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Trust Accounting Assignment

The assignment requires students to create precedent books and records for trust accounting using specified resources. Students must accurately record various transactions related to clients and their matters, ensuring precision to avoid mark deductions for errors. The assignment emphasizes individual work and the importance of common sense in filling in missing information.

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Hurshitha Singri
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© © All Rights Reserved
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10 views

Trust Accounting Assignment

The assignment requires students to create precedent books and records for trust accounting using specified resources. Students must accurately record various transactions related to clients and their matters, ensuring precision to avoid mark deductions for errors. The assignment emphasizes individual work and the importance of common sense in filling in missing information.

Uploaded by

Hurshitha Singri
Copyright
© © All Rights Reserved
Available Formats
Download as PDF, TXT or read online on Scribd
You are on page 1/ 2

Trust Accounting

Assignment

This assignment must be completed individually.

Create a set of precedent books and records, using your Word or Excel skills, and the
precedent examples in the Bookkeeping Guide for Lawyers by the Law Society of
Ontario, and your textbook, Hand your precedent books in to your instructor for
verification. These precedents can be your books and records when you begin your
practice.

Using your books, hand write, or computer process, the following transactions into your
set of books. Where there is a (?), you are expected to determine what should replace
the “?” using common sense, and the previous entries in your books.

You will begin with 50 marks, and each error will lead to the deduction of one
mark. You must be precise, or you could lose marks rapidly. The same error
will only be deducted once.

a) Joe Client, Matter 0001, Re: Traffic Tickets, Joe brings in $1000.00 cash for a
retainer, June 1, 20--.
b) Joe Client, Matter ?, Re: Traffic Tickets, fine payment $650.00 to Minister of Finance
(no HST), your trust cheque #001, June 3, 20--.
c) Joe Client, Invoice #001, billed $300.00 plus HST in fees, pay yourself with trust
cheque #002, June 5, 20--.
d) Martha Mouthy, Matter #0002, Re: Small Claims Matter, $500.00 retainer by money
order, June 6, 20--.
e) M. Mouthy, Matter ?, File claim at Small Claims Court, $75.00 to Minister of Finance
(no HST), trust cheque 003, June 7, 20--.
f) M. Mouthy, Matter ?, Expert Report $113.00 to Edgar Expert, trust cheque #004,
June 7, 20--.
g) Terry Tenant, Matter 0003. Re: LL/T, fees $650.00 (plus HST), Invoice #002, June
8, 20--
h) Terry Tenant, cash payment in full for invoice #002, June 9, 2009.
i) M. Mouthy, settlement funds received from defendant, $6500.00 to you “in trust”
Perry Paralegal Firm cheque #87, June 9, 20--.
j) M. Mouthy, Invoice #003, fees $305.00 (plus HST). Pay yourself with trust cheque
?, the with next trust cheque #?, refund remainder in trust to client, June 11, 20--.
k) Lonely Landlord, Matter #?, Re: Eviction Enforcement, personal cheque from client
#42, for $1000.00 for retainer, June 11, 20--.
l) L. Landlord, pay Sheriff’s fees $325.00 to Minister of Finance, trust cheque #?, June
21, 20--.

Page 1 of 2
Trust Accounting
Assignment

m) L. Landlord, pay to Lulu Locksmith, $113.00 to change locks on unit, trust cheque ?,
June 22, 20--.
n) L. Landlord, Invoice #?, billed $250.00 plus HST, pay yourself, trust cheque #?, June
23, 20--.
o) L. Landlord, trust balance transfer to Lola Landlord, Matter #?, Re: Traffic Tickets,
(you have Lonely Landlord’s written direction to make this trust transfer in the file),
June 24, 20--.

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