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CASH JOURNALS OF A TRADING BUSINESS, . (Document: A unique reference…
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Details: Provides a brief description of the transaction, including the name of the person or business involved.
Receipts: Used to separate cash received directly from customers (e.g., over-the-counter sales) from other types of cash receipts.
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Cost of Sales: This shows the cost price of the goods sold, which is used to calculate the profit margin.
Sundry Accounts: Records any irregular or infrequent income not related to normal business operations, such as rent received or income from selling old equipment.
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Document: A unique identifier for the transaction, typically the EFT reference.
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Name of payee: Indicates the recipient of the payment, such as the supplier or service provider.
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Sundry Accounts: Captures irregular or infrequent expenses, such as advertising, electricity, or
repairs, that do not fall under other predefined categories.
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They help monitor cash transactions, including purchases, sales, and expenses.
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The Cash Payments Journal is used to record payments made by the business. It includes a trading stock column to track purchases at cost price
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