At the end of August an agency balances its trust cash book and reconciles it to the bank statement. By when must it prepare the trial balance of all trust ledger accounts?
Correct Answer
C) Within 21 days after the end of August
Section 27(5) of the Property and Stock Agents Regulation 2022 requires the cash book to be balanced and reconciled with the trust account at the end of each month. Section 30 then requires a trial balance of all current ledger accounts within 21 days after the end of each month, comparing their total with the reconciled cash book balance.
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