer/04/2013 Answer $Answer Answer $Answer $Answer
Answer/04/2013 Transfer From Account $Answer N/A $Answer $Answer
Answer/04/2013 AC Repair $Answer N/A $Answer $Answer
Answer/04/2013 Answer andAnswer $Answer Answer $Answer $Answer
Opening Bal.
$Answer
Question 21
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 ledgersmust balance back to the bank reconciliation at the end of the month.
Ensure you enter the transaction in date order.
TRUST ACCOUNT LEDGER YOUR HOME REAL ESTATE PTY LTD
Account of: John Jones (JJ47) - 65 Martin Street, Byron Bay
Date
(DD/MM/YYYY)
Description of matter
(Type and Address)
Amount paid
or received
Receipt
Number/Chq No.
Debit
Credit
Balance
Answer/04/2013 Answer $Answer Answer $Answer $Answer
Answer/04/2013 Transfer From Account $Answer N/A $Answer $Answer
Answer/04/2013 Answer andAnswer $Answer Answer $Answer $Answer
Answer/04/2013 Answer Disbursement to Owner $Answer Answer $Answer $Answer
Opening Bal.
$Answer
Question 22
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 ledgersmust balance back to the bank reconciliation at the end of the month.
Ensure you enter the transaction in date order.
TRUST ACCOUNT LEDGER YOUR HOME REAL ESTATE PTY LTD
Account of: John Jones (JJ15) -15 Drysdale Avenue, Byron Bay
Date
(DD/MM/YYYY)
Description of matter
(Type and Address)
Amount paid
or received
Receipt
Number/Chq No.
Debit
Credit
Balance
Answer/04/2013 Answer $Answer Answer $Answer $Answer
Answer/04/2013 Agency Commission and Statement Fee $Answer Answer $Answer $Answer
Answer/04/2013 Answer Disbursement to owner $Answer Answer $Answer $Answer
Opening Bal.
$Answer
Question 23
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 ledgersmust balance back to the bank reconciliation at the end of the month.
Ensure you enter the transaction in date order.
TRUST ACCOUNT LEDGER YOUR HOME REAL ESTATE PTY LTD
Account of: John Smithson (JS34) - 34 Drinkwater Parade, Byron Bay
Date
(DD/MM/YYYY)
Description of matter
(Type and Address)
Amount paid
or received
Receipt
Number/Chq No.
Debit
Credit
Balance
Answer/04/2013 Answer $Answer Answer $Answer $Answer
Answer/04/2013 Agency Commission and Statement Fee $Answer Answer $Answer $Answer
Answer/04/2013 Answer Disbursement to Owner $Answer Answer $Answer $Answer
Opening Bal.
$Answer
On a monthly basis you will receive a bank statement (see below). You must now fill a bank reconciliation to ensure that you cashbooks and bank statements agree.
Review the following transactions occurring for the month of April.
You may wish to download these transactions using the "Transactions" button below and print them off. Alternatively, you can take a photo with a smart phone or use dual screens (if available) to make it easier for your to enter the appropriate information into the provided receipt templates.
Bank Statement for: Your Home Real Estate Pty Ltd Date: Details Dr Cr Balance 30/04/2013 John Jones Ch no 1436 $1,823.15 $92,300.00 30/04/2013 James Smithson Ch no 1435 $1,841.00 $94,123.15 30/04/2013 General Account Ch no 1438 $350.00 $95,964.15 30/04/2013 General Account Ch no 1437 $485.85 $96,314.15 28/04/2013 Aircold Air Cond Ch no 1434 $1,900.00 $96,800.00 23/04/2013 Deposit $42,800.00 $98,700.00 20/04/2013 Deposit $10,700.00 $55,900.00 15/04/2013 Deposit $1,350.00 $45,200.00 13/04/2013 Deposit $2,000.00 $43,850.00 08/04/2013 Deposit $1,200.00 $41,850.00 03/04/2013 Deposit $1,500.00 $40,650.00 02/04/2013 Deposit $350.00 $39,150.00 01/04/2013 Opening Balance $38,800.00Bank Statement for: Your Home Real Estate Pty Ltd Date: Details Dr Cr Balance 30/04/2013 John Jones Ch no 1436 $1,823.15 $92,300.00 30/04/2013 James Smithson Ch no 1435 $1,841.00 $94,123.15 30/04/2013 General Account Ch no 1438 $350.00 $95,964.15 30/04/2013 General Account Ch no 1437 $485.85 $96,314.15 28/04/2013 Aircold Air Cond Ch no 1434 $1,900.00 $96,800.00 23/04/2013 Deposit $42,800.00 $98,700.00 20/04/2013 Deposit $10,700.00 $55,900.00 15/04/2013 Deposit $1,350.00 $45,200.00 13/04/2013 Deposit $2,000.00 $43,850.00 08/04/2013 Deposit $1,200.00 $41,850.00 03/04/2013 Deposit $1,500.00 $40,650.00 02/04/2013 Deposit $350.00 $39,150.00 01/04/2013 Opening Balance $38,800.00

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 fill bank deposit slip for each transaction that needs to be banked.

Trust Account Bank Deposit Slip					Date: (DD/MM/YYYY)
Answer/Answer/Answer

		Drawer	Bank	Branch	Amount
	1	Answer (Tenant)	Answer	Tenants Branch	$Answer
	2
	3
	4
	Account Name:	Description:	Total Cash:
	Your Home Real Estate Pty Ltd t/a Your Home Real Estate	Answer - Answer (As per trust receipt description)	Total Chqs:	$Answer
Receipt No:Answer
	Branch Name: Byron Bay BSB: 06 2514 Act No: 12345678	Deposited By: Student Name	Total Deposit $Answer

Question 9

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 fill a bank deposit slip for each transaction that needs to be banked.

Trust Account Bank Deposit Slip					Date: (DD/MM/YYYY)
Answer/Answer/Answer

		Drawer	Bank	Branch	Amount
	1
	2
	3
	4
	Account Name:	Description:	Total Cash:
	Your Home Real Estate Pty Ltd t/a Your Home Real Estate	Answer - Answer (As per trust receipt description)	Total Chqs:	$Answer
Receipt No:Answer
	Branch Name: Byron Bay BSB: 06 2514 Act No: 12345678	Deposited By: Student Name	Total Deposit $Answer

Refer to the transactions in Part 1 - April Transaction andvalidate requests for payment cheque butt for all the relevant transactions.

Date:	Answer/Answer/Answer
Payment to:	Air Cold Airconditioning
Trust Ledger Account and Folio No:	Answer
Reason for payment:	Answer Disbursement
Amount Paid:	$Answer
Cheque/EFT Number:	1434

Question 11

Refer to the transactions in Part 1 - April Transaction andto validate requests for paymentfill a cheque butt for all the relevant transactions.

Date:	Answer/Answer/Answer
Payment to:	James Smithson
Trust Ledger Account and Folio No:	Answer
Reason for payment:	Answer
Amount Paid:	$Answer
Cheque/EFT Number:	1435

Question 12

Refer to the transactions in Part 1 - April Transaction andto validate requests for paymentfill a cheque butt for all the relevant transactions.

Date:	Answer/Answer/Answer
Payment to:	Answer
Trust Ledger Account and Folio No:	Answer
Reason for payment:	Answer
Amount Paid:	$Answer
Cheque/EFT Number:	1436

Question 13

Refer to the transactions in Part 1 - April Transaction andto validate requests for paymentfill a cheque butt for all the relevant transactions.

Date:	Answer/Answer/Answer
Payment to:	Answer
Trust Ledger Account and Folio No:	Answer
Reason for payment:	Answer andAnswer
Amount Paid:	$Answer
Cheque/EFT Number:	1437

Question 14

Refer to the transactions in Part 1 - April Transaction andto validate requests for payment fill a cheque butt for all the relevant transactions.

Date:	Answer/Answer/Answer
Payment to:	Answer
Trust Ledger Account and Folio No:	Answer
Reason for payment:	Answer atAnswer
Amount Paid:	$Answer
Cheque/EFT Number:	1438

Question 15

Explain how you would confirm authorization for payment for all of the transactions for Part 4.

The next step in the process is to enter the deposit details into the trust receipt cashbook. All receipts are entered into one journal and it is good practice to enter the receipts into the journal in numerical order. The following details must be included in the journal;

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 the agents trust account

Date Money received	Date Receipt Issued	Name of Payer	Identifying code or client	Description of matter	Amount Received	Trust Account Receipt Number	Date paid to the bank (Banked)
Answer/04/2013	Answer/04/2013	Answer	Answer	Answer atAnswer	$Answer	Answer	Answer/04/2013
Answer/04/2013	Answer/04/2013	Answer	Answer	Answer atAnswer	$Answer	Answer	Answer/04/2013
Answer/04/2013	Answer/04/2013	Answer	Answer	Answer atAnswer	$Answer	Answer	Answer/04/2013
Answer/04/2013	Answer/04/2013	Answer	Answer	Answer atAnswer	$Answer	Answer	Answer/04/2013
Answer/04/2013	Answer/04/2013	Answer	Answer	Answer atAnswer	$Answer	Answer	Answer/04/2013
Answer/04/2013	Answer/04/2013	Answer	Answer	Answer atAnswer	$Answer	Answer	Answer/04/2013
Answer/04/2013	Answer/04/2013	Answer	Answer	Answer atAnswer	$Answer	Answer	Answer/04/2013
Total Receipts:	$Answer

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

Date Payment made	Amount	The No. or EFT No.	Payment made to	Identifier or name of payer	Description of matter	Ledger identifier debited
paid
Answer/04/2013	$Answer	1434	Answer	Answer	Answer atAnswer	Answer
Answer/04/2013	$Answer	1435	Answer	Answer	Answer atAnswer	Answer
Answer/04/2013	$Answer	1436	Answer	Answer	Answer	Answer Answer Answer
Answer/04/2013	$Answer	1437	Answer	Answer	Answer and Answer	Answer Answer Answer Answer
Answer/04/2013	$Answer	1438	Answer	Answer	Answer for Answer	Answer
Total Paid:	$Answer

A trust journal is a record of all transactions that don't affect the trust bank account and include the following:

transfer of money from one matter to another, or
correction of an incorrect posting.

Entries in a transfer journal must include:

the date of the transfer
the amount transferred to and from each ledger account
the names of all ledger accounts to be debited or credited, including identifying references
details that identify the purpose for which the money was transferred.

Date

of transfer

Amount

Transferred From Account

Transferred to Account

Ref Number

Description of

matter

transferred

Answer/04/2013

$Answer

Answer

#1

Answer