Depositslip as a source document

Transcription

1 OpenStax-CNX module: m Depositslip as a source document Siyavula Uploaders This work is produced by OpenStax-CNX and licensed under the Creative Commons Attribution License ECONOMIC AND MANAGEMENT SCIENCES 2 Grade 8 3 BUSINESS, CONSUMER AND FINANCIAL KNOWLEDGE AND SKILLS 4 Module 13 5 DEPOSIT SLIP AS A SOURCE DOCUMENT 5.1 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. Version 1.1: Aug 28, :50 am

2 OpenStax-CNX module: m ACTIVITY 2: To be able to use a deposit slip as a source document [LO 3.3] Study the completed deposit slip: Figure 1 Obtain a blank deposit slip from any bank and complete it by lling 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 The deposit is made up as follows:

3 OpenStax-CNX module: m x R50-notes Nickel to the value of R 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. 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 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 as capital contribution in the bank account of a business called Salon Jolie. (See example 1.) Income for services The money received by a business for services (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 as capital in the current account of the business on 1 July During July he plumbing services and earned the following as current income: 5 July R July R2 25 July R Example CASH RECEIPTS JOURNAL OF SALON JOLIE JANUARY 2003

4 OpenStax-CNX module: m Doc. Day DetailsFol. Analysis Bank Current income Deposit 1 J. slip Jolie CR 4 Services CR 10 Services ac- Sundries counts AmountFol. Details 00 Capital 00 Table CASH RECEIPTS JOURNAL OF CRJ 3.3 Doc. Day DetailsFol. Analysis Bank Current income CR 15 Services Sundries accounts AmountFol. Details Table 2 7 Assessment Learning Outcomes(LOs) continued on next page

5 OpenStax-CNX module: m 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 nancial skills. Assessment Standards(ASs) We know this when the learner: 3.1 dierentiates between nancial concepts used in business (e.g. xed 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, xed deposits, shares, unit trusts), and calculates on a variety of investments. Table 3 8 Memorandum ACTIVITY 1 Cheque - Is used for cheque payments. Serves as proof of payment. DateAmount in words and guresname 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 guressignature 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 ). ACTIVITY 3

6 OpenStax-CNX module: m CASH RECEIPTS JOURNAL OF PIPE PLUMBERS - JULY 2003CRJ 3.3 Doc Day DetailsFol Analysis Bank Current income 1 Peter Pipe CR 5 Services CR 15 Services CR 20 Services ac- Sundries count AmountFol 10 Details - Capital - Table 4