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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:
ASSIGNMENT 1:
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)
| In-voice | Day | Debtors | Fol. | Sales | Selling costs |
| In-voice | Day | Debtors | Fol. | Sales | Selling costs |
| Doc. | Day | Details | Fol. | Analysis | Bank | Sales | Selling costs | Debtors control | Sundries accounts | ||||||||
| Amount | Fol. | Details | |||||||||||||||
| 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. |
ACTIVITY 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 |
| 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
| 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 |
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