Financial Literacy - CRJ of a service business (Temeeka Meyer - 218143168)

Introduction

Link to existing knowledge and to the development of the conclusion of the lesson.

  • Brief explanation of what they already know about a services business 
  • Ask learners to provide an example of a service business.
  • Give an explanation of what Cash Journals are.

copy and paste this link into your URL and watch the video which explains what a services business is.

https://study.com/academy/lesson/what-is-a-service-business.html

Task

LESSON OUTCOMES

By the end of this lesson, the learners will be able to:

  1. Understand what a Cash Receipts Journal (CRJ) is.
  2. Understand what a Cash Receipts Journal (CRJ) is used for.
  3. Know the formats and uses of the columns in the CRJ.
  4. Able to enter the cash transactions in the CRJ.
  5. Balancing/closing off if the CRJ.

Provide learners with a brief summary of the development of the lesson including demonstration.

What is a CRJ?

The journal where you record all cash that has been received by the business. This is cash received from any source eg. from income, a loan, or a debtor.

What the CRJ is used for?

Every Cash Receipt is recorded in the CRJ, using deposit slips, receipts, cash register rolls and cash invoice books.

This video will show you the formats and how to enter the cash transactions in the columns of the CRJ. Please watch it as you will need it to complete your activity.

https://www.youtube.com/watch?v=RC9ZjpiIMXQ&t=482s

 

Process

Complete the following activity on your own using the YouTube videos and the notes as a guide. To complete this activity you need to use your 8 column journal book and provide the analysis columns that was shown the the video.

Record the following transactions in the Cash Receipts Journal of Porkies Caterers.

Transactions for December 2021

1  P Porky won R200 000 on the game show Win 'n Spin. it was decided to open a catering business, Porkies Caterers. 60% of the winnings were deposited into the current banking account in the name of the business. Receipt 001 was issued.

8  Cash received for services rendered/ R1 400 from P Party.

14  Catered for a function at Westerford High School. Porkies Caterers charged R12 per head. There were 150 people at the function. Received a cheque for the amount due.

24  The owner decided to increases the capital contribution from R120 000 to R135 000 by depositing a cheque into the current banking account of the business. Cash received for services rendered, R1 560.

29  Received a cheque from F Food for R1 800 for rent for December.

      Catered for a kiddies party and received a cheque for R900.

 

Evaluation

Please check your answers and to the necessary corrections. If there are any questions on this activity, do not hesitate to email me your concerns: tmeyer@gmail.com 

CASH RECEIPTS JOURNAL OF PORKIES CATERERS FOR DECEMBER 2020

Doc.

Day

Details

Analysis of receipts

Bank

Current income

Sundry accounts

 

Amount                  Details

R001

1

P Porky

 

 

120 000

-

 

 

120 000

-

 

Capital

R002

8

P Party

    1 400

-

    1 400

-

   1 400

-

 

 

 

 

R003

14

Westerford High School

    1 800

-

    1 800

-

   1 800

-

 

 

 

 

R004

24

P Porky

 

 

15 000

 

 

 

  15 000

-

 

Capital

R005

24

Services rendered

    1 560

-

1 560

-

   1 560

-

  

 

 

 

R006

29

F Food

    1 800

-

 

 

 

 

    1 800

-

 

Rent income

   R007

29

Services rendered

       900

-

   2 700

-

      900

-

 

 

 

 

 

 

 

 

 

142 460

-

   5 660

-

136 800

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Conclusion

We our now going to do a quick recap of the main points of the lesson:

What is a CRJ?

The journal where you record all cash that has been received by the business. This is cash received from any source eg. from income, a loan, or a debtor.

What the CRJ is used for?

Every Cash Receipt is recorded in the CRJ, using deposit slips, receipts, cash register rolls and cash invoice books.

This video will show you the formats and how to enter the cash transactions in the columns of the CRJ. Please watch it as you will need it to complete your activity.

We close off/balance the CRJ at the end of every month after the last transaction takes place for that specific month.

Thank you learners for attending my lesson. In the next lesson we will be looking at a combined journal which involves CRJ as well as CPJ.

HOMEWORK  ACTIVITY DUE TUESDAY 1 JUNE 2O21:

Complete the following homework activity. I will check it before our next session. 

Transactions for November 2021

1  Pluto Dog inherited R120 000. It was decided to invest half of the inheritance in a catering business, Pluto's Caterers. Receipt 001 was issued.

7  A new interior decorating shop opened in Cavendish Square. The owner approached Pluto Caterers to do the catering function for the grade opening. Pluto Caterers agreed to do the catering for R50 people at R15 per head. Received a cheque for the service provided.

11  Spine Road High School needed catering done for their annual Celebration. Pluto Caterers charged them R1 115 for providing the service. A cheque for the amount due was received.

28  Pluto Dog decided to increase his capital contribution by 15%. Received the cheque and issued a receipt.

 

 

 

Credits

Content/Learner Notes

Oxford  Successful, Economics and Management Sciences Learner's Book, Grade 8 Caps by J.Bronkhurst, S.King and T.Rousseau

YouTube video

https://youtu.be/RC9ZjpiIMXQ

Video on Google

https://study.com/academy/lesson/what-is-a-service-business.html

Activity and homework sheet

Ms. T.Meyer

Memorandum

Ms. T.Meyer

Teacher Page

Leaners can find relevant information and do further research to help with the topic or for clarification purposes.

Learners are more than welcome email me or message me directly via WhatsApp

Contact details: 061 546 5789

Email address: tmeyer@gmail.com