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Recording payments received from debtors

Module by: Siyavula Uploaders. E-mail the author

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. Westonand 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

Table 1
In-voice Day Debtors Fol. Sales Selling costs
           
           
           
           
           
           
           
           
           

DEBTORS JOURNAL OF HIGHWAY DEALERS – JUNE 2003DJ 3.3.2

Table 2
In-voice Day Debtors Fol. Sales Selling costs
           
           
           
           
           
           
           
           
           
           

CASH RECEIPTS JOURNAL OF HIGHWAY DEALERS - JUNE 2003CRJ 3.3.1

Table 3
Doc. Day Details Fol. Analysis Bank Sales Selling costs Debtors control Sundries accounts
Amount Fol. Details
                                   
                                   
                                   
                                   
                                   
                                   
                                   
                                   

Assessment

Table 4
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

Table 5
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

Table 6
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

Table 7
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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