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Read: Efficient Conveyancing: Trust Accounts Assignment | Academic Material

Topic

Efficient Conveyancing: Trust Accounts Assignment

Subject

Business, Accounting & Economics

Date

23rd Jun 2025

Pages

PHPWord

TRUST ACCOUNTS

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:

1. Trust account cheque and cheque butt for the transaction dated 14/01/2022

2. Trust account receipt for the transaction dated 07/01/2022

3. Trust Account Cash Receipts Book

4. Trust Account Cash Payments Book

5. Trust ledger card for the Estate of White

6. Controlled Money Movement Record for Penny Warren

7. Trust account Cash Book Summary and 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.

TRANSACTION DATES
01/01/2022	Penny Warren purchase from Tom Jones, 7 Stewart Lane. File No. 645. You act for the purchaser Penny Warren of 12 Box Street Box Hill. In terms of a clause in the contract of sale, a $5000 deposit was paid in cash by Penny Warren into the trust account to be invested in a 2 month term deposit with ABC Bank in the name of Efficient Conveyancing as trustee for Penny Warren with all interest ($300 - 36% simple interest per annum) for the account of the purchaser. Settlement is to occur in 2 months.
02/01/2022	Estate of White – deceased. File No 897. Received from RAMS a bank cheque for $10 000 being the proceeds of the deceased life policy number 123645 together with written instructions from the two executors to invest the funds with Northpac Bank on a term deposit for two months. Interest to amount to $500 over the two-month period. The balance including accrued interest is to be reinvested on the same terms. The bank confirms on the telephone that their bank cheque is valid and will clear.
07/01/2022	Penny Warren purchase from Tom Jones, 7 Stewart Lane. File No. 645. Received from Penny Warren a bank cheque in the sum of $1900 drawn on XYZ Bank, Epping for $700 professional costs, $700 stamp duty, $50 transfer registration fees, $ 350 search fees, and $100 mortgage discharge fees.
08/01/2022	Penny Warren purchase from Tom Jones, 7 Stewart Lane. File No. 645. Draw a trust account cheque in the sum of $150 in favour of City of Whitehorse for search fees.
14/01/2022	Penny Warren purchase from Tom Jones, 7 Stewart Lane. File No. 645. Draw a trust account cheque for $100 in favour of Law Point for search fees.
01/03/2022	Penny Warren purchase from Tom Jones, 7 Stewart Lane. File No. 645. Received a trust account authority signed by Penny Warren authorising Efficient, according to the terms of the contract of sale, to withdraw the investment from ABC Bank and accrued interest, and place it in the Efficient Trust Account.
02/03/2022	Estate of White – deceased. File No 897. Received from the Northpac Bank notification that the term deposit has expired and that the principal and $500 in accrued interest are being reinvested on the same terms. No funds are transferred from the bank.
03/03/2022	Penny Warren purchase from Tom Jones, 7 Stewart Lane. File No. 645. Draw a trust account cheque for $800 in favour of the State Revenue Office to pay stamp duty on the purchase.
04/03/2022	Penny Warren purchase from Tom Jones, 7 Stewart Lane. File No. 645. Draw a trust account cheque for $150 in favour of Land and Property Information to cover all transfer and mortgage settlement fees.
05/03/2022	Penny Warren purchase from Tom Jones, 7 Stewart Lane. File No. 645. Draw a trust account cheque for $600 in favour of Efficient Conveyancing for professional fees.
05/03/2022	Penny Warren purchase from Tom Jones, 7 Stewart Lane. File No. 645. Draw a trust account cheque for $5300 in favour of Penny Warren being a return of funds. You confirm by telephone with Penny Warren that the cheque has been sent.
09/03/2022	Penny Warren purchase from Tom Jones, 7 Stewart Lane. File No. 645. Draw a trust account cheque in the sum of $50 in favour of Acme Pest for rat baits.
15/03/2022	Penny Warren advises that the cheque has been received but destroyed by Penny Warren’s four-year old son Adam. You stop the check on this day and issue a new cheque to replace the destroyed cheque the very next day. In the notes to your accounts describe the procedures you have followed. Use the procedure that clearly shows the effect of the transaction in the Cash Payments Book.
01/04/2022	Upon receiving your bank statement you become aware of an Electronic transfer dated 19/03/2022 in the amount of $25000. After considerable searching you discover this is a deposit into trust for the deposit of a house sold by a new client Peter Flood. The deposit was made by the purchaser Mrs L Rainbow as there is no agent involved The file number is 2909.

Efficient Conveyancing: Trust Accounts Assignment.

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