REPORT 191 (NATED) REVISED SUBJECT SYLLABUS

REPORT 191 (NATED)

REVISED SUBJECT SYLLABUS

INTRODUCTORY FINANCIAL ACCOUNTING

LEVEL: INTRO

SUBJECT CODE: 04010154

Implementation: January 2021

CONTENTS PAGE

1. GENERAL AIMS

1

2. SPECIFIC AIMS

1

3. PRE-REQUISITES

2

4. DURATION

2

5. EVALUATION

2

6. SEMESTER MARK

2

7. EXAMINATION

3

8. PASS REQUIREMENTS

3

9. LEARNING CONTENT

4

10.

LITERATURE REFERENCE 15

11.

ANNEXURES 16

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Introductory Accounting N4

1. GENERAL AIMS 1.1 GENERAL OBJECTIVES

* To develop the logical thought process and analytical abilities of

students to enable them to apply the fundamental principles of accounting to new and unfamiliar situations.

* To encourage a sound and systematic approach to the solution of

problems. * To contribute to the formative education of students by developing

characteristic demands associated with accounting, such as neatness, orderliness, thoroughness, accuracy, sound judgement and a sense of responsibility.

* To develop the understanding students have of and their integration

with their social environment through the meaningful interpretation of accounting information which they will come across in future.

* To enable students to deal with the basic demands of an accounting

occupation with confidence. 2. SPECIFIC AIMS

* To develop the accounting and numeracy skills of students who enter an accounting occupation directly, to enable them to deal with all procedures followed in the field of accounting.

* To increase students’ understanding of accounting and management

principles.

* To enable students to acquire knowledge and skills of accounting systems generally used by business enterprises.

* To give students the opportunity to apply in practice the theoretical

knowledge of accounting principles and procedures acquired during the learning process by giving them the necessary exposure to practice-related application of exercises directly from source and supporting documents, and by simulating feasible situations related to the accounting practice.

* To enable students to acquire knowledge and skills of all

administrative accounting tasks and related matters; for example completing of and handling business documents, filing, cost accounting, prospects of investment and financing.

* To equip students with knowledge of the required principles,

concepts and procedures of accounting that are in line with generally accepted accounting practice.

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3. PREREQUISITES

A student must have passed grade 12/matric or NCV L4. A pass in Introduction

Accounting will provide entrance for students who obtained a Senior Certificate but

initially lacked the required proficiency to enrol for Financial Accounting N4.

4. DURATION

Full-time: A minimum 5 hours per week for one semester.

Part time: A minimum of 3 hours per week for one semester.

5. EVALUATION

Evaluation is conducted on a continual basis by means of short class and revision tests, formal tests, internal assessment and practice-orientated assignments, exercises as well as an external examination.

5.1 Internal evaluation/assessment 5.1.1 Class and revision tests/assessments

Short class and revision tests are given on a regular basis and are aimed at rectifying problems before proceeding with new modules. Class and revision tests can be short daily tests that take up a short time during each period, and are compiled and marked in accordance with the amount of work done in the module. Exercises done by students, as well as short assignments can also be marked and can count towards the semester mark for class and revision tests.

5.1.2 Formal tests/assessments Formal tests are conducted to cover all modules or work units.

These tests are aimed at evaluating students’ knowledge on completion of modules or work units.

5.1.3 Practice-orientated assignments Students are given a practice-orientated assignment and projects to evaluate whether they have mastered the practical component of Accounting. Student performance with regard to zeal, punctuality in completing tasks or assignments conscientiousness, interest, dedication, adaptability, etc. which should be gradually developed to facilitate entrance to the world of work, is also included. These marks, in relation to the weighted value of the indicated modules, form part of the final semester mark.

6. SEMESTER MARK

6.1. A semester mark is determined out of 100 and is compiled from formal tests, internal examination and marks allocated to an assignment or practical project.

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The semester mark is compiled as follows:

Tasks Type of assessment activity (the duration and proposed mark allocation can be increased but not reduced)

Scope of assessment

% Contribution to ICASS mark

1 Assignment or practical task Should cover at least

20% of the practical outcomes in the

syllabus.

20%

2 Test The duration and marks should align with the external exam paper/s, e.g. if the examination paper counts 200 marks for 3 hours, then the test should count 60-70 marks for 1 hour duration

At least 40 – 50% of the

syllabus content must be

covered in the test.

30%

3 Internal Examination The duration and marks should align with the external exam paper/s, e.g. if the examination paper counts 200 marks for 3 hours, then the test should count 120-140 marks for 2 hours’ duration

At least 70 – 80% of the

syllabus content must be

covered in the Internal

examination.

50%

TOTAL 100%

6.2 To gain entrance to the external examination, a candidate must obtain a

subminimum of 40% in the semester mark. If entrance to the examination is achieved, a semester mark, on a 40:60 basis, in combination with the external examination mark, will form part of the final (promotion) mark.

6.3 Semester marks obtained are valid for the two years following directly on the examination in which the original semester mark was initially used. After that, this mark is no longer valid. The student must thus register again for the same subject and obtain a new semester mark.

7. EXAMINATION 7.1 The examination paper will be compiled, moderated and marked externally. 7.2 The examination paper consists of practice-orientated questions and

aspects such as application, analysis and synthesis will feature in the compilation of accounts, statements and accounting-related calculations. Although comprehension questions could also be used, these will be limited as far as possible seeing that the examination papers are directly aimed at accounting related tasks as carried out in practice.

7.3 A three-hour paper totalling 200 marks will be set at the end of the semester. 8. PASS REQUIREMENTS 8.1 To pass Introductory Accounting, a candidate must obtain a final mark of

40% by addition of the semester mark and the examination mark in a 40:60 ratio, provided that a subminimum of 40% is obtained as a semester mark

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as well as an examination mark.

9 LEARNING CONTENT WEIGHTED VALUE

MODULE 1: INTRODUCTION: FORMS OF OWNERSHIP AND WEALTH

GENERATION 5

(1 2⁄ WEEK)

MODULE 2: OPENING OF A TRADING CONCERN 5

(1 2⁄ WEEK)

MODULE 3: DOCUMENTS AND AUTHORISATION OF DOCUMENTS 5

(1 WEEK)

MODULE 4: ACCOUNTING PRINCIPLES AND DEFINITIONS 5

(1 WEEK)

MODULE 5: ACCOUNTING ENTRIES OF A TRADING CONCERN AND TRIAL

BALANCE 15

(2 WEEKS)

MODULE 6: TRADING ORGANISATION: SUBSIDIARY JOURNALS AND

POSTING TO THE GENERAL LEDGER 30

(4 WEEKS)

MODULE 7: TRADING CONCERN: WAGES AND SALARIES 10

(2 WEEKS)

MODULE 8: BANK RECONCILIATION 10

(2 WEEKS)

MODULE 9: YEAR END PROCEDURES 15

(2 WEEKS)

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MODULE 1: INTRODUCTION: FORMS OF OWNERSHIP AND

WEALTH GENERATION

LEARNING CONTENT LEARNING OBJECTIVES

1. Wealth generation and

forms of business

enterprises

1.1 Wealth generation

1.1.1 The profit motive

1.1.2 Increase and decreasing of

wealth

1.1.3 Capital increase by service and

trading organisations

1.2 Forms of ownership

1.2.1 Sole trader

1.2.2 Partnerships

1.2.3 Companies

1.2.3.1 Non profit companies

1.2.3.2 Profit companies

***Personal liability companies

***State owned company (SOC)

***Public companies

***Private companies

1.2.2 Activities of organisations

***Service activities

***Trading activities

***Manufacturing activities

***Activities with no profit motive

The student should be able to:

1.1 .1 Describe the motive of enterprises

regarding the profit.

1.1.2 Explain the principles of increasing

and decreasing wealth.

1.1.3 Explain how the owner of an

enterprise can increase and

decrease capital in service and

trading organisations.

1.2 Identify the different forms of

ownership and briefly

define each one as well as their

differences and similarities.

1.2.2 Identify the different business activities

of the organisations mentioned in 1.2.2 and

indicate the difference between each in

respect of generating profit.

Didactic guidelines

With reference to learning outcome 1.1 – 1.2:

1. Provide the students with background on satisfaction of needs and the role

played by the entrepreneur in generating profit.

2. Illustrate by means of practical examples.

3. The lecturer should emphasise that new close corporations may not be formed

as per Companies Act 2008.

Assessment

1. Short theory and application questions may be used for evaluating students on

a daily basis by way of class tests or class works.

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2. In examination papers short questions such as multiple choice, fill in the

missing word/s, matching columns and choosing the correct may be asked.

MODULE 2: OPENING A TRADING CONCERN

LEARNING CONTENT

LEARNING OBJECTIVES

2. Opening of a trading

concern

2.1 Management decisions on

opening a trading business

2.1.1 Business activities

2.1.2 Capital acquisition

2.1.3 Forms of ownership

2.1.4 Size of enterprise

2.1.5 Basis of conducting business

2.1.6 Assets needed for operations

2.2 Other preparations to be made

regarding opening date,

introduction or advertising, printing

of documents, appointing

employees, tax registration,

registration with local authorities

etc.

.


2.1 Identify all decisions with the opening as

indicated on the content

2.2 Explain other additional preparations

which should be made when starting a

business enterprise.

Didactic guidelines

With reference to learning outcome 2.1 – 2.2

1. The students must be able to identify all decisions with the opening of a trading

concern and all other preparations.

Assessment

1. Short theory and application questions may be used for evaluating students by

way of class tests or class works.



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MODULE 3: DOCUMENTS AND AUTHORISATION OF

DOCUMENTS

LEARNING CONTENT

LEARNING OBJECTIVES

3. Documents and

authorisation of documents

3.1 Types of documents used:

• Source documents

• Supporting documents

• Internal documents

• External documents

3.2 The purpose and use of the

source document

accounting.

3.3 Filing of documents

3.4 Authorisation of transactions

3.5 Opening a current bank account:

3.5.1 Procedure and documents

3.5.2 Bank deposit slip

• Purpose

• Particulars on the slip

3.5.3 Payment methods

• Electronic Funds Transfer (EFT)

• Debit card slip

• Credit card slip

• Cheque

• Withdrawal slip


3.1 Define and explain the purpose and

function of each of the documents

mentioned in the contents.

3.2 Outline the application of source

documents in the recording process as well

as the differences in originals and

duplicates.

3.3 Explain the purpose of filing,

safekeeping, types of filing and the

procedure for safe keeping

3.4 Briefly describe the necessity of

authorising transactions

3.5.1 Explain the procedure to open a bank

account and to identify, interpret and

complete the applicable documents.

3.5.2 Indicate the purpose and particulars on

the deposit slip.

3.5.3 Identify the EFT, debit card, credit card,

cheques, withdrawal slip as

methods of payment and the reasons

thereof.

Didactic guidelines


1. The students must be able to define and differentiate between the source

documents as indicated on the contents.

2. Consultations should be made with persons authorising documents in the

campus/college.

Assessment

1. Short theory and application questions may be used for evaluating students by

way of class tests or class works to indicate the difference between original and

duplicate documents.

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MODULE 4: ACCOUNTING PRINCIPLES AND CONCEPTS

LEARNING CONTENT

LEARNING OBJECTIVES

4. Accounting principles and

concepts

4.1 Definition of concepts:

4.1.1 Assets

4.1.2 Owners equity

4.1.3 Liabilities

4.1.4 Capital

4.1.5 Acquisition of non-current assets

4.1.6 Current assets and liabilities

4.1.7 Income and expenses

4.1.8 Purchase and sale of trading

inventory

4.2 The accounting cycle

4.3 The accounting equation


4.1 Define each of the accounting

concepts in the contents column as

according to IFRS and give a

practical example for each concept.

4.2 Give a graphical representation of

the accounting cycle.

4.3 Record transactions in the

accounting equation using the

structure provided in annexure 1.

Didactic guidelines


1. The students must be able to explain the accounting concepts as according to

IFRS, draw the accounting cycle and record transactions in the accounting

equation structure. (See Annexure 1)

2. The students must be able to define trade payables and trade receivables in

connection with settlement of accounts.

Assessment

1. Short theory and more application questions may be used for evaluating

students by way of class tests or assignments.

2. In examination papers the accounting equation entries from source

documents/transactions may be asked.

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MODULE 5: ACCOUNTING ENTRIES OF A TRADING CONCERN

LEARNING CONTENT

LEARNING OBJECTIVES

5. Accounting entries of a

trading concern

5.1 The principle of double entry

5.2 General Ledger entries

5.2.1 Capital contribution by the

owner.

5.2.2 Purchase of non-current

assets

5.2.4 Payment of operating

expenses

5.2.5 Cash withdrawals

5.2.6 Purchase of inventory (periodic

inventory system)

5.2.7 Sale of inventory (periodic

inventory system)

5.3 Posting to the ledger

accounts

5.4 Trial balance

5.4.1 Purpose of the trial balance

5.4.2 Transfer of balances and

totals from the ledger to the

trial balance

5.4.3 Tracing of errors

5.4.4 Opening of accounts in the

ledger from a given trial

balance


5.1 Explain the double entry principle and

to apply it practically.

5.2 Explain the following regarding the

ledger accounts and apply those

practically:

• The purpose of a ledger account

• The structure of a ledger account,

different columns, as well as debit and

credit sides.

• Different sections of ledger accounts

namely balance sheet and nominal

accounts section.

• Grouping of accounts in the ledger.

• Identify and determine which account is dr or

cr.

5.3 Enter the different transactions

mentioned in 5.2 directly from the

source document to the ledger

account.

5.4.1 Explain the purpose of the trial balance.

5.4.2 Transfer the balances and totals from the

ledger to the trial balance.

5.4.3 Test the correctness of the double entries

by means of a trial balance and trace

errors if the trial balance does not balance.

5.4.4 Open accounts in the general ledger from

a given trial balance.

Didactic guidelines


1. The students must be able to perform accounting entries and record the

transactions in the ledger by applying the double entry.

Assessment

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1. Practical application questions may be used for evaluating students by way of

formal tests, informal tests and assignments.

2. In examination papers the recording of general ledger account entries from

source documents/transactions may be asked.

MODULE 6: TRADING CONCERNS: SUBSIDIARY JOURNALS AND

POSTING TO THE LEDGER

LEARNING CONTENT

LEARNING OBJECTIVES

6. The Cash Receipts Journal

6.1.1 The relation between the

CRJ and the debit side of

the bank account.

6.1.2 The purpose and use of the

CRJ to make a summary of

all cash transactions.

6.1.3 Analysis columns

6.1.4 Entries from source

Documents (duplicate

receipts, cash register roll

and duplicate deposit slips)

• Cash received for sales

• Other income

• Cash received from trade

receivables

6.1.5 Folio references to the

ledger

6.1.6 Balancing the CRJ

6.1.7 Posting to the ledger

6.2 The Cash Payments Journal


CPJ and the credit side of

the bank account.

6.2.2 The purpose and use of the

CPJ to make a summary of

all cheque payments.


6.2.4 Entries from source

documents (credit and debit

card)

• Purchase of non-current

assets


6. Explain the reason for using a CRJ as a book of

first entry.

6.1.1 Indicate the relation between the CRJ and the

debit side of the bank account.

6.1.2 Explain the purpose and use of the CRJ to make

a summary of all cash transactions.

6.1.3 Open the appropriate analysis columns.

6.1.4 Write down all cash receipts from the source

document (duplicate receipts, cash register roll

and duplicate deposit slips)

6.1.5 Indicate folio references.

6.1.6 Cross balance the CRJ

6.1.7 Posting from the CRJ to the general ledger

6. Explain the reason for using a CPJ as a book of

first entry.

6.2.1 Indicate the relation between the CPJ and the

credit side of the bank account.

6.2.2 Explain the purpose and use of the CPJ to make

a summary of all cheque payments.


6.2.4 Write down all cash payments from the source

document (credit and debit card)

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• Payment of current

expenditure.

• Purchase of trading inventory

• Cash withdrawals of the

owner

• Other payments on behalf of

the owner

• Payments to trade payables

6.2.5 Folio references to the

ledger

6.2.6 Balancing the CPJ


6.3 Analysis cash book


cash book and the bank

account.


6.3.3 Cash received and paid out

6.3.4 Balancing the cash book


6.4 Petty cash journal

6.4.1 The purpose of the petty

cash

6.4.2 The transfer of money from

the bank to the petty cash

account

6.4.3 The use of petty cash

vouchers

6.4.4 Opening the petty cash

journal

6.4.5 Cash payments from petty

cash:

• Purchase of non-current

assets

• Payment of current

expenditure.

• Purchase of trading inventory

• Cash withdrawals of the

owner

• Other payments on behalf of

the owner

6.4.4 Posting of the petty cash

entries to the ledger

6.4.5 Closing off the petty cash

Account

• The imprest system

6.2.5 Indicate folio references.

6.2.6 Cross balance the CPJ

6.2.7 Posting from the CPJ to the general ledger

6.3 Explain the reasons for using the analysis cash

book as a book of first entry.

6.3.1 Indicate the relation between the cash book and

other cash journals.


6.3.3 Enter all the amounts received and paid out

from source documents into the analysis cash

book.

6.3.4 Balance the analysis cash book.

6.3.5 Post the analysis columns to the general ledger.

6.4 Explain the purpose of the petty cash

6.4.1 Enter the transfer of money to the petty cash

account.

6.4.2 Fill in petty cash vouchers and attach supporting

documents.

6.4.3 Open the petty cash journal with analysis

columns.

6.4.4 Enter the payments as indicated in the contents

column from petty cash petty cash vouchers into

the petty cash journal.

6.4.5 Balance the petty cash journal and post the

amounts to the petty cash and post to the

ledgers accounts.

6.4.4 Balance the petty cash account according to

the imprest system and the system of varying

balances.

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• The system of varying

balances

Didactic guidelines


1. The students must be able to record transactions in the subsidiary journals and

post to the general ledger using source documents/transactions.

(See annexure 3 for journals)

Assessment



2. In examination papers students should be able to draw up subsidiary journals

directly from the source documents and transactions, questions should be

formulated based on that. No transactions involving trade payables and trade

receivables should be asked, only payments transactions for the trade

payables and trade receivables can be asked.

MODULE 7: TRADING CONCERNS: WAGES AND SALARIES JOURNALS

LEARNING CONTENT

LEARNING OBJECTIVES

7. Wages and salaries journal

7.1.1 Types of wage systems

• Hourly wage system

• Piece wage system

7.1.2 Overtime remuneration

7.1.3 Deductions

• Pension fund

• Pay as you earn (PAYE)

• Unemployment Insurance

Fund (UIF)

• Medical Aid Fund

• Staff Association

7.1.4 Draw up the wages journal

7.1.5 Draw up the salaries journal

7.1.6 Recording of wages and

salaries transactions in the


7.1.1 Identify and explain types of wage systems.

7.1.2 Describe the different ways of controlling

overtime remuneration and to calculate

overtime.

7.1.3 Define the purpose of the deductions in the

contents column and determine the employee

and employer’s share of the deductions

(see annexure 3.5 & 3.6)

7.1.4 Draw up the wages journal (see annexure 3.5)

7.1.5 Draw up the salaries journal (see annexure 3.6)

7.1.6 Record appropriate accounting entries regarding

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cash payments journal.

the wages and salaries journal in the cash

payments journal.

Didactic guidelines

With reference to learning outcome 7.1.1 – 7.1.6

1. The students must be able to record transactions in the subsidiary journal and

post to the ledger. (See annexure 3.5 and 3.6)

2. The students should be made aware of the supporting documents such as

clock cards, wage advice slips, salary advice slips, cheques, tax tables and

supporting systems such as clocking systems.

3. The students are not required to post wages/salaries journal transactions to the

general ledger accounts.

Assessment



2. In examination papers students should be able to complete the wages/salaries

journals from transactions or source documents, questions should be

formulated based on that.

MODULE 8: BANK RECONCILIATION

LEARNING CONTENT

LEARNING OBJECTIVES

8. Bank reconciliation

8.1 Aim of bank reconciliation

8.2 Aim and use of bank

Statement.

8.3 Reasons for the differences

between the balance of the

bank statement and the

balance of the bank account

8.3.1 Items on the journals but not

in the bank statement

• Outstanding deposits

• Outstanding payments

(EFT)

• Outstanding cheques

8.3.2 Items on the bank statement

but not in the journals

• Bank charges

• Interest on bank overdraft

• Stop orders/ Debit orders


8.1 Describe the aim of bank reconciliation

8.2 Explain the aim and functions of the bank

statement

8.3 Compare the bank statement with the cash

journals and identify and record any

discrepancies.

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• Deposits by trade

receivables

• Interest on current account

8.3.3 Errors in the cash

journals/cash book

8.3.4 Errors on the bank statement

• Deposits erroneously

credited on the bank

statement

• Amounts debited in error on

the bank statement

8.4 Steps to reconcile the bank

statement and the cash

journals

8.4.1 Record the transactions

omitted in the cash journals/

cash book

8.4.2 Draw up a bank

reconciliation statement:

• When the bank account has

a positive balance

• When a bank account has a

negative balance

8.5 Reconciliation of the bank

statement with a bank

reconciliation of the previous

month

8.6 Payment of cheques stopped

as a result of:

• Lost cheques

• Stale cheques

8.7 Post-dated cheques:

• Received

• Issued

8.4 Record the supplementary entries in the cash

journals/cash book, and draw up a bank

reconciliation statement.

8.5 Compare the bank statement with the cash

journals/ cash books of the current month and

the reconciliation of the previous month and

make the necessary entries.

8.6 Describe the procedure to stop the payment of a

cheque, to record the cancelation of the cheque

in the appropriate cash journal/cash book and

record issuing of a new cheque.

8.7 Follow the correct procedure and make the

correct entries regarding transactions involving

post-dated cheques.

Didactic guidelines


1. The students must be able to perform all the necessary procedures for bank

reconciliation from comparisons, supplementary entries in the journals up to

and including drafting the bank reconciliation statement.

Assessment



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2. In examination papers students must be able to do supplementary entries on

the cash journals, compile the bank account in the ledger and prepare a bank

reconciliation statement.

MODULE 9: TRIAL BALANCE, FINAL ACCOUNTS AND FINANCIAL STATEMENTS

LEARNING CONTENT

LEARNING OBJECTIVES

9.1 Calculation of profit

9.1.1 Explain and execute the

procedure for the calculation

of the profit.

• Inventory taking using the

periodic inventory system

• Trading account

• Profit or loss account

• Statement of profit or loss

9.2 Statement of financial

position

9.2.1 Purpose of the statement of

financial position

9.2.2 Draw up the statement of

financial position in vertical

form

• Assets

• Equity and liabilities

• Notes to the statement of

financial position: Property

plant and equipment (PPE),

cash and cash equivalents

9.2.3 Draw up the statement of

changes in equity


9.1 Explain and execute the procedure regarding the

calculation of the profit

• Determine the opening inventory and the closing

inventory using the periodic inventory system.

• Draw up the Trading account to determine the

gross profit.

• Draw up the Profit or loss account to determine

the net profit/loss.

• Explain the relation between the final accounts

and the Statement of profit or loss.

9.2.1 Explain the purpose of the statement of financial

position.

9.2.2 Draw up the statement of financial position in

vertical form and the applicable notes.

9.2.3 Draw up the statement of changes in equity as

per annexure

Didactic guidelines

With reference to learning outcome 9.1.1 – 9.2.3

1. The students must be able to perform all the necessary procedures for end of

year transactions from drafting the final accounts up to and including the

financial statements.

Assessment

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2. In examination papers the students should be asked to prepare the financial

statements. (see annexures 4.1 & 4.2)

11. LITERATURE REFERENCE 1. UNISA FAC1501 AND 1502 STUDY GUIDES 2. WWW.IFRS.ORG 3. INTRODUCTORY ACCOUTING SYLLABUS 1995 VERSION

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11. ANNEXURES

1. ACCOUNTING EQUATION STRUCTURE

DATE GENERAL LEDGER

ACCOUNT DEBIT ACCOUNT CREDIT ASSETS = OWNERS EQUITY + LIABILITIES

2. FRAMEWORK/STRUCTURE FOR LEDGER ACCOUNT

General ledger of GSC Enterprise Enterprise

Name of Account B1

Date Details fol Amount Date Detail fol Amount

3. FRAMEWORK/STRUCTURES FOR JOURNALS

3.1 Cash Receipts Journal of XXX (Name of business) – Month 20xx CRJ 01

Doc No

Day Details Analysis of receipts

Bank Sales Trade receivables

control

Sundry Accounts

Amount Fol Details

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3.2 Cash Payments Journal of XXX (Name of business) – Month 20xx CPJ 02

Doc No

Day Payee Bank Purchases Trade payables control

Sundry Accounts

Amount Fol Details

3.3 ANALYSIS CASH BOOK of XXX (Name of business) – Month 20xx CB 03 Receipts

Doc No

Day Details Analysis of receipts

Bank Sales Trade receivables

control

Sundry Accounts

Amount Fol Details

Payments

Doc No

Day Payee/Details Bank Purchases Trade payables control

Sundry Accounts

Amount Fol Details

3.4 Petty Cash Journal of XXX – (Name of business) – Month 20xxx PCJ 03

Doc No

Day Details Petty Cash Wages Postage Stationery Sundry Accounts

Amount Details

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3.5 Wages Journal of (Name of business) for the week ended (Date Month) 20xx Employee Normal time Overtime Gross

Wages DEDUCTIONS Total

Deduct-ions

Net Wages

Employers Contribution Total

Hours Rate Amount Hours Rate Amount Pension Fund

PAYE Medical Aid

UIF Staff Ass

Pension fund

Medical aid

UIF

3.6 Salaries Journal of XXX (Name of business) for the month ended XXX (Date Month) 20xxx Employee Gross

Salary DEDUCTIONS Total

Deductions Net Salary

Employers Contribution Total

Pension Fund

PAYE Medical Aid

UIF Staff Ass

Pension fund

Medical aid

UIF

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4. FRAMEWORK/STRUCTURES FOR FINANCIAL STATEMENTS

4.5 PERIODIC INVENTORY SYSTEM

STATEMENT OF PROFIT OR LOSS FOR THE YEAR OF (NAME OF BUSINESS) ON DATE MONTH 20XX

Revenue XXX

Cost of sales (XXX)

Opening inventory XXX

Add: Purchases XXX

Add: Carriage on purchases XXX

Add: Import duty XXX

Add: Custom duties XXX

Total inventory XXX

Less: Closing inventory (XXX)

Gross profit XXX

OTHER OPERATING INCOME XXX

Rent income XXX

Commission income XXX

GROSS INCOME FOR THE YEAR XXX

OPERATING EXPENSES (XXX)

Packing material XXX

Stationery XXX

Salaries XXX

Telephone XXX

Insurance XXX

Donation expense XXX

Maintenance XXX

Repairs XXX

Water and electricity XXX

Net Profit/ (Loss) for the period XXX

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4.2 STATEMENT OF FINANCIAL POSITION OF (NAME OF BUSINESS) FOR THE YEAR ENDED DATE MONTH YEAR

ASSETS

Non-Current Assets XXX

Property, plant and Equipment 1 XXX

Other financial assets 3 XXX

Current Assets XXX

Inventory 2 XXX

Trade and other receivables 3 XXX

Cash and cash equivalents 3 XXX

TOTAL ASSETS XXX

EQUITY AND LIABILITIES

Owners’ Equity XXX

Capital XXX

Non-Current Liabilities XXX

Loans and borrowings 4 XXX

Current Assets XXX

Trade and other payables 4 XXX

Bank overdraft XXX

TOTAL EQUITY AND LIABILITIES XXX

NOTES TO THE STATEMENT OF FINANCIAL POSITION

1. PROPERTY, PLANT AND EQUIPMENT

LAND AND BUILDING

EQUIPMENT VEHICLE TOTAL

Carrying Value at beginning XXX XXX XXX XXX

Carrying Value at the end XXX XXX XXX XXX

2. INVENTORY R

Inventory (Date, Month and Year) XXX

XXX

22 OF 20

3. FINANCIAL ASSETS R

NON-CURRENT FINANCIAL ASSETS XXX

Fixed deposit/Investment (Bank name and interest rate) XXX

CURRENT FINANCIAL ASSETS XXX

Trade and other Receivables XXX

Trade receivables control XXX

Cash and Cash Equivalent XXX

Bank (Dr) XXX

Cash float XXX

Petty cash XXX

4. FINANCIAL LIABILITIES R

NON-CURRENT FINANCIAL LIABILITIES XXX

Long-term loan (Bank name and interest Rate) XXX

Mortgage bond XXX

CURRENT FINANCIAL LIABILITIES XXX

Trade And Other Payables XXX

Trade payables control XXX

STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED (DAY, MONTH AND YEAR)

Balance at the beginning (Date, Month And Year) XXX

Add/Less: Net Profit or loss for the year XXX/ (XXX)

Less: Drawings (XXX)

Balance at the end (Date, Month And Year) XXX