Sample
Summaries after sample
, Recording of debtors allowance in the DAJ Credit sales
• Debtor returns goods – business issues a credit note to the debtor.
• Credit sales - customers receive goods now but
• Credit note indicates the goods, value and reason for returns. pay later.
-
• Businesses often allow credit sales to boost
Recording of receipts sales and profits.
• Credit is only given to creditworthy customers.
from debtors in the CRJ -
• Statement of account is sent to every debtor at
the end of each month.
• Shows a summary of all transactions the Debtors
debtor made during a certain period. T1: Financial • Debtors - customers owing money to the
•
Sample
-
When debtor pays – recorded in CRJ in Debtors
Control column.
Recording of transactions to DJ
literacy: Credit
transactions –
debtors
•
-
business.
The debtor's outstanding account balance
is treated as a current asset.
•
• Summaries after sample
Debtors receive a credit invoice - SD for the
transaction.
The credit term is usually displayed on the
invoice, usually 30-60 days after the invoice
•
The National Credit Act (NCA)
Prevents businesses from granting easy credit
to consumers who struggle to repay debt.
date. • Ensures the customer can afford to repay the
- debt.
• Explains all costs and conditions linked to the
account to help customers decide.
The Accounting cycle Debtors allowances -
• Accounting cycle - process for businesses to manage • Returns from debtors are considered sales returned -
their financial affairs. recorded in the Debtors Allowance Journal (DAJ).
• Transactions are recorded daily in the Debtors Journal • The debtor's amount owed to the business decreases
(DJ) and individual accounts in the Debtors Ledger. as goods are returned.
- • The value of trading stock increases, and the cost of
sales decreases.
-
GR9 ACC T2 Mind Map Via Afrika Copyright © www.summariessa.co.za (DO NOT COPY)
Summaries after sample
, Recording of debtors allowance in the DAJ Credit sales
• Debtor returns goods – business issues a credit note to the debtor.
• Credit sales - customers receive goods now but
• Credit note indicates the goods, value and reason for returns. pay later.
-
• Businesses often allow credit sales to boost
Recording of receipts sales and profits.
• Credit is only given to creditworthy customers.
from debtors in the CRJ -
• Statement of account is sent to every debtor at
the end of each month.
• Shows a summary of all transactions the Debtors
debtor made during a certain period. T1: Financial • Debtors - customers owing money to the
•
Sample
-
When debtor pays – recorded in CRJ in Debtors
Control column.
Recording of transactions to DJ
literacy: Credit
transactions –
debtors
•
-
business.
The debtor's outstanding account balance
is treated as a current asset.
•
• Summaries after sample
Debtors receive a credit invoice - SD for the
transaction.
The credit term is usually displayed on the
invoice, usually 30-60 days after the invoice
•
The National Credit Act (NCA)
Prevents businesses from granting easy credit
to consumers who struggle to repay debt.
date. • Ensures the customer can afford to repay the
- debt.
• Explains all costs and conditions linked to the
account to help customers decide.
The Accounting cycle Debtors allowances -
• Accounting cycle - process for businesses to manage • Returns from debtors are considered sales returned -
their financial affairs. recorded in the Debtors Allowance Journal (DAJ).
• Transactions are recorded daily in the Debtors Journal • The debtor's amount owed to the business decreases
(DJ) and individual accounts in the Debtors Ledger. as goods are returned.
- • The value of trading stock increases, and the cost of
sales decreases.
-
GR9 ACC T2 Mind Map Via Afrika Copyright © www.summariessa.co.za (DO NOT COPY)
