Module 6: Trading Organisation: Subsidiary Journals and Posting to the General Ledger
Example to complete a Cash Receipts Journal The following balances, among others, appeared in the books of Affordable Blinds on 1 March 20.1: Capital
Trading Inventory R20 000 Bank
R150 000 R5 000
The organisation sells trading inventory with a mark-up value of 25% on the cost price transactions: 1 R Matthews (the owner) increased his capital contribution by R85 000, which he deposited in the bank account of the organisation. Receipt 01 was issued.
2 Received R500 for merchandise sold according to the cash register roll. 3 Receive R200 from M Davids, for rent expense . Receipt 02 was issued.
These transactions will be entered in the Cash Receipts Journal:
CASH RECEIPTS JOURNAL OF AFFORDABLE BLINDS FOR MARCH 20.1 Doc. No.
Day Details Analysis of receipts
01 1 CRR 2 02 3
R Matthews Sales
M Davids 03 4 M Weber Bank 85 000 00 85 000 00
500 00 500 00 500 00 200 00 200 00
2 500 00 N1 2 500 00
88 200 00 500 00 2 500 00 85 200 00 B1
B2
All receipt numbers are in numerical order.
Add all the
columns except the analysis column.
If there are no special columns, it goes to the Sundry Accounts.
6.1.1 Posting from the Cash Receipts Journal to the General Ledger
From the Cash Receipts Journal, the entries must now be posted to the General Ledger. Instead of posting individual transactions, the totals of all the columns as well as the entries from the sundry accounts must be posted.
DR Date Details
20.1 March 1 Balance
General Ledger of Affordable Blinds for March 20.1 Balance Sheet accounts section Bank
Fol. Amount b/d 31 Total receipts CRJ 5 000 00
88 200 00 93 200 00
Date Sales Trade receivables Amount and other Sundry accounts Fol. Details 85 000 00 B2 Capital
200 00 N3 Rent received
B1 Details Fol. Amount
CR
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