Using the following information provided by the licensee of Sellit Real Estate Agency, you are required to: Correctly complete the 1. Trust Cash Book 2. Trust Ledgers, 3. a Trial Balance and prepare 4. a Bank Reconciliation as at 31 January 2019 You should note the following: The Trust Cash Book, Trust Ledger and Trust Trial Balance are to be completed so as to comply with the Regulations The next Trust Receipt Number to be issued is number 800 The next Trust Cheque Number is number 300 All trust receipts are banked on day of receipt All receipts and payments are by cheque unless otherwise stated The accounts in the Trust Ledger had the following balances as at 1st January 2019 The first thing you need to do is to carry forward the balances below onto the relevant ledgers $50,000 Credit $30,000 Credit 110 Hope to Charity 120 Juice to Mc Duff 130 Mr Toolong 140 Rental Bond Suspense Total Balance brought forward $10,000 Credit $8,000 Credit $98,000 January 2019 Below is a pile of source documents, ie receipts, invoices for you to enter into the cash book. The first thing to do is go through the list carefully and cross a line through any items that would NOT BE TRUST MONIES. Then go through each item and note whether they are Receipts or Payments and then put them in the corresponding page in the cash book. st th Received $25,000 (10% deposit) from Mr Rentalot - vendor is Mr Ownya Paid amount due to the Residential Tenancy Bond Authority - bonds to date - $8000 th th 10 th 18 th 20 21 Received $1500 rent from Mr. U. N. Lucky - Owner Toolong Paid to Mr Toolong's all funds in his account less the Property Management fee, which was $750. This is paid to us, the Agent Paid $2000 for Advertising sign on local Bus Stop The sale, Hope to Charity, was settled and the balance of the deposit was forwarded to the vendor's solicitor, Mr Grabitandrun, after deducting sales commission of $12,000. Received a cheque for $25,000 from B. Good, being 5% deposit for the purchase of property owned by Mr F.Lab. This has been cleared and is to be invested in an Interest Bearing Account the same day, with Westpac Owner, Mr L Lord, has a new tenant -Ms O Time who pays 2 weeks rent in advance with a personal cheque for $1000 and a bank cheque of $2000 for the bond. She signs the lease and moves into today. Purchased a company car for $15,000 Our bank statement shows a dishonoured cheque for $1000 from Ms O Time plus a dishonour fee of $35 has been charged to the business account Mrs O Time brings in $1035 in a bank cheque (think about where $35 might go - which ledger?) Obtained a new tenant Black - owner Toolong. The tenant paid with two cheques. One cheque was for 2 weeks rent which totalled $1600, and the other cheque was for bond of $3200 - this 2" cheque was made out Office Fair Trading - Renting Services Settled Toolongs's account for January 2019 after paying agents Pty Mgmt fees of $350. 31" Mr Flab property has settled and now we need to account to the vendor and purchaser for the 5% deposit. - Total Interest paid $220 to be shared equally with vendor and purchaser. Agents selling fee was $10,000 Td 23 th 24 st 31 st BANK BANK PTY LIMITED BANK STATEMENT ACCOUNT NAME: SELLIT REAL ESTATE AGENCY TRUST ACCOUNT ACCOUNT NUMBER: 954321 AS AT 31 JANUARY 2019 Date Description Debit Credit Balance 1/1/2019 Opening Balance $98,000 1/1/2019 Rentalot $25,000 $123,000 4/1/2019 Chq 300 $8,000 $115,000 9/1/2019 U. Lucky rent $1,500 $116,500 10/1/2019 Chq 302 $10,750 $105,750 10/1/2019 Chq 301 $750 $105,000 18/1/2019 Chq 303 $12,000 $93,000 18/1/2019 Chq 304 $38,000 $55,000 20/1/2019 B Good $25,000 $80,000 20/1/2019 Westpac IBD $25,000 $55,000 23/1/2019 O.Time rent $1,000 $56,000 23/1/2019 O.Time bond $2,000 $58,000 23/1/2019 Dishonoured $1,000 $57,000 24/1/2019 O Time $1,035 $58,035 31/1/2019 Westpac IBD $25,220 $83,255