A Queensland agency holds rent for 40 landlords in one trust account. How must it record their money in the trust account ledger?
Correct Answer
C) With a separate ledger account for each landlord
Section 19 of the Agents Financial Administration Regulation 2014 (Qld) requires a principal agent to keep a separate ledger account in the trust account ledger for each person on whose behalf the agent receives trust money. Each ledger account must show the person's name and a description of the matter.
Why This Is the Correct Answer
Each landlord needs their own ledger account within the trust account ledger.
Why the Other Options Are Wrong
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