Economic and Management Sciences
Grade 8
Financial literacy
Concepts
Indicate on the next table which definition best fits the concept. Only write down the correct letter
next to the appropriate concept.
Concept
Answer
Definition
Asset
A
Book of first entry.
Debit
B
When income is more than expenses.
Credit
C
A business with one owner.
Capital
D
Liabilities
E
Cash Payments
F
Profit
G
Cash receipts
H
Owner’s equity
I
Transactions
J
When expenses exceed the income.
Sole Trader
K
An entry on the left hand side of the ledger.
Income
L
Retained or undrawn income for future use.
Expenses
M
The depositing of cash received for safe keeping.
Accounting equation
N
All payments which are summarised in the bank
account.
Loss
O
Possessions of the business.
Bank
P
All receipts which are summarised in the bank
account.
Subsidiary journal
Q
All amounts due by the business to other parties.
R
An entry on the right hand side of the ledger.
Transactions which generate cash for the
business, e.g. sales.
Happening between two parties where ownership
exchanges take place.
The business’s assets are always equal to the
owner’s equity plus the liabilities.
The share of the owner in the business.
Amounts directly or indirectly involved in the
operation of the business e.g. telephone, stationery
Money which the owner contributes to start the
business.
ANSWERS
Concept
Answer
Definition
Asset
O✓
A
Book of first entry.
Debit
K✓
B
When income is more than expenses.
Credit
R✓
C
A business with one owner.
Capital
I✓
D
Liabilities
Q✓
E
Cash Payments
N✓
F
Profit
B✓
G
Transactions which generate cash for the
business, e.g. sales.
Happening between two parties where ownership
exchanges take place.
The business’s assets are always equal to the
owner’s equity plus the liabilities.
The share of the owner in the business.
Amounts directly or indirectly involved in the
operation of the business e.g. telephone,
stationery
Money which the owner contributes to start the
business.
Cash receipts
P✓
H
Owner’s equity
G✓
I
Transactions
E✓
J
When expenses exceed the income.
Sole trader
C✓
K
An entry on the left hand side of the ledger.
Income
D✓
L
Retained or undrawn income for future use.
Expenses
H✓
M
The depositing of cash received for safe keeping.
Accounting equation
F✓
N
All payments which are summarised in the bank
account.
Loss
J✓
O
Possessions of the business.
Bank
M✓
P
All receipts which are summarised in the bank
account.
Subsidiary journal
A✓
Q
All amounts due by the business to other parties.
R
An entry on the right hand side of the ledger.
Grade 8: Source documents
You are the owner of a hair salon. You do most of your purchases at a wholesaler in Vredenburg.
1.1
Answer the questions and follow the instructions based on the following document:
CASH INVOICE
No. C1009
Tel: 022-714 4078
P.O. Box 122
Vredenburg
To:
Hair-My-Way
Kloofstraat 11
Wellington
HAIRDO DISTRIBUTORS HAIR PRODUCTS
Quantity
Description
Price
12
Gordey Shampoo
R120,00
8
Gordey Conditioner
R135,00
5
Elite Special Treatment
R208,50
10 March 2018
Amount
R1 440
00
R1 080
00
R1 042
50
R3 562
50
1.1.1 Write down the name of the purchaser.
(1)
1.1.2 Write down the name of the seller.
(1)
1.2
On 28 March 2018 the following cash were received for services rendered:
8 x R100 notes
5 x R50 notes
6 x R5 coins
2 x 50c coins
1.2.1 H. Smith deposited the money received into Hair-My-Way’s bank account
(account no. 1234567890) on 28 March 2018. Complete the document she completed at
ABS Bank.
(9)
1.2.2 Name the journal where the money received from Mrs Van der Merwe will be recorded.
(2)
[23]
ANSWER BOOK OF ACTIVITY 1
1.1.1
1.1.2
1.2.1
DIE ABS BANK VAN AFRIKA BPK
(GEREG.HANDELSBANK)
THE ABS BANK OF AFRICA LTD (REG. COMM. BANK)
DEPOSITOSTROKIE / DEPOSIT SLIP
R
c
Note / Notes
Nikkel / Nickel
Brons / Bronze
Sub. Tot.
DATUM / DATE: ______________________________________20_______
KREDITEER / CREDIT: _________________________________________________________
BANK
STAMP
DRAWER’S NAME /
TREKKER SE NAAM
1.
2.
3.
BANK
TAK /
BRANCH
Sub. Tot
Total / Totaal
INBETAAL DEUR/ DEPOSITED BY: ________________________________
REKENING NR. / ACCOUNT NO.
1.2.2
R
c
MEMO: ACTIVITY 1
1.1.1 Hair my Way √
1.1.2 Hairdo Distributors Hair Products √
1.2.1
DIE ABS BANK VAN AFRIKA BPK
(GEREG.HANDELSBANK)
THE ABS BANK OF AFRICA LTD (REG. COMM. BANK)
DEPOSITOSTROKIE / DEPOSIT SLIP
R
1 050√
30√
1√
1 081√
Note / Notes
Nikkel / Nickel
Brons / Bronze
Sub. Tot.
c
00
00
00
00
DATUM / DATE: ____________28 March ___20 18___√____
KREDITEER / CREDIT: _Hair my Way______________________________
BANK
STAMP
DRAWER’S NAME /
TREKKER SE NAAM
1. L v.d. Merwe
2.
3.
BANK
KB Bank
TAK /
BRANCH
0014
R
c
540√
00
Sub. Tot
540
Total / Totaal
1 621√
INBETAAL DEUR/ DEPOSITED BY: _______H Smith____√_____________
REKENING NR. / ACCOUNT NO.√
1
2
3
4
5
6
7
8
9
0
1.2.2
CRJ √√
00
00