Grade 9 EMS (Economics+Accounting) Summaries Term 3 (Via Afrika): These summaries are compiled using the Via Afrika textbook's Term 3 content on Economics. The summaries are in English, with additional notes provided by the compiler.
Contents:
The Economy
Topic 1: The economy: Trade Unions...
,
, Posting to the Debtors Ledger and
General Ledger
Posting to the Debtors Ledger • A document with the following information is issued
when a transaction occurs between a business and a
• Debtors Ledger = subsidiary ledger that has separate
debtor:
accounts for each debtor.
• Each debtor’s individual account summaries all their T2: Financial - Debtors name.
- Transaction date.
transactions and indicates how much they owe the literacy: Credit - Type of transaction.
business.
• Individual entries with debtors are posted daily from the
transactions – - Amount.
debtors (A) • The original document is given to the debtor.
journals to the debtors ledger.
• The duplicate document is used to enter the
-
transaction into a journal book as the book of first
entry:
• Key points for when posting to the Debtors Ledger: - If money is received from the debtor as payment
- The journal entry is posted to the individual account of the debtor on the on the account – a receipt is issued and the
day of the transaction. duplicate receipt is used to enter the transaction
- Source document and number is indicated in the details column. into the CRJ.
- The relevant debtor’s folio number is entered in the journal as reference - From a credit sale to a debtor – a credit invoice is
to which account it was posted. issued, and the duplicate credit invoice is used to
- Credit purchases increase the amount the debtor owes (A+) – the debtors
enter the transaction into the DJ.
account is debited.
-
- The amount the debtor owes will decrease when payments are made on
the debtors account (A-) – the debtors account is credited.
- After each new entry, the balance is calculated as follows:
* Opening balance + Debit entry = Closing balance.
* Opening balance – Credit entry = Closing balance.
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through EFT, credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying this summary from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller SummariesSA. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy this summary for R177,61. You're not tied to anything after your purchase.
