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Case study assessment 2 of 3 (Sales) Criteria Unit code, name and release number CPPREP4125 - Transact in trust accounts (1) Qualification/Course code, name and release number CPP41419 - Certificate IV in Real Estate Practice (1) Student details Student number Student name Assessment declaration This declaration only needs to be completed if you are not submitting your assessment online.  This assessment is my original work and no part of it has been copied from any other source except where due acknowledgement is made.  No part of this assessment has been written for me by any other person except where such collaboration has been authorised by the assessor concerned.  I understand that plagiarism is the presentation of the work, idea, or creation of another person as though it is your own. Plagiarism occurs when the origin of the material used is not appropriately cited. No part of this assessment is plagiarised. Student signature and date Document title: CPPREP4125_AE_CS_2of3_LMS Page 1 of 24 Resource ID: TBS_19_001_CPPREP4125_AE_CS_2of3_LMS STUDENT NAME:

Version: 20210826 Date created: 26 June 2020 For queries, please contact: Business and Technology Skills Point Ultimo © 2020 TAFE NSW, Sydney RTO Provider Number 90003 | CRICOS Provider Code: 00591E This assessment can be found in the: Learning Bank The contents in this document is copyright © TAFE NSW 2020, and should not be reproduced without the permission of the TAFE NSW. Information contained in this document is correct at time of printing: 17 February 2024. For current information please refer to our website or your teacher as appropriate. Document title: CPPREP4125_AE_CS_2of3_LMS Page 2 of 24 Resource ID: TBS_19_001_CPPREP4125_AE_CS_2of3_LMS STUDENT NAME:

Assessment instructions Table 1 Assessment instructions Assessment details Instructions Assessment overview The objective of this assessment is to assess your knowledge and performance as would be required to conduct transactions in real estate trust accounts. Assessment Event number 2 of 3 Instructions for this assessment This is a case study assessment and will be assessing you on your knowledge and performance of skills required by the unit. This assessment is in two parts: Part 1: Sales scenario (5 tasks) Part 2: Bank reconciliations (2 tasks) The assessment also contains an assessment feedback form Submission instructions Where possible, complete and submit this assessment online via the TAFE NSW online learning platform. Upload all the required assessment files in the assessment area on the online learning platform. Alternatively, hand all required assessment files to your assessor for marking. Make sure you have added your name to the bottom of each page of the assessment. It is important that you keep a copy of all electronic and hardcopy assessments submitted to TAFE NSW and complete the assessment declaration when you submit the assessment. What do I need to do to achieve a satisfactory result? To achieve a satisfactory result for this assessment, you must answer all questions correctly. What do I need to provide? Computer with internet access; Microsoft WORD, calculator, and notepaper for transaction calculations What will the assessor provide? Access to this assessment and supporting online resources. Document title: CPPREP4125_AE_CS_2of3_LMS Page 3 of 24 Resource ID: TBS_19_001_CPPREP4125_AE_CS_2of3_LMS STUDENT NAME:

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Assessment details Instructions Due date and time allowed/location Your assessment due dates are in your Unit Assessment Guide (UAG) or Training Plan. The indicative time to complete the assessment is approximately two hours. Supervision This is an unsupervised assessment. Your assessor may ask for additional evidence to verify the authenticity of your submission and confirm that the assessment task was completed by you. Assessment feedback, review or appeals In accordance with the TAFE NSW policy Manage Assessment Appeals, all students have the right to appeal an assessment decision in relation to how the assessment was conducted and the outcome of the assessment. Appeals must be lodged within 14 working days of the formal notification of the result of the assessment. If you would like to request a review of your results or if you have any concerns about your results, contact your Teacher or Head Teacher. If they are unavailable, contact the student administration officer. Appeals are addressed in accordance with Every Student’s Guide to Assessment. Document title: CPPREP4125_AE_CS_2of3_LMS Page 4 of 24 Resource ID: TBS_19_001_CPPREP4125_AE_CS_2of3_LMS STUDENT NAME:

Part 1: Sales 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 sales WORD workbook in Appendix 1 . Scenario The sales manager of Azure Beach Realty Group (ABRG) has asked you to complete the following Sales trust transactions for the month of May 20xx. Task 1: Record property sales transactions To complete this task, you will need to note the following.  The trust cash book, trust ledgers and trust trial balance are to be completed so that it complies with the Property and Stock Agents Act 2002 and the Property and Stock Agents Regulations 2014.  The next trust receipt number to be issued is number 201 and the next trust cheque number is 550 .  The next trust ledger account number will be 613.  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.  Cross out any transactions not related to the trust account. The accounts in the sales trust ledger had the following balances as at 30 th April, 20XX. Balances carried forward from the previous month LEDGER LEDGER NAME LEDGER BALANCE 600 Trust Bank Ledger 55,000 Debit 612 Lambeth to Thomas 55,000 Credit May sales transactions 1. Enter the information in the Workbook provided to you in Appendix 1. Task No May 20XX Date Transactions 1.1 2.5.20xx Received a 10% deposit from T. Hammond on the property Document title: CPPREP4125_AE_CS_2of3_LMS Page 5 of 24 Resource ID: TBS_19_001_CPPREP4125_AE_CS_2of3_LMS STUDENT NAME:

owned by H. Beattie. The sales price is $980,000 . (ANZ Bank Sydney ) 1.2 3.5.20xx Received a deposit of $85,000 from F. Burrell for a development property owned by D. Koorey. Both parties agreed to invest the deposit in an interest bearing account at Countrywide Bank, until settlement. At settlement Interest earned will be shared equally between the vendor and purchaser. 1.3 4.5.20xx Received a preliminary deposit from M. Paul on a property owned by A. Rankin, $500 1.4 10.5.20xx Received $5000 advertising contribution from C. Albanese whose property will be auctioned on 26 May. 1.5 12.5.20xx The sale between Lambeth to Thomas settled and order on the agent has been received. Account to the vendor and Azure Beach Realty Group sales commission of $12,100 including GST 1.6 14.5.20xx The balance of a 10% deposit was received from M. Paul on a property owned by A. Rankin with a sale price of $760,000. 1.7 20.5.20xx Paid Sales person, Adrian Carrasco $4,500 commission for April. 1.8 24.5.20xx Paid $1200 to Wentwork Courier for advertising on behalf of C. Albanese. 1.9 29.5.20xx Settlement occurred on the sale of H. Beattie to T. Hammond, the order on the agent has been received. The conveyancer requested the deposit be paid to the vendor after the agent’s commission of $21,340 including GST is deducted. 1.10 30.5.20xx Settlement occurred between Koorey to Burrell. The order on the agent has been received The initial deposit plus $260 interest was banked into the Trust Account by EFT. Sales commission was $16,280 with Document title: CPPREP4125_AE_CS_2of3_LMS Page 6 of 24 Resource ID: TBS_19_001_CPPREP4125_AE_CS_2of3_LMS STUDENT NAME:

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the appropriate balance of funds being sent to the two parties involved. Hint : Refer to arrangements for payment of interest above 3.5.20xx. Document title: CPPREP4125_AE_CS_2of3_LMS Page 7 of 24 Resource ID: TBS_19_001_CPPREP4125_AE_CS_2of3_LMS STUDENT NAME:

Task 2: Sales Trust Receipt Complete the sales trust account receipt below for the 10% deposit received from P. Thompson,(by Cheque) on 2/5/20xx for the property, 12 Ryde Rd, Balmain, owned by J. Carr. The sales price is $750,000. :Azure Beach Realty Group Sales Trust Account 144 Symons Road Azure Beach NSW 2100 ACN 604 981 912 150 Receipt No: 311 Date: Received from Vendor: to Purchaser: The sum of: dollars cents Being for: Sales Trust Account $ Per: By EFT / Cash / Cheque Task 3: Sales Trust Receipt Complete the sales trust account receipt below for $5000 cheque received from J. Taylor on 10/5/20xx, it is a contribution advertising. Azure Beach Realty Group Sales Trust Account 144 Symons Road Azure Beach NSW 2100 ACN 604 981 912 150 Receipt No: 312 Date: Received from: Vendor: to Purchaser: The sum of: dollars cents Being for: Sales Trust Account $ Per: By EFT / Cash / Cheque Document title: CPPREP4125_AE_CS_2of3_LMS Page 8 of 24 Resource ID: TBS_19_001_CPPREP4125_AE_CS_2of3_LMS STUDENT NAME:

Task 4: Bank deposit Complete the bank deposit slip below for the 10% deposit received from T. Hammond on the 02/05/20xx ( ANZ Bank Sydney ). The sales price is $980,000. National Banking Corporation Wollongong NSW 2500 Account Name: Azure Beach Realty Group Sales Trust Account Account Number: 0244 56987 Please fill in the following particulars of cheques; proceeds will not be available until cleared DRAWER Bank Branch Amount 1 2 5 Carried Forward Sub Total Paid in by –Signature DEPOSIT DATE TELLER USE Notes Account Identification Number Teller $100 Coins 0244 56987 $50 Account Name $20 Cheques Azure Beach Realty Group $10 $5 TOTAL $ Document title: CPPREP4125_AE_CS_2of3_LMS Page 9 of 24 Resource ID: TBS_19_001_CPPREP4125_AE_CS_2of3_LMS STUDENT NAME:

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Task 5: Settlement Statement to Vendor. Complete the settlement statement below notifying the vendors of the settlement of their property. Use the following information:  Vendor: Mr Robert & Mrs Marcia Renshaw  Address: 200 Gladstone Street, Azure Beach  Purchaser: Sam Smith  Property sold: 16 Church Street, Azure Beach  Deposit held: 10% = $65,000.00  Commission: $16,250.00  GST included in commission $1,477.27 Document title: CPPREP4125_AE_CS_2of3_LMS Page 10 of 24 Resource ID: TBS_19_001_CPPREP4125_AE_CS_2of3_LMS STUDENT NAME:

Document title: CPPREP4125_AE_CS_2of3_LMS Page 11 of 24 Resource ID: TBS_19_001_CPPREP4125_AE_CS_2of3_LMS STUDENT NAME: AZURE BEACH REALTY GROUP TAX INVOICE ABN 112 334 566 Mr R & Mrs M Renshaw 200 Gladstone Street AZURE BEACH Congratulations on the sale of your property at 16 Church Street, Azure Beach STATEMENT OF ACCOUNT SETTLEMENT DATE: 20 July 20xx DEBIT CREDIT $ $ Funds held in trust from Sam Smith …………………… Settlement cheque/EFT to R & M Renshaw …………………… Commission to Azure Beach Realty Group …………………… ……………………. ……………………. Commission includes GST $

Document title: CPPREP4125_AE_CS_2of3_LMS Page 12 of 24 Resource ID: TBS_19_001_CPPREP4125_AE_CS_2of3_LMS STUDENT NAME:

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Part 2: Bank reconciliation and Bank Reconciliation with Discrepanciesy Task 6: Bank reconciliation Prepare a bank reconciliation as at 30/11/20xx that complies with the regulations using the sales trust cash book and bank statement provide below. Note: Arrangements have been made for all bank fees and charges to be debited to the general business account. If errors are detected, the bank statement is correct. AZURE BEACH REALTY GROUP Sales Trust Cash Book (SIMPLIFIED) Cash Receipts Journal Cash Payments Journal Date 20xx Particulars Bank $ Date 20xx Particulars Chq No. Bank Nov 1 Balance B/Fwd 963 Nov 2 Payments 911 172 3 Receipts 173 11 Payments 912 72 20 Receipts 261 16 Payments 913 22 28 Receipts 541 18 Payments 914 125 29 Receipts 620 27 Payments 915 19 30 Receipts 215 29 Payments 916 401 30 Payments 917 220 Sub/Total Bal C/Fwd 1/12/xx Bal B/Fwd Westpac Bank Statement AZURE BEACH REALTY GROUP - SALES TRUST ACCOUNT - Date Details Debit $ Credit $ Balance $ 20xx Nov 1 Balance B/Fwd 963 CR 4 911 172 791 CR 4 Deposit 173 964 CR 14 912 72 892 CR 20 Deposit 261 1,153 CR 28 914 125 1,028 CR 28 Deposit 541 1,569 CR 29 Deposit 620 2,189 CR Document title: CPPREP4125_AE_CS_2of3_LMS Page 13 of 24 Resource ID: TBS_19_001_CPPREP4125_AE_CS_2of3_LMS STUDENT NAME:

Document title: CPPREP4125_AE_CS_2of3_LMS Page 14 of 24 Resource ID: TBS_19_001_CPPREP4125_AE_CS_2of3_LMS STUDENT NAME:

Azure Beach Realty Sales Trust Account Trust Bank Reconciliation as at 30/11/20xx $ $ Credit balance as per bank statement 30/11/20XX Add : Outstanding deposit 30/11/20xx Less : Unpresented cheques Chq No Debit balance as per Trust Cash Book as at 30/11/20xx Task 7: Bank reconciliation with discrepancies Azure Beach Realty Sales Trust Account Trust Bank Reconciliation as at 31 March 20xx $ $ Credit balance as per bank statement 31/3/20XX 4,908 Add: Outstanding deposit 28/3/20xx 700 700 5,608 Less: Unpresented cheques Chq No 426 440 427 42 482 Debit balance as per Trust Cash Book as at 31/3/20xx 5,126 Using the bank reconciliation prepared for March 20xx, the sales trust cashbook and bank statement provided below, prepare a bank reconciliation as at 30/4/20xx. Note: Arrangements have been made for all bank fees and charges to be debited to the general business account. If errors are detected, the bank statement is correct. Document title: CPPREP4125_AE_CS_2of3_LMS Page 15 of 24 Resource ID: TBS_19_001_CPPREP4125_AE_CS_2of3_LMS STUDENT NAME:

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Azure Beach Realty Group - Sales Trust Account Trust Cash Book (SIMPLIFIED) Cash Receipts Journal Cash Payments Journal Date 20xx Particulars Bank $ Date 20xx Particulars Chq No. Bank $ April 1 Balance B/Fwd 5,126 April 1 Payments 428 800 3 Receipts 710 7 Payments 429 140 6 Receipts 860 10 Payments 430 15 10 Receipts 410 Payments 431 600 13 Receipts 4,250 17 Payments 432 450 18 Receipts 970 20 Payments 433 920 21 Receipts 1,200 23 Payments 434 815 24 Receipts 13,910 Payments 435 255 26 Receipts 930 30 Payments 436 870 28 Receipts 140 Payments 437 170 30 Receipts 1,130 Payments 438 950 Adjust for error Payments 439 410 Adjust for error Dishonoured Cheque Sub Total Balance C/Fwd Total 1/5/xx Bal B/Fwd Document title: CPPREP4125_AE_CS_2of3_LMS Page 16 of 24 Resource ID: TBS_19_001_CPPREP4125_AE_CS_2of3_LMS STUDENT NAME: Countrywide Bank Azure Beach Realty Group Sales Trust Account Date Particulars Debit Credit Balance April 1 Balance B/Fwd 4,908 CR Deposit 700 5,608 CR 426 440 5,168 CR 2 427 42 5,126 CR 3 Deposit 710 5,836 CR 6 Deposit 860 6,696 CR 9 428 800 5,896 CR 11 Deposit 310 6,206 CR 12 429 140 6,066 CR 14 Deposit 4,250 10,316 CR 431 600 9,716 CR 16 430 15 9,701 CR 19 Deposit 970 10,671 CR 432 540 10,131 CR 22 Deposit 1,200 11,331 CR 433 920 10,411 CR 24 Deposit 13,910 24,321 CR 25 435 255 24,066 CR 26 Deposit 930 24,996 CR 434 815 24,181 CR 28 Deposit 140 24,321 CR 29 Dishonoured cheque 180 24,141 CR Dishonoured Chq fee 30 24,111 CR 30 Bank fees 20 24,091 CR

Document title: CPPREP4125_AE_CS_2of3_LMS Page 17 of 24 Resource ID: TBS_19_001_CPPREP4125_AE_CS_2of3_LMS STUDENT NAME:

Azure Beach Realty Sales Trust Account Trust Bank Reconciliation as at 30/04/20xx $ $ Credit balance as per bank statement 30/4/20xx Add : Outstanding deposit 30/4/20xx Bank fees in error Dishonoured Chq fee in error Less: Unpresented cheques Chq No Debit balance as per Trust Cash Book as at 30/4/20xx Document title: CPPREP4125_AE_CS_2of3_LMS Page 18 of 24 Resource ID: TBS_19_001_CPPREP4125_AE_CS_2of3_LMS STUDENT NAME:

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Appendix 1 Azure Beach Realty Group Sales Trust Cash Book – Receipts Journal TCB No.05 Date Receipt No. Receipt Type Received From On Account Of Account Number Transaction Amount $ Bank $ Document title: CPPREP4125_AE_CS_2of3_LMS Page 19 of 24 Resource ID: TBS_19_001_CPPREP4125_AE_CS_2of3_LMS STUDENT NAME:

Azure Beach Realty Group Sales Trust Cash Book – Payments Journal TCB No. 5 Date Cheque No. PAYEE On Account Of Account Numbe r Transaction Bank $ Document title: CPPREP4125_AE_CS_2of3_LMS Page 20 of 24 Resource ID: TBS_19_001_CPPREP4125_AE_CS_2of3_LMS STUDENT NAME:

Azure Beach Realty Group Sales Trust - Ledger Accounts . Account Name: Azure Beach Realty Group Sales Trust Bank Account Account Number: 600 Date Particulars TCB Number Debit $ Credit $ Balance $ Account Name: Account Number: Date Particulars TCB Number Debit $ Credit $ Balance $ Account Name: Account Number: Date Particulars TCB Number Debit $ Credit $ Balance $ Document title: CPPREP4125_AE_CS_2of3_LMS Page 21 of 24 Resource ID: TBS_19_001_CPPREP4125_AE_CS_2of3_LMS STUDENT NAME:

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Account Name: Account Number: Date Particulars TCB Number Debit $ Credit $ Balance $ Account Name: Account Number: Date Particulars TCB Number Debit $ Credit $ Balance $ Account Name: Account Number: Date Particulars TCB Number Debit $ Credit $ Balance $ Document title: CPPREP4125_AE_CS_2of3_LMS Page 22 of 24 Resource ID: TBS_19_001_CPPREP4125_AE_CS_2of3_LMS STUDENT NAME:

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Azure Beach Realty Sales Trust Account TRIAL BALANCE AS AT __________________________________________ Name Account Number Debit ($) Credit ($) TOTAL Document title: CPPREP4125_AE_CS_2of3_LMS Page 23 of 24 Resource ID: TBS_19_001_CPPREP4125_AE_CS_2of3_LMS STUDENT NAME:

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Assessment feedback NOTE: If you are submitting through an online learning platform, the assessor will give you feedback via the platform. Assessment outcome ☐ Satisfactory ☐ Unsatisfactory Assessor feedback ☐ Are you assured that the evidence presented for assessment is the student’s own work? ☐ Was the assessment event successfully completed? ☐ If no, was the resubmission/re-assessment successfully completed? ☐ Was a reasonable adjustment in place for this assessment event? If yes, ensure it is detailed on the assessment document . Comments: Assessor name and date: NOTE: Make sure you add your name to the footer, so it appears at the bottom of each page. Document title: CPPREP4125_AE_CS_2of3_LMS Page 24 of 24 Resource ID: TBS_19_001_CPPREP4125_AE_CS_2of3_LMS STUDENT NAME:

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