Accounting Classess/ Assistance

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Attached find the definitions of Accounting, assets, liabilities, income,Equity and Expense.

Understanding these terms are very important as well as confusing, Also see that Assets and expenses +Increases on the left side(Debit) and decrease on the right hand (Credit side).

Please note that Debit does not necessarily mean increase but it shows that you must record the amount on the debit side(left hand) side. If you look below only Assets and Expenses that decrease on the debit side and decrease on Credit side.

Liabilities and Incomes are the opposite of Assets and Expenses, the do the opposite. Liabilities and Incomes increase (+) on the credit side (Right hand side) and decrease (-) on the debit (Left hand side).

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Hi there. Here are the types of assets: Bank (Cash), Debtors (Accounts receivable). Trading stock (Inventory).

Remember Assets is what the business owns, the possessions of the business. The business has control over its assets. Assets are tangible (You can touch them) e.g, furniture, Equipment, etc. There are also intangible assets (those that have value but cannot be seen and touched e.g. Trademarks.

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You need to understand the terms before you can understand the Dr and Cr's-

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Hi there
control grade 10 #
1. Topic
Debtors Control

2. Lesson Objectives
By the end of the lesson, learners should be able to:
• Explain what Debtors Control is.
• Identify source documents used for credit sales.
• Record transactions affecting Debtors Control.
• Post entries from the Debtors Journal (DJ) and Cash Receipts Journal (CRJ) to:
o Debtors Control account
o Debtors’ ledger
• Understand how transactions increase or decrease debtors.
• Prepare a simple Debtors List.
3. Prior Knowledge
Learners should already know:
• Difference between credit and cash transactions.
• Basic journals (CRJ, CPJ).
• The accounting equation.
4. Key Concepts
4.1 What is a Debtor?
A debtor is a person or business that owes money to the business because goods were sold to them on credit.
4.2 Debtors Control
• A control account in the General Ledger.
• Shows the total amount owed to the business by all debtors.
• Individual debtor accounts appear in the Debtors Ledger.
4.3 Effect on the Accounting Equation
Transaction Effect
Credit sales Assets ↑ (Debtors Control), Owners’ equity ↑ (Sales)
Receipt from debtors Assets ↑ (Bank), Assets ↓ (Debtors Control)
Discount allowed Owners’ equity ↓ (Discount Allowed), Assets ↓ (Debtors Control)
Bad debts Owners’ equity ↓ (Bad Debts), Assets ↓ (Debtors Control)

5. Source Documents
Used for credit sales and debtor payments:
Transaction Source Document
Credit sale Duplicate invoice
Receipt from debtor Receipt
Return by debtor Credit note

6. Journals Used
6.1 Debtors Journal (DJ)
Records credit sales of trading stock.
6.2 Cash Receipts Journal (CRJ)
Records money received from debtors.
6.3 Debtors Allowances Journal (DAJ)
Records returns or allowances granted to debtors.

EXAMPLES
Example 1: Credit Sale
Sold goods on credit to Thabo Traders, R4 000 (Invoice 101).

DJ Entry:
• Debtors: Thabo Traders – R4 000
General Ledger Posting:
• Debtors Control Dr R4 000
• Sales Cr R4 000

Example 2: Debtor makes payment
Received R3 000 from Thabo Traders.
CRJ Entry:
• Bank: R3 000
• Debtors: Thabo Traders – R3 000
General Ledger Posting:
• Bank Dr R3 000
• Debtors Control Cr R3 000
Example 3: Discount Allowed
Thabo pays early and receives R200 discount.
CRJ Entry:
• Bank: R2 800
• Discount Allowed: R200
• Debtors: Thabo – R3 000

General Ledger Posting:
• Bank Dr R2 800
• Discount Allowed Dr R200
• Debtors Control Cr R3 000
Example 4: Debtors Allowances
Thabo returns goods worth R500.
DAJ Entry:
• Debtors: Thabo – R500
General Ledger Posting:
• Debtors Control Cr R500
• Debtors Allowances Dr R500
Draw up T-accounts
Debtors Control
Dr Cr
Credit sales (DJ) Payments (CRJ)
Discounts allowed
Debtors allowances

Bought a vehicle for R250,000, paid by cheque no0026. Required:1. Do an Accounting Equation and indicate which account is debited and which account is credited.

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