Week 2 – SS2 First Term Book Keeping Notes

FIRST TERM
SCHEME OF WORKS
SUBJECT: BOOK-KEEPING
CLASS: SS 2
1.    Revision of 1^st Term work
2.    Classes of ledger

• State classes of ledger
• Identification of the column of a ledger

3.    Classes of ledger

• Posting of transaction into a ledger
• Working exercise.

4.    Three column cash book

• Explain the column cash book
• Identification of the columns of a three column cash book.

5.    Three column cash book

• Differentiate between single, double and three columns cash book.

6.    Three column cash book

• Preparation of three column cash book

7.    Three column cash book

• Preparation of three column cash book working exercise

8.    Stock valuation

• Meaning, explain stock valuation
• Purposes of stock valuation

9.    Stock Valuation

• List different stock valuation method.
• Computation of stock valuation.

10.    Stock Valuation

• Computation of stock valuation
• Working exercises on stock valuation

WEEK TWO (2)
CLASSES OF LEDGER
THE LEDGER
This is the principal book in which accounts are kept. These accounts are usually referred to as ledger accounts. They are so called because each occupies a specific page a number of pages or a section of a page in the ledger.
Note: A balance Sheet, on the other hand is not a ledger account. But a statement of assets and liabilities at a point in time compiled from the list of balances taken from the ledger.
To make references to account easy, the ledger pages are usually numbered consecutively, each page is called a ‘folio’ and the number on it a ‘folio number’
The following is a specimen of a simple ledger.

 Detailed Features of the Ledger
i.    Folio Column: This column indicates the folio (or page) in which the other half of the double entry has been recorded.
ii.    Date Column: This is for entering the year, month and date on which the transaction occurs.
iii.    Particulars Column: The nature of the transaction is entered in this column. Usually, it is the name of the account in which the other half the double entry is made. The account is easily identified by folio number.
iv.    Amount Column: The amount of the transaction is entered in this column.

 Note: Debit entries are made on the left side of the page while credit entries are made on the right side. The debit side is distinguished from the credit side by the letters Dr and Cr respectively.