Trust Accounts Regulation 1999
sec.17How trustee accounts for investments
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sec.17 How trustee accounts for investments
A trustee must, for each amount invested by the trustee under section 16 (2) (a) — credit the amount of the investment to the investment control account; and debit the amount to the investment ledger account. If interest accrues on an investment, the trustee must— credit the amount of accrued interest to the investment control account; and debit the amount to the investment ledger account. The interest accruing on an investment must be entered in the accounts when the trustee receives notice of the accrual. If an amount is withdrawn from, or realised on, an investment, the trustee must— debit the amount to the investment control account; and credit the amount to the investment ledger account. In this section— investment ledger account means the investment ledger account kept by the trustee in the name of the person on whose behalf the investment is made. (sec.17-ssec.1) A trustee must, for each amount invested by the trustee under section 16 (2) (a) — credit the amount of the investment to the investment control account; and debit the amount to the investment ledger account. (sec.17-ssec.2) If interest accrues on an investment, the trustee must— credit the amount of accrued interest to the investment control account; and debit the amount to the investment ledger account. (sec.17-ssec.3) The interest accruing on an investment must be entered in the accounts when the trustee receives notice of the accrual. (sec.17-ssec.4) If an amount is withdrawn from, or realised on, an investment, the trustee must— debit the amount to the investment control account; and credit the amount to the investment ledger account. (sec.17-ssec.5) In this section— investment ledger account means the investment ledger account kept by the trustee in the name of the person on whose behalf the investment is made.
- (a) credit the amount of the investment to the investment control account; and
- (b) debit the amount to the investment ledger account.
- (a) credit the amount of accrued interest to the investment control account; and
- (b) debit the amount to the investment ledger account.
- (a) debit the amount to the investment control account; and
- (b) credit the amount to the investment ledger account.