CPPDSM4006A – Establish and Manage Agency Trust Accounts - Accounting and Finance Assignment Help

Assignment Task:

Task:

This unit of competency specifies the outcomes required to establish and manage trust accounts in an agency context. It includes reviewing agency accounts for compliance with trust account requirements, establishing and managing trust accounts, maintaining records of trust transactions, and monitoring and reviewing trust accounts.
You must complete all 4 tasks.

Tasks 1 Practical exercise
You are to complete the appropriate books of account based on the following scenario.

Scenario
Students to note the following:
 The Trust Cash Book, Trust Ledger and Trust Trial Balance are to be completed so as to comply with the Property, Stock and Business Agents Act 2002. The 2003 Regulation and the Amendment Regulation 2005 under the Act.
 The next Trust Receipt Number to be issued is number 101 and the next Trust Cheque number is 710.
 All trust receipts are banked on the day of receipt.
 All receipts and payments are by cheque unless otherwise stated.
 All transactions are GST free unless stated.
 The accounts in the Trust Ledger had the following balances as at 30 th April, 2010.
700 Trust Bank Ledger $20,080 Debit
710 Davis to Kendal 9,700 Credit
720 Sproule to Hill 5,000 Credit
730 R Weaver (owner) 2,000 Credit
740 R Richardson (owner) 1,000 Credit
750 R Wales (owner) 900 Credit
760 Rental Bond Suspense 1,480 Credit
May 2010
2 nd Received a deposit $74,000 from Olsen for a development property owned by McKenzie. The cheque was payable to the agent who made special arrangements for its clearance to facilitate investment in an interest bearing account at Countrywide Bank with the proceeds being distributed equally in accordance with a special agreement.

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