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Summary Grade 10 Accounting: Explanation of transactions R55,00
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Summary Grade 10 Accounting: Explanation of transactions
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This summary provides an overview over crucial transactions you will encounter in the future I am really passionate about accounting. These notes will really help you to understand the theory behind the work that you are doing. It will enable you to see the bigger picture, and surely improve your...

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  • No
  • Chapter 9
  • April 27, 2022
  • 5
  • 2020/2021
  • Summary

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Interest on current account
If the business has money in their current account, the bank must pay interest to the
business on that amount. Bank will calculate interest and add it to the business’s account


Source document Bank statement
Subsidiary journal CPJ
Type of account Income




Bank charges
When a business opens an account at a commercial bank, the business naturally makes use
of various services offered by the bank. The business pays for these services. They are
usually known as bank charges.
The services include:
 Keeping the business’s account up to date in the book of the bank
 Sending out monthly statements
 Printing cheque books
 Printing deposit books
 Collecting credit card payments
 Processing stop & debit orders
 Processing tax levies on transactions


Source document Bank statement
Subsidiary journal CPJ
Type of account Expense

, Bank overdraft and interest on overdrawn
account
An overdraft facility means that the business can continue to write out cheques, even if
there is no more money left on their bank account – but to a limit. This is like a short-term
loan. Although it isn’t a loan, the business still uses the bank’s money, and therefore must
pay interest. Bank calculates interest daily and automatically subtracts it from the
business’s cheque account.


Source document Bank statement
Subsidiary journal CRJ
Type of account Expense




Stop orders & debit orders
Stop & debit orders form part of services offered by the bank. The client must give written
instructions (stop order & debit order is completed), after which the bank automatically
deducts the amount from the client’s account and pays it into the account of the
beneficiary. Stop & debit orders cost less than writing out a cheque.


Source document Bank statement
Subsidiary journal CPJ
Type of account Expense




Carriage on purchase
When a business buys TRADING STOCK, it often must be transported to the business
premises by a transport business. However, payment for the transport is not regarded as an
expense; it is seen as an increase in the value of the trading stock – therefore assets
increases.


Source document Cheque counterfoil
Subsidiary journal CPJ
Type of account Increases assets

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