{"id":1007,"date":"2023-09-27T11:11:14","date_gmt":"2023-09-27T11:11:14","guid":{"rendered":"http:\/\/localhost\/ecole9ja\/?p=1007"},"modified":"2023-09-27T11:12:59","modified_gmt":"2023-09-27T11:12:59","slug":"week-8-jss-2-second-term-business-studies-lesson-notes","status":"publish","type":"post","link":"https:\/\/ecolebooks.com\/nigeria\/posts\/week-8-jss-2-second-term-business-studies-lesson-notes\/","title":{"rendered":"Week 8 – Jss 2 Second Term Business Studies Lesson Notes"},"content":{"rendered":"

WEEK EIGHT
\nTOPIC: THREE COLUMN CASH BOOK
\n<\/strong>This is made up of cash column, bank column and discount column on both sides of the cash book.
\n1. CASH DISCOUNT<\/strong>: This is an allowance received or reduction made when cash is paid promptly. It is classified into discount allowed and discount received.
\na. Discount Allowed <\/strong>\u2013 Is an allowance or reduction given by the business organisation to debtors \/ customers for prompt payment of cash. It is an expenses and posted to debit side of profit and loss account and cash book.
\nb. Discount Received <\/strong>\u2013 This is an allowance or reduction granted by creditors\/suppliers to the business organisation for prompt payment. It is a revenue item and credited to both the profit and loss account and the cash book.
\n2. CONTRA ENTRY<\/strong>: Is a situation whereby double entry for a particular transaction is completed in the same book of account. it is represented by letter ‘C’ in the folio column.
\nThree Column Cash Book
\nDr\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Cr.
\nDate \u00a0\u00a0\u00a0\u00a0Particulars\u00a0\u00a0\u00a0\u00a0F Dis.allo\u00a0\u00a0\u00a0\u00a0Cash \u00a0\u00a0\u00a0\u00a0Bank\u00a0\u00a0\u00a0\u00a0Particulars\u00a0\u00a0\u00a0\u00a0F\u00a0\u00a0\u00a0\u00a0Cash\u00a0\u00a0\u00a0\u00a0Bank<\/p>\n

\u00a0Example: Olowolayemo started business with #10,000 cash as at 1st<\/sup> Jan., 2014
\nJan 3\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Paid rent by cash\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01,500
\nJan 5\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Paid Insurance by cash \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0250
\nJan 7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Received cheques from Mutiat\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a03,000
\nJan 9\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Cash sales #1000 with 5% discount \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\nJan 12\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Cash purchase 3% discount \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a02,000
\nJan 15\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Paid office expense by cheque\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0400
\nJan 18\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Paid transport by cheque\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0200
\nJan 20\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Withdraw #1200 from cash into bank
\nJan 25\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Purchase goods by cash with 5% discount\u00a0\u00a0\u00a0\u00a01,500
\nOlowolayemo
\nThree Column Cash Book<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Date <\/td>\nParticular <\/td>\nF <\/td>\nDiscount allowed <\/td>\nCash <\/td>\nBank <\/td>\nDate <\/td>\nParticular <\/td>\nF <\/td>\nDiscount
\nReceived <\/td>\n		Cash <\/td>\nBank\n<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\nN<\/td>\nN<\/td>\nN<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\nN<\/td>\nN<\/td>\nN<\/td>\n<\/tr>\n
Jan 1<\/td>\nCapital <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n10,000<\/td>\n\u00a0<\/td>\nJan3<\/td>\nRent <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,500<\/td>\n\u00a0<\/td>\n<\/tr>\n
Jan 7<\/td>\nMutia<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3,000<\/td>\nJan 5<\/td>\nInsurance<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n250<\/td>\n\u00a0<\/td>\n<\/tr>\n
Jan 9<\/td>\nsales<\/td>\n\u00a0<\/td>\n50<\/td>\n950<\/td>\n\u00a0<\/td>\nJan12<\/td>\npurchases<\/td>\n\u00a0<\/td>\n60<\/td>\n1940<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n\u00a0Jan 20<\/td>\n\n\u00a0Bank <\/td>\n\n\u00a0C <\/td>\n\u00a0<\/td>\n\n\u00a01, 200<\/td>\n\u00a0<\/td>\nJan15<\/td>\nOffice expenses<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n400<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\nJan18<\/td>\nTransport<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n200<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\nJan20<\/td>\nCash <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1200<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\nJan26<\/td>\nPurchases<\/td>\n\u00a0<\/td>\n75<\/td>\n1425<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\nJan31<\/td>\nBalance c\/d<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n50<\/td>\n12,150<\/td>\n3,000<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n135<\/td>\n12,150<\/td>\n3,000<\/td>\n<\/tr>\n
Feb 1<\/td>\nBalance b\/d<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n7,035<\/td>\n1200<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

\u00a0Assignment<\/strong>
\n\t\tEnter the following transactions into the cash book of Goodnews as at 1st<\/sup> Dec. 2013.
\nDec. 1\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Cash in hand \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a010,000
\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Cash in bank \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a05,000
\nDec 4\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Cash sales \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a03,000
\nDec 5\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Paid rent by cheque \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0500
\nDec 8\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Bought goods for sale less 4% discount\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a02,000
\nDec 10\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Receive cheque from Kofo less 10% discount\u00a0\u00a0\u00a0\u00a01,000
\nDec 15\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Withdrew for office use \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01,200
\nDec 20\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Paid Jude by cash \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0500
\nDec 22\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Bought stationery for cash \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0200
\nDec 23\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Paid wages by cash\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0400<\/p>\n","protected":false},"excerpt":{"rendered":"

WEEK EIGHT TOPIC: THREE COLUMN CASH BOOK This is made up of cash column, bank…<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1,103],"tags":[],"class_list":["post-1007","post","type-post","status-publish","format-standard","hentry","category-posts","category-second-term-jss-2-business-studies"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/posts\/1007","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/comments?post=1007"}],"version-history":[{"count":1,"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/posts\/1007\/revisions"}],"predecessor-version":[{"id":1008,"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/posts\/1007\/revisions\/1008"}],"wp:attachment":[{"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/media?parent=1007"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/categories?post=1007"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/tags?post=1007"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}