Prepare a cash receipts journal for March 2020, detailing all cash inflows and their corresponding accounts.

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ScanSolve AI Tutor · Accepted Answer

Step 1: Prepare the Cash Receipts Journal (CRJ) for March 2020 and close off the journal.

The Cash Receipts Journal records all cash inflows into the business. Each transaction increases the Bank account (debit) and increases a specific income or equity/liability account (credit).

\boxed{
\begin{tabular}{|l|l|l|r|r|r|l|}
\hline
Date & Doc No. & Details & Bank (Dr) & Service Fees (Cr) & Sundries (Cr) & Sundries (Account) \\
\hline
2020 Mar 1 & R01 & P. Grace (Capital) & R20 000 & & R20 000 & Capital \\
2020 Mar 5 & & Navashnee (Rent Income) & R2 500 & & R2 500 & Rent Income \\
2020 Mar 10 & CRR & Services Rendered & R7 320 & R7 320 & & \\
2020 Mar 14 & BS & Interest Income & R96 & & R96 & Interest Income \\
2020 Mar 22 & CRR & Services Rendered & R9 550 & R9 550 & & \\
2020 Mar 25 & & BB Bank (Loan) & R28 000 & & R28 000 & Loan from BB Bank \\
2020 Mar 27 & & P. Grace (Capital) & R10 000 & & R10 000 & Capital \\
\hline
Total & & & \textbf{R7

Prepare a cash receipts journal for March 2020, detailing all cash inflows and their corresponding accounts.

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