Module 6: Trading Organisation: Subsidiary Journals and Posting to the General Ledger


Note the following: • Bank, Purchases and Trade and other payables have their own columns in the CPJ and therefore only their totals had to be posted to the General Ledger.


• All the entries that went to the Sundry Accounts in the CPJ did not have their own column i.e. loan, rent, water and electricity, bank charges and interest on overdraft.


• When posting to the General Ledger the individual amounts were posted on the day that the monies had been received.


• In the CPJ the folio numbers indicate the account numbers that are posted to the General Ledger.


• In the General Ledger, folio numbers indicate which journal the transactions come from – in this case, the CPJ.


Activity 6.4


Required 1. Complete all the transactions below in the Cash Payments Journal of Matthews Traders for October 20.1. Provide for the following columns: • Bank • Purchases • Trade and other Payables • Sundry accounts.


2. Close off the journal and post to the General Ledger.


Transactions: October 20.1 01 Bought land and buildings from Max and paid per cheque R15 000. 03 Paid Service Centre R5 000 for the fixing of one of the machines. 08 Paid for goods purchase with a cash cheque R3 000. 10 Paid the interest on loan at 10% on R50 000 to FNB. 12 Gave a cash donation to the Hospice of R600. 15 Paid the creditors R700 per cheque. 18 Bought stationery from Waltons at R1 500 minus 10% discount and paid per cheque. 18 Paid for goods purchased from Reed Supplier R1 500. 20 Paid the telephone to the Postmaster of R500. 25 Bought a vehicle from Toyota and paid per cheque R10 000. 30 Paid Makro R100 for equipment bought.


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