CPPREP4125_AE_CS_2of3_LMS
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TAFE NSW - Sydney Institute *
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41419
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Accounting
Date
May 7, 2024
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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
801529186
Student name
Theresa Vy Phuong Pham
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
Theresa Vy Phuong Pham
05/06/2023
Document title: CPPREP4125_AE_CS_2of3_LMS
Page 1 of 26
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: 5 May 2024.
For current information please refer to our website or your teacher as appropriate.
Document title: CPPREP4125_AE_CS_2of3_LMS
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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 26
Resource ID: TBS_19_001_CPPREP4125_AE_CS_2of3_LMS
STUDENT NAME:
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 26
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 26
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
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Resource ID: TBS_19_001_CPPREP4125_AE_CS_2of3_LMS
STUDENT NAME:
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