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Income for services provided

The money received by a business for services provided (also known as current income), is usually received by means of a cash register and the cash-register roll serves as record and source document. The money received can also be recorded in an invoice book and the copy of the cash invoice will then serve as source document.

The completed CRJ shows how the type of transaction is recorded. (See example 1.)

Salon Jolie’s current income for January has been obtained from the cash register roll and is as follows:

Jan. 4 R400

Jan. 10 R540

Jan. 15 R680

Use the blank cash receipts journal on the next page (CRJ 3.3) to record the cash transactions below.

Enter the totals in the columns.

Mr Peter Pipe starts a plumbing business called Pipe Plumbers and deposits R10 000 as capital in the current account of the business on 1 July 2002. During July he provided plumbing services and earned the following as current income:

5 July R1 500

15 July R2 000

25 July R1 800

Example 1

Cash receipts journal of salon jolie – january 2003

Doc. Day Details Fol. Analysis Bank Current income
Sundries accounts
Amount Fol. Details
Deposit slip 1 J. Jolie 50 000 00 50 000 00 Capital CR 4 Services provided 400 00 400 00 400 00 CR 10 Services provided 540 00 540 00 540 00 CR 15 Services provided 680 00 680 00 680 00 51 620 00 1 620 00 50 000 00

Cash receipts journal of .................................................. – ......................... 20......crj 3.3

Doc. Day Details Fol. Analysis Bank Current income
Sundries accounts
Amount Fol. Details

Assessment

Learning Outcomes(LOs)
LO 3
Management, 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 when the learner:
3.1 differentiates between financial concepts used in business (e.g. fixed assets, current assets, liabilities, owner’s equity);
3.2 develops leadership and management strategies that will ensure a return on investments;
3.3 completes source documents (e.g. receipts, deposit slips, cheques) and records elementary cash transactions in a statement of receipts and payments;
3.4 uses keyboard skills and function keys in developing, storing and retrieving basic information;
3.5 explains the concept and analyses a statement of net worth;
3.6 investments the various methods of savings and investments (e.g. savings accounts, fixed deposits, shares, unit trusts), and calculates on a variety of investments.

Memorandum

ACTIVITY 1

Cheque - Is used for cheque payments. Serves as proof of payment.

DateAmount in words and figuresName of payeeSignature of drawer

DateAmount Cheque counterfoilPayeeReason for payment

Receipt - Serves as proof of cash payment

Date From whom money was receivedReason for paymentAmount in words and figuresSignature of person who issued receipt

Invoices - Are used in the case of cash or credit sales and purchases

Invoice numberDate Name of buyer or seller in the case of cash transactionDescription of goodsUnit price and total price

Bank deposit slip - Is completed when money is deposited in bank account

DateName of account holderBranch numberAccount numberReference numberExplanation of cashInformation with regard to cheque depositDetails of depositorSignature

ACTIVITY 2

Learners may use a deposit slip from any bank. Please ensure that it is completed in full, and go through it with them. Explain the terms/concepts, e.g. branch number, depositor (and why the depositor’s details must be provided).

ACTIVITY 3

Cash receipts journal of pipe plumbers - july 2003crj 3.3

Doc Day Details Fol Analysis Bank Current income
Sundries account
Amount Fol Details
1 Peter Pipe - 10 000 - 10 000 - Capital CR 5 Services provided 1 500 - 1 500 - 1 500 - CR 15 Services provided 2 000 - 2000 - 2000 - CR 20 Services provided 1 800 - 1 800 - 1 800 - 15 300 5 300 10 000 -

Questions & Answers

Preparation and Applications of Nanomaterial for Drug Delivery
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Application of nanotechnology in medicine
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what about nanotechnology for water purification
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Professor
I think
Professor
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Damian
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LITNING Reply
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scanning tunneling microscope
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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
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Damian Reply
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Renato
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Source:  OpenStax, Economic and management sciences grade 8. OpenStax CNX. Sep 11, 2009 Download for free at http://cnx.org/content/col11040/1.1
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