You have been retained by Efficient Conveyancing to prepare some of their trust accounts for a series of transactions. 

You are to prepare the following trust accounts:

7. Trust account Cash Book Summary ending 31/03/2022

8. Bank Reconciliation for the month ending 31/03/2022

 

In preparing these accounts you will on occasions have to make assumptions or need to seek further instructions from your clients. Particulars of these assumptions,
further instructions, or notes about failures in office procedures must be stated as footnotes to your accounts.
Trust account receipts start at 000. Trust account cheques start at 1000 and are signed by C Roberts, the Efficient Conveyancing's office accountant. The responsible partner supervising your files is Belinda Scott.

The lowest balance in the trust account for the period 1 July 2021 to 30 June 2022 occurred on 7 July 2021 in the amount of $12000. The amount held in the statutory deposit on that day was $11 000. The relevant portion of the Efficient Trust Account Bank Statement is set out on the next page.

You are to assume that all cheques clear in three days unless a special clearance is sought in which case clearance will occur the next day. The firm policy is that for amounts in excess of $500 a special clearance will be sought.

 

2022 Jan 1 3. 3 1000 balance brought forward cash cheque Northpac Bank of Australia Reservoir Bank Statement Efficient Conveyancing Trust Account 5000.00 4 1001 10000.00 8 cheque 11 1002 150.00 Mar 1 6 1004 10 1006 14 15 April 30 EFT 700.00 600.00 Fed Debits Tax 11.00 Bank fees 22.00 EFT bal 5000.00 50000.00 55000.00 10 000.00 65000.00 60000.00 50000.00 1900.00 51900.00 51750.00 5300.00 57050.00 56350.00 55750.00 55739.00 55717.00 25000.00 80717.00 80717.00