{"id":1908,"date":"2023-10-02T07:16:17","date_gmt":"2023-10-02T07:16:17","guid":{"rendered":"http:\/\/localhost\/ecole9ja\/?p=1908"},"modified":"2023-10-02T07:19:04","modified_gmt":"2023-10-02T07:19:04","slug":"week-3-ss1-first-term-financial-account-notes","status":"publish","type":"post","link":"https:\/\/ecolebooks.com\/nigeria\/posts\/week-3-ss1-first-term-financial-account-notes\/","title":{"rendered":"Week 3 &#8211; SS1 First Term Financial Account Notes"},"content":{"rendered":"<p>\u00a0<br \/>\n\u00a0<strong>WEEK THREE<br \/>\n<\/strong><strong>TOPIC: BOOKS OF ACCOUNTS<br \/>\n<\/strong><strong>CONTENT<br \/>\n<\/strong><\/p>\n<ul>\n<li>The Ledger\n<\/li>\n<li>The Journal\n<\/li>\n<\/ul>\n<p>\u00a0Books of accounts are the books that are used in recording financial transactions in accounting.<br \/>\nThe books of accounts in use are:<\/p>\n<ol>\n<li>The Ledger \u2013 The Principal book\n<\/li>\n<li>The Journal \u2013 The Subsidiary book\n<\/li>\n<\/ol>\n<p>\u00a0<strong>The Ledger<br \/>\n<\/strong>The ledger is the principal book of account which contains in a classified form, the permanent records of all the financial transactions of a business.<\/p>\n<p>\u00a0The recording into the Ledger are done in classified form using ledger accounts. <\/p>\n<p>\u00a0<strong>Format of A Ledger Account<br \/>\n<\/strong><\/p>\n<div>\n<table>\n<tbody>\n<tr>\n<td><img decoding=\"async\" align=\"left\" src=\"https:\/\/ecolebooks.com\/nigeria\/wp-content\/uploads\/9jalessonsimages\/100223_0716_Week3SS1Fi1.png\" alt=\"\"\/><strong>Date<\/strong><\/td>\n<td><strong>Narration<\/strong><\/td>\n<td><strong>Folio<\/strong><\/td>\n<td><strong>Amount<\/strong><\/td>\n<td><strong>Date<\/strong><\/td>\n<td><strong>Narration<\/strong><\/td>\n<td><strong>Folio<\/strong><\/td>\n<td><strong>Amount <\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p>\u00a0<br \/>\n\u00a0<br \/>\n\u00a0<br \/>\n\u00a0<br \/>\n\u00a0<br \/>\n\u00a0<br \/>\n\u00a0The Ledger account is divided into two sides i.e. The Debit and The Credit.<br \/>\nTherefore in accounting entries are described as being &#8216;debited&#8217; or &#8216;credited&#8217; to particular accounts. Transactions are recorded in the Ledger based on the double entry principle.<\/p>\n<p>\u00a0<strong>The Journal<br \/>\n<\/strong>The Journal is the subsidiary book of account into which credit transactions are first recorded before they are posted in totals to the Ledger.<br \/>\nThe Journal therefore contains the temporary records of credit transactions:<\/p>\n<p>\u00a0<strong>Format of The Journal<br \/>\n<\/strong><\/p>\n<div>\n<table>\n<tbody>\n<tr>\n<td><strong>Date<\/strong><\/td>\n<td><strong>Narration<\/strong><\/td>\n<td><strong>Folio<\/strong><\/td>\n<td><strong>Details <\/strong><\/td>\n<td><strong>Totals<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p><img decoding=\"async\" align=\"left\" src=\"https:\/\/ecolebooks.com\/nigeria\/wp-content\/uploads\/9jalessonsimages\/100223_0716_Week3SS1Fi2.png\" alt=\"\"\/><\/p>\n<p>\u00a0<br \/>\n\u00a0<br \/>\n\u00a0<br \/>\n\u00a0<br \/>\n\u00a0<br \/>\n\u00a0<br \/>\n\u00a0<br \/>\n\u00a0The recording of financial transactions into the Journal does not follow the double entry principle<br \/>\n<strong>Cash Transactions<\/strong> are recorded directly into the Ledger while <strong>Credit Transactions<\/strong> are first recorded into the Journal (i.e. the subsidiary books) before being posted in totals to the ledger.<\/p>\n<p>\u00a0Diagrammatically the path of transactions can be represented as below: <\/p>\n<p>\u00a0<img decoding=\"async\" align=\"left\" src=\"https:\/\/ecolebooks.com\/nigeria\/wp-content\/uploads\/9jalessonsimages\/100223_0716_Week3SS1Fi3.png\" alt=\"\"\/>\u00a0\u00a0\u00a0\u00a0Cash Transactions \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Credit Transactions <\/p>\n<p>\u00a0<br \/>\n\u00a0<br \/>\n\u00a0\u00a0\u00a0\u00a0\u00a0<br \/>\n\u00a0\u00a0\u00a0\u00a0Ledger \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Journal <\/p>\n<p>\u00a0<strong>EVALUATION<br \/>\n<\/strong><\/p>\n<ol>\n<li>Draw the format of a ledger account.\n<\/li>\n<li>State three differences between the ledger and the journal.\n<\/li>\n<\/ol>\n<p>\u00a0<strong>READING ASSIGNMENT<br \/>\n<\/strong>Simplified and Amplified Financial Accounting Page 41<\/p>\n<p>\u00a0<strong>WEEKEND ASSIGNMENT<br \/>\n<\/strong><\/p>\n<ol>\n<li>A book that contains the accounts for the financial transactions of an organisation is the    A. journal    B. ledger    C. folio     D. register\n<\/li>\n<li>The two fundamental books of accounts are    A. Cash Book and Petty Cash Book     B. Receipt and Invoice     C. Journal and Ledger     D. Notes and Coins\n<\/li>\n<li>Which of the following is the principal book of account?   A. General Journal    B. Sales book    C. Purchases book     D. Ledger\n<\/li>\n<li>Which of the following is not contained in the Ledger?    A. date of transaction    B. description of the transaction     C. folio number of transaction     D. address of the customer\n<\/li>\n<li>The process of entering transactions from one book to another is   A. reading   B. posting   C. numbering    D. casting\n<\/li>\n<\/ol>\n<p>\u00a0<strong>THEORY<br \/>\n<\/strong><\/p>\n<ol>\n<li>What is a Ledger?\n<\/li>\n<li>State two differences between the ledger and the journal.\n<\/li>\n<\/ol>\n","protected":false},"excerpt":{"rendered":"<p>\u00a0 \u00a0WEEK THREE TOPIC: BOOKS OF ACCOUNTS CONTENT The Ledger The Journal \u00a0Books of accounts&#8230;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1,172],"tags":[],"class_list":["post-1908","post","type-post","status-publish","format-standard","hentry","category-posts","category-first-term-ss1-financial-account"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/posts\/1908","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=1908"}],"version-history":[{"count":1,"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/posts\/1908\/revisions"}],"predecessor-version":[{"id":1909,"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/posts\/1908\/revisions\/1909"}],"wp:attachment":[{"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/media?parent=1908"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/categories?post=1908"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/tags?post=1908"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}