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Economic and management sciences

Grade 9

Business, consumer and financial knowledge and skills

Module 19

Recording payments received from debtors

ACTIVITY1:

To record payments received from debtors

[LO 3.3]

When debtors pay their debt, the cash received is recorded in the CRJ. The CRJ makes provision for an additional column headed Debtors Control.

A receipt is issued to the debtor as proof that the money was received. This is called the source document for the entry.

The effect of the transaction on the accounting equation is as follows:

  • Assets + (Cash in bank increases)
  • Assets – (Debtors’ debt decreases)

ASSIGNMENT 1:

  • Using the information below, complete the Cash Receipts Journal (CRJ) and Debtors Journal (DJ) of Highway Dealers.
  • Highway Dealers sells goods on credit and for cash.
  • The following transactions must be recorded in DJ 3.3.1 for May and DJ 3.3.2 for June 2003, and in CRJ 3.3.1 for June 2003.

May 2003

3 Sells goods for R320 on credit to S. Weston and issues invoice no. 141 (cp. R256)

8 Issues invoice 142 to A. Niemand for goods sold on credit for R240 (cp. R192)

10 Sells goods for R160 on credit to H. Olwage and issues invoice no. 143 (cp. R128)

12 Sells goods on credit to:

S. Selby for R280, invoice no. 144 (cp. R224)

W. Willow for R120, invoice no. 145 (cp. R96)

June 2003

3 Receives a cheque from S. Weston for R320, issues receipt no. 61

Cash sales of goods, R4 000 (cp. R3 200)

5 Receives R160 cash from H. Olwage and issues receipt no. 62 to him

Cash sales of goods, R1 600 (cp. R1 280)

6 Receives a cheque for R280 from S. Selby and issues receipt no. 63

Cash sales of goods, R1 200 (cp. R960)

14 Sells goods on credit to:

W. Willow for R80, invoice no. 146 (cp. R64)

A. Niemand for R40, invoice no. 147 (cp. R32)

24 Supplies goods on credit to:

S. Selby together with invoice no. 148 for R120 (cp. R96)

30 Cash sales of goods, R4 800 (cp. R3 840)

Debtors journal of highway dealers – may 2003dj 3.3.1

In-voice Day Debtors Fol. Sales Selling costs

Debtors journal of highway dealers – june 2003dj 3.3.2

In-voice Day Debtors Fol. Sales Selling costs

Cash receipts journal of highway dealers - june 2003crj 3.3.1

Doc. Day Details Fol. Analysis Bank Sales Selling costs Debtors control Sundries accounts
Amount Fol. Details

Assessment

Learning Outcomes(LOs)
LO 3
MANAGERIAL, Consumer and Financial Knowledge and SkillsThe learner will be able to demonstrate knowledge and the ability to apply responsibly a range of managerial, consumer and financial skills.
Assessment Standards(ASs)
We know this if the learner :
3.1 completes a basic income statement and balance sheet for a service and retail business;
3.2 investigates the public relations, social responsibility and environmental responsibility strategies and actions of different businesses and organisations;
3.3 completes cash and credit transactions in the books of service and retail businesses;
3.4 uses keyboard skills and function keys in developing, storing, retrieving and editing business documentation;
3.5 analyses financial statements for decision-making at a basic level;
3.6 differentiates between the forms of credit purchases.

Memorandum

ACTIVITY 1

Debtors journal of highway dealers - may 2003dj 3.3.1

Invoice Day Debtors Fol Sales Selling costs
141 3 S. Weston 320 256
142 8 A. Niemand 240 192
143 10 H. Olwage 160 128
144 12 S. Selby 280 224
145 W. Willow 120 96
1 120 896
B2/N1 B1/N2

Debtors journal of highway dealers - june 2003dj 3.3.2

Invoice Day Debtors Fol Sales Selling costs
146 14 W. Willow 80 64
147 A. Niemand 40 32
148 24 S. Selby 120 96
240 192
B2/N1 B1/N2

ACTIVITY 1

Cash receipts journal of highway dealers - june 2003crj 3.3.1

Doc Day Details Fol Analysis Bank Sales Selling costs Debtors control Sundries account
Amount Fol Details
61 3 S. Weston 320 - 320 -
CR Sales 4 000 - 4 320 - 4 000 - 3 200 -
62 5 H. Olwage 160 - 160 -
CR Sales 1 600 - 1 760 - 1 600 - 1 280 -
63 6 S. Selby 280 - 280 -
CR Sales 1 200 - 1 480 - 1 200 - 960 -
CR 30 Sales 4 800 - 4 800 4 800 - 3 840 -
12 360 - 11 600 - 9 280 - 760 -
B3 N1 B1/N2 B2

Questions & Answers

where we get a research paper on Nano chemistry....?
Maira Reply
nanopartical of organic/inorganic / physical chemistry , pdf / thesis / review
Ali
what are the products of Nano chemistry?
Maira Reply
There are lots of products of nano chemistry... Like nano coatings.....carbon fiber.. And lots of others..
learn
Even nanotechnology is pretty much all about chemistry... Its the chemistry on quantum or atomic level
learn
Google
da
no nanotechnology is also a part of physics and maths it requires angle formulas and some pressure regarding concepts
Bhagvanji
hey
Giriraj
Preparation and Applications of Nanomaterial for Drug Delivery
Hafiz Reply
revolt
da
Application of nanotechnology in medicine
what is variations in raman spectra for nanomaterials
Jyoti Reply
I only see partial conversation and what's the question here!
Crow Reply
what about nanotechnology for water purification
RAW Reply
please someone correct me if I'm wrong but I think one can use nanoparticles, specially silver nanoparticles for water treatment.
Damian
yes that's correct
Professor
I think
Professor
Nasa has use it in the 60's, copper as water purification in the moon travel.
Alexandre
nanocopper obvius
Alexandre
what is the stm
Brian Reply
is there industrial application of fullrenes. What is the method to prepare fullrene on large scale.?
Rafiq
industrial application...? mmm I think on the medical side as drug carrier, but you should go deeper on your research, I may be wrong
Damian
How we are making nano material?
LITNING Reply
what is a peer
LITNING Reply
What is meant by 'nano scale'?
LITNING Reply
What is STMs full form?
LITNING
scanning tunneling microscope
Sahil
how nano science is used for hydrophobicity
Santosh
Do u think that Graphene and Fullrene fiber can be used to make Air Plane body structure the lightest and strongest. Rafiq
Rafiq
what is differents between GO and RGO?
Mahi
what is simplest way to understand the applications of nano robots used to detect the cancer affected cell of human body.? How this robot is carried to required site of body cell.? what will be the carrier material and how can be detected that correct delivery of drug is done Rafiq
Rafiq
if virus is killing to make ARTIFICIAL DNA OF GRAPHENE FOR KILLED THE VIRUS .THIS IS OUR ASSUMPTION
Anam
analytical skills graphene is prepared to kill any type viruses .
Anam
Any one who tell me about Preparation and application of Nanomaterial for drug Delivery
Hafiz
what is Nano technology ?
Bob Reply
write examples of Nano molecule?
Bob
The nanotechnology is as new science, to scale nanometric
brayan
nanotechnology is the study, desing, synthesis, manipulation and application of materials and functional systems through control of matter at nanoscale
Damian
Is there any normative that regulates the use of silver nanoparticles?
Damian Reply
what king of growth are you checking .?
Renato
What fields keep nano created devices from performing or assimulating ? Magnetic fields ? Are do they assimilate ?
Stoney Reply
why we need to study biomolecules, molecular biology in nanotechnology?
Adin Reply
?
Kyle
yes I'm doing my masters in nanotechnology, we are being studying all these domains as well..
Adin
why?
Adin
what school?
Kyle
biomolecules are e building blocks of every organics and inorganic materials.
Joe
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Source:  OpenStax, Economic and management sciences grade 9. OpenStax CNX. Sep 15, 2009 Download for free at http://cnx.org/content/col11074/1.1
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