1. Your trust creditors as at 30 June 1996 total N$ 800 000. An examination of...

1. Your trust creditors as at 30 June 1996 total N$ 800 000. An examination of these trust creditors are made up as following. 2. (a) Your client Mrs Jonson has instructed you to invest the sum of 200 000 (which you hold in trust) in an interest bearing account for her benefit. Pending transfer of an immovable property. (b) You invest the N$ 100 000 with the phoenix bank (c) When you close the account you receive a cheque of N$ 101 000 and you issue a cheque for the interest of N$ 1 000. 3. (a) Your client Mrs Peters instructs you to invest he N$ 200 000 (which you hold on trust) in unit trust. (b) You invest in the unit trust and retain the documentation in your client’s file. 4. (a) You decided to invest the sum of N$ 250 000 of your surplus trust funds in an interest bearing account with Phoenix Bank. (b) When you close the account you receive a cheque of N$ 252 000 (c) You issue a cheque of interest of N$ 200. Required: Reflect all the aforesaid transaction in the bank account and trust ledgers.

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ekkarill92 answered 2 years ago

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