2021 Financial Literacy

TOPIC 5
ACCOUNTING CONCEPTS
IMPORTANT NOTES
Fixed Assets: Land and Buildings

Vehicles
Equipment
Current Assets: Trading stock

Debtors control
Cash Bank
Petty cash
Cash float
Liability - Money that is owed to any other person/business. Creditors and

bank overdraft
Owner's Equity -Total amount invested in the business by the owner. Owner
possesses the business therefore he receives the Net profit.
Owner’s Equity = (Capital + Net Profit) – Drawings
Cash Float - Money in the drawer of the cash register used to give change to
customers.
Drawings - When the owner takes money or goods from the business for his own
use.
Petty Cash - A small amount hold in cash on the premises to be used to make
small payments.
Profit = Incomes – Expenses
FINANCIAL LITERACY PAGE 1 GRADE 8 EMS

Difference between service businesses and trading businesses
 A Service business earns an income from delivering a service to the public

eg. a beauty salon, dentist.
Services delivered = Current Income
 A Trading business earns an income by buying goods and selling them at a

higher price. Eg. Pick & Pay.
Income is known as Sales.
Different types of expenses
Kind of Expense Explanation
Rent expense
Advertising
Insurance
Salaries
Wages
Telephone
Rates & Taxes
Stationery
Packing material
Donations
Water and electricity
Repairs/maintenance

ACCOUNTING CONCEPTS
1. INCOME
Income is money (receipts) that increases the owner’s equity in the business.
Income accounts:
1. Current income: Money earned by the business for SERVICES RENDERED.
2. Rent income: Money earned by the business when RENTING OUT
PREMISES.
2. EXPENSES
An expense is a payment made for goods or services
you need to run your business on a day-to-day basis.
Example:
- Rent paid
- Telephone
- Water and electricity
- Salaries and wages
- Trading licenses
- Stationary
- Consumable goods
3. Profit
The profit is the difference between the money received (income) and the payments
made (expenses) when the income is more than the expenses.
Profit (Loss) = Income – Expenses
4. Losses
If the income is less than the expenses, the business will make a loss.

5. Transactions
A transaction takes place every time money exchanges hands between the business
and another party.
Every transaction is recorded on a source document.
Source document:
First record of every transaction.
EXAMPLE:
- Receipt
- Invoice
- Cheque
- Deposit slip
6. Liabilities
If you borrow money for your business, the money you owe will be a liability to your
business until it is paid off in full.
There are TWO types of liabilities:

1. Long-term liabilities: Have to be paid back over a period LONGER than 12
months.
EXAMPLES:
- Loan to buy business premises (10 years)
- Car finance (5 years)
- Loans (1 year)
2. Short-term liabilities: Have to be paid back over a period shorter than 12

months.
EXAMPLES:
- Creditor
- Bank overdraft
- Tax

7. Assets
Assets are items bought by the business that can be used over a long time, and will
help to make a profit for the business.
There are TWO types of assets:

1. Fixed/tangible assets: Long life expectancy. They are bought to run and
maintain the business.
EXAMPLE:
- Land and buildings
- Vehicles
- Equipment
2. Current assets: Can be converted into cash quite

easily, usually within a short period (1 year). They are
used within the business and the value changes often.
EXAMPLE:
- Debtors (Clients who owe the business money)
- Cash (Money in the business bank account, cash float and petty cash)
- It is recorded in the CASH PAYMENT JOURNAL.
ACCOUNTING EQUATION
Every transaction will have a debit and credit entry. This is a called
a DOUBLE-ENTRY PRINCIPLE.
Assets (A) = Owner’s Equity (OE) +

Liabilities (L)
A = OE + L ( R5000 = R3000 + R2000)
OE = A – L ( R3000 = R5000 – R2000)
L=A–E
FINANCIAL LITERACY
(R2000 PAGE= R5000
5 – R3000) GRADE 8 EMS
Activity 5.1 (pg.47) DATE: _________________
1. Assets Liabilities
House and plot
Furniture
Car
Cash
Total
2. _________________________________________
_________________________________________
_________________________________________
_________________________________________
_________________________________________
Activity 5.2 (pg.47) DATE: _________________
1. _________________________________________
_________________________________________
_________________________________________
_________________________________________
_________________________________________
_________________________________________
2. _________________________________________
_________________________________________
_________________________________________
_________________________________________
_________________________________________
_________________________________________

Activity 5.3 (pg.48) DATE: _________________
ASSETS OWNER’S EQUITY LIABILITY

No
Effect Reason Effect Reason Effect Reason

Activity 5.4 (pg.50) DATE: _________________

No
3.1. _____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
3.2. _____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
Activity 5.5 (pg.51) DATE: _________________

No

Activity 5.6 (pg.51) DATE: _________________

No

Activity 5.7 (pg.52) DATE: _________________
Relevant
Date
Assets Drawings Expenses Capital Income Liabilities

account

Activity 5.8 (pg.52) DATE: _________________
Relevant
Date
Assets Drawings Expenses Capital Income Liabilities

account

Activity 5.9 (pg.53) DATE: _________________

No

REVISION TOPIC 5
Indicate the correct type of account by putting an “x” in the corresponding

column:
Asset Liability Expense Income
Current Income
Debtors control
Vehicle expenses
Land and buildings
Stationery
Vehicles
Insurance
Creditors control
Material cost
Cash float
Repairs
Equipment
Telephone
Bank overdraft
Packing material
Rent expense
Bank
Mortgage loan
Water en electricity
Rent Income
Rates and taxes

Indicate the correct type of account by putting an “x” in the corresponding
column
Owner’s Fixed Current

Income Expense Liability
Equity Asset Asset
1. Delivery vehicle
2. Computer
3. Insurance
4. Cash float
5. Salaries
6. Creditors
7. Drawings
Consumable
8.
stores
9. Trading stock
10. Wages
11. Land and buildings
12. Fuel
Interest on
13.
current account
14. Capital
15. Bank

Indicate if the following is a cash receipt or a cash payment:
No Transaction Receipt Payment
1 Receive rent for office space.

The owner deposits capital into the business bank
2
account.
3 Cash a cheque for rates and taxes.
4 Pay salaries.
5 A customer pays the business for services rendered.
6 Trading stock is sold.
7 Purchase a vehicle by cheque.
8 Receive interest on an investment from the bank.
9 Issue a receipt for services rendered.
10 Issue a cheque for wages for the week.
11 The owner draws a business cheque for personal use.
12 The owner increases her capital contribution.
13 Sell unused consumable goods.
14 Pay for stationery.

TOPIC 6
SOURCE DOCUMENTS
WHAT IS A SOURCE DOCUMENT?
A document is proof that a transaction took
place and describes all the basic facts of a
transaction.
A source document is the document that is

used to record the transaction in the books of
the business.
There are two types of source documents:

• ____
• ____
1. RECEIPT
A receipt is written or printed out and handed to the client when money is
received by the business. The duplicate receipt is the source document.
Used for:
 ____________________________________
 ____________________________________
 ____________________________________
(any other income besides sales and services rendered)

2. DEPOSIT SLIPS
When money is deposited into the business’s bank account, the bank issues a
deposit slip. The duplicate deposit slip is the source document.
DEPOSIT SLIP
DIAMOND BANK Date: ........................................
Credit: ..................................................... Ref.

Total cash R5 780 00
Name of drawer Bank Amount
Teller’s Stamp 1
2
3
Notes
Nickel/Silver
Bronze
Postal orders
Total cash
Acc. No.: ...................................................
Deposited by: ..................................... Total R

3. TILL SLIPS/CASH SLIPS
The cash register prints the slip and the original is handed to the customer.
The copy that remains in the cash register (cash register roll) is the source
document.
Use for:
 ___________________________
 ___________________________
Example:
4. CHEQUES AND CHEQUE COUNTERFOILS

A cheque is an instruction to the bank to pay the amount written on the cheque to
the person or business named on the cheque.
The cheque counterfoil is the source document.

5. BANK STATEMENTS
The bank statement is a reﬂection of the bank’s transactions with the business
and could be used as source document.
6. CASH INVOICES
A cash invoice contains more information than a slip and is in fact a request for
payment. It is issued when money is received from a customer. The customer
received the original.
The duplicate cash invoice is the source document.

Activity 6.1 (pg 64) DATE: ________________
1.1 _______________________________________________________
1.2 _______________________________________________________
1.3 _______________________________________________________
1.4 _______________________________________________________
1.5 _______________________________________________________
2.1 _______________________________________________________
2.2 _______________________________________________________
2.3 _______________________________________________________
2.4 _______________________________________________________
2.5 _______________________________________________________
3.1 _______________________________________________________
3.2 _______________________________________________________
3.3 _______________________________________________________
_______________________________________________________
_______________________________________________________
4.1 _______________________________________________________
4.2 _______________________________________________________
4.3 _______________________________________________________
4.4 _______________________________________________________

Activity 6.2 (pg.66) DATE: _________________
No. Transaction Source document

1. Cash sale of merchandise
2. Rent paid
3. Money received as rent income
4. Services rendered
5. Electricity account for the month paid
6. Owner increased capital contribution
7. Wages paid
8. Stationery bought
9. Rent received
10. Owner takes money for own use
Activity 6.3 (pg.66) DATE: _________________
1. No. 23
RECEIPT
.................................
Received from: .................................................
The amount of:
R
In payment of: ............................................

...........................................
For: Check-my-figure

2.
DEPOSIT SLIP
BNF BANK Date: ........................................
Credit: ................................................... Ref.

Teller’s Stamp 1
2
3
Notes
Nickel/Silver
Bronze
Postal orders
Total cash
Acc. No.: ...................................................

REVISION TOPIC 6
1. Indicate the source document for each of the following transactions:

Transaction Source document
1. Pay for stationery purchased.
2. Receive money from the owner for capital
contribution.
3. Pay the telephone account.
4. Purchase a building for the factory.
5. Deposit money received from a customer for services
rendered.
6. Pay for the purchase of consumable goods.
7. Received money from a tenant for rent.
8. Draw money for cash float for the cash register.
9. The owner draws money for personal use.
10. Pay the water and electricity account.
2. When Business ABC delivers a service to their customers, more than one source document
is involved.
2.1 Name the source document Business ABC issues to customers.

............................................................................................................................. .........................................
2.2 Name the source document a customer issues if they do not pay cash.
............................................................................................................................. .........................................
2.3 Name the source document Business ABC receives from the bank when money is deposited.
............................................................................................................................. .........................................
2.4 Name the source document Business ABC uses to make the for services rendered in the
books of the business.
............................................................................................................................. .........................................
3. When Business ABS purchases stationery from the stationery store for office use, more
than one source document is involved.
3.1 Name the source document the stationery store will issue to Business ABC.
......................................................................................................................................................................
3.2 Name the source document Business ABC will issue in paying for the stationery.
......................................................................................................................................................................
3.3 Name the source document Business ABC will use to record the transaction in the books
of the business.
......................................................................................................................................................................

4. You work for Smiley Fourie, owner of Smiley’s Driving School, a service business
that offers driving lessons. Issue a receipt for each of the following customers:
2014
February
1 Receipt no.12 to B Roodt for 5 driving lessons, R500.
3 Issue a receipt to V Jones for R1 000. This is for money received for
leasing a part of the premises of Smiley’s Driving School to Jones.
No. 12
RECEIPT
.................................
Received from: .................................................
The amount of:
R
In payment of: ............................................

...........................................
For Smiley’s Driving School
No. 13
RECEIPT
.................................
Received from: .................................................
The amount of:
R
In payment of: ............................................

...........................................
For Smiley’s Driving School

5. Complete the bank deposit slip on behalf of Jarvis Electricians for deposit
made on 6 February 2014:
 Cheque received form the owner, S Jarvis, for an increase of his capital
contribution, R20 000. The personal bank account of Jarvis is at the
Dundee branch of Surf Bank.
 Banknotes received from customers, R5 000.
 Nickel coins received from customers, R250.
The business bank account is at Diamond Bank and the account number is 900
5056 780. The postal address of the business is P.O. Box 24, Dundee, 3001.
DEPOSIT SLIP
DIAMOND BANK Date: ........................................
Credit: ..................................................... Ref.

Teller’s Stamp 1
2
3
Notes
Nickel/Silver
Bronze
Postal orders
Total cash
Acc. No.: ...................................................

TOPIC 8
THE ACCOUNTING CYCLE
Create income statement

and balance sheet
Record in subsidiary
journal
Record in
general ledger

STEP 1 Transactions ➡ Source documents
Every transaction should be recorded on a document.
For Cash Receipts (CRJ) For Cash Payments (CPJ)

Duplicate receipt Cheque Counterfoil
Cash register roll
Duplicate cash invoice
Deposit slip (from the
bank)
STEP 2 Source documents ➡ Subsidiary journals

Cash Receipts Journal (CRJ) Cash Payments Journal (CPJ)
The CPJ records all the cash
The CRJ records all cash receipts
payments transactions of the
transactions of the business
business
Receipts are all the money received Payments refer to all the cheques
by the business and deposited into drawn against the current bank
the business’ bank account account of the business
Importance and purpose of cash journals of a service business
Journals are used to record all the day-to-day transactions of a business.

Cash Journals show the detail of each transaction.
Journals serve a dual purpose:

1. To summarise similar transactions
2. To decrease the number of transactions recorded in the General Ledger
(only totals are posted to the Ledger).
Transactions take place
Daily Transactions are recorded in source documents
Source documents are recorded in subsidiary journals
Weekly Totals of CPJ and CRJ are recorded in the General Ledger
General Ledger account balances are used to draw up the Trial Balance.
Monthly
Trial Balance is used to create the Income Statement and the Balance
Sheet.

STEP 3 Subsidiary journals ➡ General Ledger
The General Ledger contains ALL the accounts of a business.
All the transactions of a similar nature are recorded in an account.
The accounts are called T-accounts, because they look like a capital T.
GENERAL LEDGER
DEAD CIC
D
C
E
I
A
C
D
STEP 4 General Ledger ➡Trial Balance
A Trial Balance is drawn up to check whether the double-entry principle has been
correctly applied and the accounts have been drawn up accurately.
All the debit balances should equal the credit balances.
If they are not the same, a mistake was made and has to be found and corrected.
STEP 5 Trial balance ➡ Income Statement and Balance Sheet
An Income Statement is drawn up to calculate the profit/loss the business has

made. It shows all the income minus all the expenses.
The Balance Sheet shows the financial position of the business at a specific date.
It shows the assets, liabilities and owner’s equity. (A = OE + L)

Activity 8.1 (pg 82) DATE: ________________
1. Deposit slip - ________________________________________
2. Cash invoice - ________________________________________
3. Cheque - ________________________________________
4. Receipt - ________________________________________
5. Cheque counterfoil - ________________________________________
6. Cash register - ________________________________________
Activity 8.3 (pg 82) DATE: ________________

1. _______________________________________________________
2. _______________________________________________________
3. _______________________________________________________
4. _______________________________________________________
5. _______________________________________________________
6. _______________________________________________________
7. _______________________________________________________
8. _______________________________________________________
9. _______________________________________________________
10. _______________________________________________________
11. _______________________________________________________
12. _______________________________________________________
13. _______________________________________________________
14. _______________________________________________________
15. _______________________________________________________
16. _______________________________________________________
17. _______________________________________________________

TOPIC 9
CASH JOURNALS
EXAMPLES
EXAMPLE A
Cash Receipts Journal of ABC Garden Services – April 2014 CRJ1
Doc Day Details Analysis of Bank Current Sundry Accounts
receipts (“till Income
(From whom)
drawer”) Amount Fol Details
(for what)
01 2 A Uys 20 000 20 000 Capital
KRR 10 Services rendered 40 000 40 000 40 000
02 12 C Bekker 5 500 5 500 Rent income
KRR Services 56 000 61 500 56 000

Rendered
KRR 20 Services 23 000 23 000 23 000

Rendered
144 500 119 000 25 500
EXAMPLE B
Cash Payments Journal of ABC Garden Services – April 2014 CPJ1
Doc Dag Name of Payee Bank Wages Equip- Sundry Accounts

ment
Amount Fol Details
001 3 Santam 380 380 Insurance
002 7 Cash 1 400 1 400
003 10 S Verwey Trust 12 400 12 400 Rent expense
004 23 Comp Mania 9 680 9 680
005 28 H Koen 11 300 11 300 Salaries
35 160 1 400 9 680 24 080

Activity 9.1 (pg.89) DATE: _________________
Cash receipts journal of
Doc Day Details Fol Analysis of Bank Current Sundry Accounts
Receipts Income
Amount Fol Details

Activity 9.2 (pg.90) DATE: _________________
Receipts Income
Amount Fol Details

Activity 9.3 (pg.91) DATE: _________________
Receipts Income Amount Fol Details
Activity 9.4 (pg.92) DATE: _________________


Activity 13.1 (pg.122) DATE: _________________
Activity 13.3 (pg.123) DATE: _________________

Cash receipts journal of Etlam Stores – April 2016 1
87 04 D Slamet 29 162 ________ ________ Capital
_____ 16 __________________ ________ ________ 2 175
_____ 27 Services rendered 2 958 ________
_____ R Philander ________ ________ 1 246 Rent Income
________ ________ ________

Activity 14.1 (pg.131) DATE: _________________
Cash payments journal of
Doc Day Name of Payee Fol Bank Material Wages Sundry Accounts
cost
Amount Fol Details

Activity 14.2 (pg.132) DATE: _________________
Doc Day Name of Payee Fol Bank Consumable Wages Equipment Sundry Accounts
Goods Amount Fol Details

Activity 14.6 (pg.135) DATE: _________________

Doc Day Name of Payee Fol Bank Wages Consumable Sundry Accounts
Goods
Amount Fol Details

Activity 14.7 (pg.137) DATE: _________________

Doc Day Name of Payee Fol Bank Wages Material Vehicle Sundry Accounts
Cost Expenses Amount Fol Details

Activity 14.8 (pg.138) DATE: _________________

Doc Day Name of Payee Fol Bank Material Stationery Wages Sundry Accounts
Cost Amount Fol Details

Activity 14.9 (pg.140) DATE: _________________

Doc Day Name of Payee Fol Bank Wages Consumable Sundry Accounts
Goods Amount Fol Details

TOPIC 18
GENERAL LEDGER AND TRIAL BALANCE
GENERAL LEDGER AND TRIAL
BALANCE ORDER
Balance Sheet Section
Nominal Section

THE DOUBLE-ENTRY PRINCIPLE
For every debit entry in the General Ledger, there has to be a corresponding
credit entry.
A = OE + L
Dr + - -
Cr - + +
GENERAL LEDGER
DEAD CIC
D
C
E
I
A
C
D
TRIAL BALANCE
After the General Ledger have been balanced, we need to check if the double
entry principle has been applied for all the transactions. So all the debit entries
should be equal to all the credit entries. To do this we set up a Trail Balance of
all the General Ledger accounts.
Steps in setting up a Trial Balance:

Step 1: Write all the debit balances from the General Ledger on the debit side
of the Trial Balance, and do the same for all the credit balances.
Step 2: Total the debit and credit columns.
Step 3: If the totals are the same, then the Trial Balance balances.

Activity 18.5 ANSWER
General Ledger of Dream Beauty Salon
Balance Sheet Accounts

Dr Capital Cr
Date Details Fol. Amount Date Details Fol. Amount
2013
Mar 01 Bank CRJ3 18 500 00
12 Bank CRJ3 3 250 00
Dr Drawings Cr
2013
Mar 25 Bank CPJ3 815 00
Dr Equipment Cr
2013
Mar 03 Bank CPJ3 3 995 00
Dr Bank Cr
2013 2013
Mar 31 Total Receipts CRJ3 31 785 00 Mar 31 Total Payments CPJ3 15 964 00
Nominal Accounts
Dr Current Income Cr
2013
31 Bank
Mar CRJ3 9 605 00
Dr Rent Income Cr
2013
31 Bank
Mar CRJ3 430 00
Dr Material Cost Cr
2013
Dr Wages Cr
2013
Dr Trading license Cr
2013
Mar 04 Bank CPJ3 428 00
Dr Rent Expense Cr
2013
Dr Telephone Cr
2013
Mar 31 Bank CPJ3 295

Now use the completed General Ledger from Activity 18.5 to set up a Trial
Balance.
Trial Balance of Dream Beauty Salon on 31 March 2013

Fol. Debit Credit
Nominal Accounts

Activity 18.10 (pg.204) DATE: _________________
Trial Balance of Rouxvale Dienste on 31 July 2018
Fol. Debit Credit
Nominal Accounts

Activity 18.11 (pg.204) DATE: _________________
Find the errors in the following Trial Balance and compile the
correct Trial Balance.
Fol. Debit Credit
Stationary 316
Drawings 1 750
Current income 18 788
Rent expense 3 600
Capital 290 500
Land and buildings 230 000
Bank 8 500
Nominal Accounts
Rent income 5 950
Consumable goods 11 835
Vehicles 35 600
Vehicle expense 5 177
Wages 12 400
Equipment 6060
576 127 315 238

Trial Balance of Bosch Luys Kloof on 30 September 2014
Fol. Debit Credit
Nominal Accounts

Activity 18.12 (pg.205) DATE: _________________
Trial Balance of Hair To Do on 31 March 2020
Fol. Debit Credit
Nominal Accounts

Activity 18.16 (pg.209) DATE: _________________
Allocate each ledger account to the correct section of the ledger:
Balance Sheet Nominal
1. Equipment
2. Consumable goods
3. Wages
4. Current Income
5. Land and Buildings
6. Rent income
7. Water and
Electricity
8. Vehicles
9. Capital
10. Telephone
11. Drawings
12. Cash Float
13. Material Cost
14. Bank

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TOPIC 5

Fixed Assets: Land and Buildings

Current Assets: Trading stock

Liability - Money that is owed to any other person/business. Creditors and

Owner’s Equity = (Capital + Net Profit) – Drawings

Profit = Incomes – Expenses

FINANCIAL LITERACY PAGE 1 GRADE 8 EMS

 A Service business earns an income from delivering a service to the public

 A Trading business earns an income by buying goods and selling them at a

Different types of expenses

Kind of Expense Explanation

Rates & Taxes

Water and electricity

FINANCIAL LITERACY PAGE 2 GRADE 8 EMS

Profit (Loss) = Income – Expenses

FINANCIAL LITERACY PAGE 3 GRADE 8 EMS

There are TWO types of liabilities:

2. Short-term liabilities: Have to be paid back over a period shorter than 12

FINANCIAL LITERACY PAGE 4 GRADE 8 EMS

There are TWO types of assets:

2. Current assets: Can be converted into cash quite

Assets (A) = Owner’s Equity (OE) +

Activity 5.2 (pg.47) DATE: _________________

FINANCIAL LITERACY PAGE 6 GRADE 8 EMS

ASSETS OWNER’S EQUITY LIABILITY

FINANCIAL LITERACY PAGE 7 GRADE 8 EMS

ASSETS OWNER’S EQUITY LIABILITY

ASSETS OWNER’S EQUITY LIABILITY

FINANCIAL LITERACY PAGE 9 GRADE 8 EMS

ASSETS OWNER’S EQUITY LIABILITY

FINANCIAL LITERACY PAGE 10 GRADE 8 EMS

Assets Drawings Expenses Capital Income Liabilities

FINANCIAL LITERACY PAGE 11 GRADE 8 EMS

Assets Drawings Expenses Capital Income Liabilities

FINANCIAL LITERACY PAGE 12 GRADE 8 EMS

ASSETS OWNER’S EQUITY LIABILITY

FINANCIAL LITERACY PAGE 13 GRADE 8 EMS

Indicate the correct type of account by putting an “x” in the corresponding

Asset Liability Expense Income

Land and buildings

Rates and taxes

FINANCIAL LITERACY PAGE 14 GRADE 8 EMS

Owner’s Fixed Current

11. Land and buildings

FINANCIAL LITERACY PAGE 15 GRADE 8 EMS

No Transaction Receipt Payment

1 Receive rent for office space.

FINANCIAL LITERACY PAGE 16 GRADE 8 EMS

A source document is the document that is

There are two types of source documents:

(any other income besides sales and services rendered)

FINANCIAL LITERACY PAGE 17 GRADE 8 EMS

Credit: ..................................................... Ref.

Acc. No.: ...................................................

Deposited by: ..................................... Total R

FINANCIAL LITERACY PAGE 18 GRADE 8 EMS

4. CHEQUES AND CHEQUE COUNTERFOILS

The cheque counterfoil is the source document.

FINANCIAL LITERACY PAGE 19 GRADE 8 EMS

The duplicate cash invoice is the source document.

FINANCIAL LITERACY PAGE 20 GRADE 8 EMS

FINANCIAL LITERACY PAGE 21 GRADE 8 EMS

No. Transaction Source document