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Depositslip as a source document

Module by: Siyavula Uploaders. E-mail the author

ECONOMIC AND MANAGEMENT SCIENCES

Grade 8

BUSINESS, CONSUMER AND FINANCIAL KNOWLEDGE AND SKILLS

Module 13

DEPOSIT SLIP AS A SOURCE DOCUMENT

ACTIVITY 1: To be able to name the types of source documents to be recorded, and their uses [LO 3.3]

When accounting transactions are recorded, source documents are used. These documents provide the information necessary to record transactions in the books. They also serve as proof that the transactions did take place.

In the case of cash transactions the following source documents are used:

Cheque book counterfoils when payments are made by cheque.

Receipts when cash is received.

Cash register roll in the case of cash sales.

Cash invoices in the case of cash purchases and cash sales.

Bank deposit slips when cash is deposited into a bank account.

In the case of credit transactions the following source documents are used:

Credit invoices in the case of credit purchases of assets and trading stock, as well as in the case of credit sales of trading stock.

ASSIGNMENT:

Collect examples of the following source documents:

Cheques

Receipts

Invoices

Bank deposit slips

Paste the documents onto A4 sheets of paper and indicate for which type of transaction each document is used. Next to each type of document also indicate the information that appears on that document. Use the completed assignment for your portfolio.

ACTIVITY 2: To be able to use a deposit slip as a source document [LO 3.3]

Study the completed deposit slip:

Figure 1
Figure 1 (graphics1.png)

Obtain a blank deposit slip from any bank and complete it by filling in the following information:

Mr P. Tredoux is the owner of PT Services situated at 12 Napier Street, Paarl. On 1 June 2002 he deposits money in the current bank account of the business. The number of this account is 123-456-789.

The deposit is made up as follows:

3 x R50-notes

Nickel to the value of R75.

ACTIVITY 3: To be able to record cash received [LO 3.3]

For control purposes, all cash received in a business is recorded in a journal called the cash receipts journal (CRJ).

The following are types of transactions involved in the receipt of cash:

1. Cash that the owner of the business deposits in the bussiness’s bank account as his capital contribution.

2. Cash received for services provided.

3. Rental income received for letting a building or part of the building.

When the owner pays capital into the business, he is issued with a receipt. The copy of this receipt is used for the entry in the CRJ.

The following information must be provided on the receipt in order to be able to make an entry in the CRJ:

Date

Receipt number

The owner’s name

The amount paid in

Reason for which the money was paid in

The copy of the bank deposit slip completed to deposit the capital sum directly into the current account of the business, can also be used as a source document.

Study the entry in the CRJ (example 1), which shows how such a transaction is recorded.

On 1 January 2003 the owner, J. Jolie, deposits R50 000 as capital contribution in the bank account of a business called Salon Jolie. (See example 1.)

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

Table 1
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

Table 2
Doc. Day Details Fol. Analysis Bank Current income    
Sundries accounts
Amount Fol. Details
                                   
                                   
                                   
                                   
                                   

Assessment

Table 3
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

Table 4
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 -    

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