3.3 Source Documents for Cash Transactions

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VCE Accounting Unit 3. Video of this presentation can be found on my YouTube channel here https://www.youtube.com/channel/UCf5jyuJoYwie8tWfvjEc0zg.

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3.3 Source Documents for Cash Transactions

  1. 1. 3.3 SOURCE DOCUMENTS FOR CASH TRANSACTIONS
  2. 2. Video of this presentation at… YouTube Channel for VCE Accounting
  3. 3. © Michael Allison. Author’s permission required for external use. 3.3 SOURCE DOCUMENTS FOR CASH TRANSACTIONS Cash Transactions Credit Transactions Other Cash receipt Cheque butt Sales invoice Purchase invoice Memo Statement of account Order Quote
  4. 4. © Michael Allison. Author’s permission required for external use. Cash Receipts  Every time the firm receives a cash inflow, a cash receipt is issued to the other party 3.3 SOURCE DOCUMENTS FOR CASH TRANSACTIONS Business Receipt Receipt Receipt Original Copy Original Copy Original Copy
  5. 5. © Michael Allison. Author’s permission required for external use. Cash Receipts  Cash will be received for: 3.3 SOURCE DOCUMENTS FOR CASH TRANSACTIONS Business Receipt Cash sales/ GST received Original Copy Collections from debtors Original Copy Receipt Capital contributions Original Receipt Copy Loans and interest Original Receipt Copy
  6. 6. © Michael Allison. Author’s permission required for external use. 3.3 SOURCE DOCUMENTS FOR CASH TRANSACTIONS TGS Clothing Supplies Rec. 75 ABN 03 172 564 495 65 Feathertop Road Melbourne 3000 Date: 16/1/2015 Received from: J. Citizen The amount of: Eight hundred dollars For: Payment on account Signed: G. Billings Sub-Total $800.00 GST $0.00 Total $800.00 TGS Clothing Supplies Rec. 72 ABN 03 172 564 495 65 Feathertop Road Melbourne 3000 Date: 15/1/2015 Received from: M. Person The amount of: One hundred and ten dollars For: Cash sale - Jumper Signed: G. Billings Sub-Total $100.00 GST $10.00 Total $110.00 Seller The name of the seller is shown at the top of the receipt. Buyer The name of the buyer is shown at the bottom of the receipt. Receipt no. Date of receipt Details of receipt Cash received
  7. 7. © Michael Allison. Author’s permission required for external use. 3.3 SOURCE DOCUMENTS FOR CASH TRANSACTIONS Cheque butts  Every time the firm has a cash outflow  A cheque is issued to the other party for payment  The firm keeps the cheque butt as proof of the payment Cheque butt Business Cheque Cheque butt Cheque Cheque butt Cheque
  8. 8. © Michael Allison. Author’s permission required for external use. Cheque butts  Cash will be paid for: 3.3 SOURCE DOCUMENTS FOR CASH TRANSACTIONS Business Expenses/GST Cheque butt Cheque Asset purchases/GST Cheque butt Cheque Payments to creditors Cheque butt Cheque Drawings Cheque butt Cheque Loan repayments Cheque butt Cheque
  9. 9. © Michael Allison. Author’s permission required for external use. Cheque butt This is the part the firm keeps to serve as proof of the transaction Cheque This is given to the other party. They deposit it at their bank and the money is put in their account. Date of payment Party being paid Amount Chq. 6737-84 Cheque no. 3.3 SOURCE DOCUMENTS FOR CASH TRANSACTIONS
  10. 10. © Michael Allison. Author’s permission required for external use. TASK In-class Homework SQ6 X Ex3.5 X

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