Trust Accounting - Coopers Real Estate - Accounting And Finance Assignment Help

Assignment Task:

From the information below for Coopers Real Estate complete the following: 

• Chart of Accounts 

• Trust Cash Book both Receipts and Payments 

• Trust Ledger Accounts 

• Trial Balance 

• Property Management Fee Calculation Worksheet 

• Payment to Landlord Calculation Worksheet 

Students to note the following: 

• The next Trust Receipt Number issued is 133 and the next Trust Cheque Number issued is 205. 

• All trust receipts are banked on the day of receipt. 

• All receipts and payments are by cheque unless otherwise stated. 

• Calculate the property management fees to 2 decimal points. 

• The accounts in the Trust Ledger had the following balances as at 1st July 20X9. 

Questions:

1st In relation to the mater of Marsha Brady and Byron Lee, an “Order On Agent” was received by Coopers Real Estate. Commission amounted to 2.2% (including GST) of the sale price. Settle the account and pay both the agent and the vendor 

Julia Robert’s property located at 8 Bourne Ave, Ermington is now available for leasing. A prospective tenant, Sarah Deng has completed a tenancy application and submitted $600 (i.e. one week’s rent) as the reservation fee. 

Received $125,000, as a 10% deposit from Bob Dylan, who is buying a property owned by George Drury located at 55 The Ave, Homebush.

2nd Received a bank cheque for $75,000 (being 10% deposit) from Luke Mangan for a property owned by Jane Parker located at 83 River Road, Eastwood. Both parties agreed for this amount to be deposited in an interest-bearing account today with the National Australia Bank (NAB). 

Paid the accountant’s invoice to prepare the financial reports for the year ended 30th June 20X8 which totaled $5,750. 

3rd Paid the advertising to Ryde Gazette for the month of May for the amount of $7,356. 

Paid the Australian Taxation Office, $17,156 being the group tax due for the month of June.

4th Sarah Deng was approved as the new tenant. Today she signed the lease and paid the balance of her two weeks rent and four weeks rental bond.

5th The condition report indicated that the unit owned by Julia Robert’s was damaged by the previous tenant (Mitch Collins). The agency confirmed that they had claimed the part of the previous tenant’s bond to repair the damage to the unit. Dianne the property manager had asked their office handyman (Scott Cam) to repair the unit today. Dianne carried out the final inspection and confirmed that the condition report could now be amended. 

Julia Robert’s confirmed in an email today that the agency can pay Scott Cam $525 for repairing the unit. 

Paid $3,488 to Cheap Insurance Company, being the agency’s Public Liability cover

6th Paid the superannuation levy for the month of May $14,982 including penalties for late payments of $3,729. 

Obtained a new tenant Douglas Grant for the property owned by George Jetson located at 77/81 Victoria Road, Ryde. Douglas Grant paid with two bank cheques. One for two weeks' rent amounting to $2,200, the other made payable to the Rental Bond Board for $4,400. 

7th Benny Sloth paid two week’s rent, $1,450 for a property owned by Sunny Wong, located at 118 Silverwater Road, Silverwater. 

Paid Peter Masters $5,500 being a bonus for winning the “salesman of the month” award. 

8th Received $37,300 commission, from Simpson Real Estate, for a conjunction sale which was settled today, in the matter of Cherie Robinson and Susan Hay. 

Paid Fairfax Newspapers $250 for advertising expenses on marketing George Jetson’s Ryde property. The payment of this account was authorized by George Jetson.

9th Paid $823 to the Ryde Council for property rates, on behalf of George Jetson. 

Received from the Rental Bond Board $525, which was claimed from the previous tenant (Mitch Collins) for the property repairs to the unit owned by Julia Roberts. 

Received $134,750 as a 10% deposit from Jerry Robson, who is buying a property owned by Gavin Dobson located at 176 Berry Street, Top Ryde.

10nd Sarah Deng paid two week’s rent. 

11th Paid $3,300 to Ross Livermore, a qualified business analyst. 

Paid $165 to Jenny’s Cleaning for cleaning Sunny Wong’s property.

12th Benny Sloth paid two week’s rent by cheque. 

Douglas Grant paid two week’s rent in cash 

Paid the quarterly school fees of $24,500 

13th Cheque received from Benny Sloth on the 25th of July was dishonored. The tenant, Benny Sloth was advised of the situation. 

New tenant, Ronan Keating paid two week’s rent of $1,340 plus four weeks bond for a property owned by Paul Snowden located at 45 Green Street, Ryde. 

14th Benny Sloth paid cash for the replacement of her dishonored cheque. 

15th Order on Agent received from Solicitor, Reginald Law acting on behalf of the purchaser Luke Mangan. National Australia Bank today credited the trust account with the initial deposit plus interest. Interest from the Bank totaled $565. The interest earned is to be shared equally between the vendor and purchaser. The agreed office commission in accordance with the agency agreement is 3.3% (including GST) of the sale price. 

16th Settled the property management accounts for Julia Roberts, George Jetson, Sunny Wong, and Paul Snowden. The property management fee charged as detailed in the agency agreement is 7.7% (including GST) of all rent collected only, plus $15 per month Administration Fee. (Property management fee and administration fee must be included in one cheque per landlord.) 

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