| Subject Code : | CPP40307 | Country : | Australia |
|---|
Assignment Task:
Project – Trust account management
What you need to do:
- Complete the tasks below to manage Your Home Real Estate’s trust account.
What you will need:
- spreadsheet (Project 1 Template.xlsx,)
What you need to submit:
- Completed financial documents
Instructions:
You work at Your Home Real Estate Pty Ltd. (CPP40307)
Part of your job is to manage the company’s trust account.
As part of this role you are required to complete the following tasks:
- enter all the transactions in the appropriate journals from the source documents
- write up the ledger
- reconcile the accounts once a month.
You will need to record all appropriate details in the company’s Trust Account Cash Receipts, Cash Payment and Transfer journals and ledgers for their trust account. You will be required to use the information included below to complete the following tasks:
- Fill out the receipts for incoming money for two months of accounts.
- Reconcile the account at the end of each month.
- Issue monthly statements for all rental property management accounts. You will include in the statements a fee for $5 for the statement fee. The commission fee for rentals is 7% of the rental each month.
You will be the one issuing the receipts and writing out the cheques. You will not sign the cheques. You have at your disposal access to the bank account to check the statement day today and see if there are any electronic funds transfers into the account.
Note: You can either use the Excel spreadsheet provided or an accounting software system to complete this task. If you choose the spreadsheet, note that there are six tabs provided: (CPP40307)
- Receipt
- Cheque Butts
- Journals
- Ledgers
- Statements
- Trial Balance & Reconciliation.
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