Week 1 – Jss 1 Third Term Business Studies Lesson Notes

OMEGA TERM SCHEME OF WORK FOR JSS1
BUSINESS STUDIES

 
 WEEK ONE
TOPIC: SOURCE DOCUMENT
A source document is a form in which transaction are firstly recorded before posted to their respective books
Source document includes

• Invoice
• Receipt
• Debit note
• Credit note
• Cash register
• Voucher
• Cheque

1. INVOICE – invoice is a document given out by the seller to the buyer whenever the seller sells goods. It contains the name and address of the buyer and seller, the quantity, price of goods sold and a reference to the customer orders number.
2. RECEIPT – Is a document issued to the buyer to indicate that some amount of money has been paid for buying a particular goods. Receipt is a legal proof of payment.
3. CASH REGISTER – (machine): This contains the summary of each sales in a given period.

   The machine can record the amount of sales, types of goods, produce a receipt and as well the amount balance. This is found in eatery – Mr. Biggs, Supermarket, big bookshop etc.

4. DEBIT NOTE: Is issued by the seller to the buyer whenever the buyer has been undercharged.
5. CREDIT NOTE: It is issued by supplier when a buyer returns goods to the supplier and also used to correct error of overcharge credit not is printed red.
6. CHEQUE: Is a written order to a bank to pay a specific sum of money to a person whose name appear on the cheque.
7. VOUCHER: Is a source document used for obtaining authorization for a payment whether by cash or by cheque.

VOUCHER

 EVALUATION
Write short note on the following source document:

• Invoice
• Receipt
• Debit note
• Credit note

ASSIGNMENT
List and explain 5 source documents
                    RECEIPT