Part 1: Property management scenario
To complete this part of the assessment, you will be required to read the scenario below. Once you have read the information, you are to complete your entries in the property management spreadsheet and submit your completed property management spreadsheet and this assessment to your assessor for marking.
The senior property manager has asked you to enter and complete the following May transactions for Azure Beach Realty Group (ABRG). To complete these tasks, you have been instructed to use the property management spreadsheet.
In this spreadsheet, there are five separate tabs.
1. Receipt side (trust receipt cashbook)
2. Payment side (trust payment cashbook page)
3. Ledgers and trial balance (individual ledgers and trial balance)
You will only need tabs one to three for this assessment event.
Task 1: Record property management transactions
To complete this task, you will need to note the following;
· The trust cash book, trust ledger and trust trial balance are to be completed so that it complies with the appropriate legislation in your state.
· The next trust receipt number to be issued is number 101 and the next trust cheque number is 710.
· All trust monies 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 first client ledger folio number is 110.
· Use the same landlord ledger for more than one tenant.
· Sufficient ledgers have been provided for this exercise in the spreadsheet.
· Cross out any transactions not related to the trust account.
· Calculate management fees on rent received only.
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