{"id":1916,"date":"2023-10-02T07:18:15","date_gmt":"2023-10-02T07:18:15","guid":{"rendered":"http:\/\/localhost\/ecole9ja\/?p=1916"},"modified":"2023-10-02T07:19:04","modified_gmt":"2023-10-02T07:19:04","slug":"week-9-and-10-ss1-first-term-financial-account-notes","status":"publish","type":"post","link":"https:\/\/ecolebooks.com\/nigeria\/posts\/week-9-and-10-ss1-first-term-financial-account-notes\/","title":{"rendered":"Week 9 and 10 &#8211; SS1 First Term Financial Account Notes"},"content":{"rendered":"<p>\u00a0<strong>WEEK NINE AND TEN<br \/>\n<\/strong><strong>TOPIC: SUBSIDIARY BOOKS<br \/>\n<\/strong><strong>CONTENT<br \/>\n<\/strong><\/p>\n<ul>\n<li>\n<div>Definition of Subsidiary Books\n<\/div>\n<\/li>\n<li>\n<div>Uses of the Subsidiary Books\n<\/div>\n<\/li>\n<li>\n<div>Preparation of the Subsidiary Books\n<\/div>\n<\/li>\n<li>\n<div>Transfer of the Totals of the Subsidiary books to the Ledger.\n<\/div>\n<\/li>\n<\/ul>\n<p>\u00a0<strong>NOTES<br \/>\n<\/strong>Subsidiary books are the books of prime entry (or books of original entry) into which transactions are first recorded in details before they are posted in totals into the Ledger.<\/p>\n<p>\u00a0Businesses use subsidiary books to record goods sold on credit, goods purchased on credit, sales returns, purchases returns etc. The subsidiary books are basically listing devices, which means that a lot of detail is removed from the ledger. It also means that bookkeeping can be divided between several people. The name book of original (or prime) entry has arisen because all transactions should be recorded in one of these books before they are entered in the ledger.<br \/>\nThe subsidiary books are: <\/p>\n<ol>\n<li>\n<div>Sales Journal\n<\/div>\n<\/li>\n<li>\n<div>Purchases Journal\n<\/div>\n<\/li>\n<li>\n<div>Returns Inwards Journal\n<\/div>\n<\/li>\n<li>\n<div>Returns Outwards Journal\n<\/div>\n<\/li>\n<li>\n<div>General Journal\n<\/div>\n<\/li>\n<li>\n<div>Cash Book\n<\/div>\n<\/li>\n<li>\n<div>Petty Cash Book\n<\/div>\n<\/li>\n<\/ol>\n<p>\u00a0<strong>Uses of the Subsidiary Books<br \/>\n<\/strong><\/p>\n<ol>\n<li>\n<div><strong>Sales Journal or Sales Day Book: <\/strong>This is used to record goods that are sold on credit to the customers of the business.\n<\/div>\n<\/li>\n<li>\n<div><strong>Purchases Journal or Purchases Day Book: <\/strong>This is used to record goods bought on credit from the suppliers\n<\/div>\n<\/li>\n<li>\n<div><strong>Return Inwards Journal or Returns Inwards Day Book:<\/strong> This is used to record goods returned by the customers to the business.\n<\/div>\n<\/li>\n<li>\n<div><strong>Returns Outwards Journal or Returns Outwards Day Book:<\/strong> This is used to record goods returned by the business to suppliers.\n<\/div>\n<\/li>\n<li>\n<div><strong>General Journal \/ Principal Journal \/ Journal Proper or The Journal:<\/strong> The general Journal has multiple uses.\n<\/div>\n<p>\u00a0<\/li>\n<\/ol>\n<p><strong>Uses of the General Journal<br \/>\n<\/strong><\/p>\n<ol>\n<li>\n<div>It is used to record opening entries.\n<\/div>\n<\/li>\n<li>\n<div>It is used to record closing entries.\n<\/div>\n<\/li>\n<li>\n<div>It is used to correct errors.\n<\/div>\n<\/li>\n<li>\n<div>It is used to record the purchase of fixed assets on credit.\n<\/div>\n<\/li>\n<li>\n<div>It is used to record the sale of fixed assets on credit.\n<\/div>\n<\/li>\n<li>\n<div>It is used to record one-off transactions.\n<\/div>\n<\/li>\n<li>\n<div>It is used to effect transfers of balances between ledgers.\n<\/div>\n<\/li>\n<li>\n<div>It is used to demonstrate the principle of double entry.\n<\/div>\n<\/li>\n<li>\n<div>It is used to record transactions that cannot be conveniently passed through any other subsidiary book.\n<\/div>\n<\/li>\n<li>\n<div>It is used to write off bad debts.\n<\/div>\n<\/li>\n<li>\n<div>It is used to record the purchase of business.\n<\/div>\n<\/li>\n<li>\n<div>It is used to record the issue, redemption and conversion of shares and debentures.\n<\/div>\n<\/li>\n<\/ol>\n<ol>\n<li>\n<div><strong>Cash book: <\/strong>This is a subsidiary book of account that is used to record the receipt and payment of money (cash or cheque) to or by a business organization. The cash book is part of the double entry system. It functions both as a ledger and a subsidiary book of account.\n<\/div>\n<\/li>\n<li>\n<div><strong>Petty Cash Book: <\/strong>This is the subsidiary book of account that is used to record the minor (low \u2013 value or petty) cash payments made by a business. Like the Cash Book, the Petty Cash Book is a subsidiary book and since it is part of the double entry system, it is also a ledger account.\n<\/div>\n<\/li>\n<\/ol>\n<p>\u00a0<strong>EVALUATION<br \/>\n<\/strong><\/p>\n<ol>\n<li>\n<div>What are books of prime entry?\n<\/div>\n<\/li>\n<li>\n<div>List eight uses of the General Journal.\n<\/div>\n<\/li>\n<\/ol>\n<p>\u00a0<strong>Illustration<br \/>\n<\/strong>K. Laolu, a trader undertook the following transactions in the month of April 2016.<br \/>\nApril 1 \u00a0\u00a0\u00a0\u00a0Started business with N25, 000 cash<br \/>\n&#8221;       2\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Put N18, 000 of the cash into a bank account<br \/>\n&#8221;        5\u00a0\u00a0\u00a0\u00a0Purchased from Co-operative Stores \u2013<br \/>\n15 drums of groundnut oil at N20, 400 each<br \/>\n12 bags of garri at N3, 500 each.<br \/>\nInvoice subject to 10% trade discount<br \/>\n&#8221;        8\u00a0\u00a0\u00a0\u00a0Sold to T. Okediran \u2013<br \/>\n8 drums of groundnut oil at N24, 000 each.<br \/>\nLess 5% trade discount,<br \/>\n4 bags of garri at N4, 250 each<br \/>\n200 yams at N450 each<br \/>\n&#8221;        9\u00a0\u00a0\u00a0\u00a0Returned to Co-operative Stores \u2013<br \/>\n3 drums of groundnut oil bought on 5<sup>th<\/sup> April, 2016.<br \/>\n&#8221;        10\u00a0\u00a0\u00a0\u00a0Bought from Oyesile &amp; Sons \u2013<br \/>\n650 yams at N380 each,<br \/>\n32 bags of onions at N12, 500 per bag,<br \/>\n60 bags of Dangote 50kg iodized salt at N3, 200 per bag.<br \/>\n&#8221;        12\u00a0\u00a0\u00a0\u00a0Paid Co-operative Stores N65, 700 cheque on account<br \/>\n&#8221;        15\u00a0\u00a0\u00a0\u00a0T. Okediran returned 3 drums of groundnut oil bought on the 8<sup>th<\/sup> of April, 2016.<br \/>\n&#8221;        18\u00a0\u00a0\u00a0\u00a0Sold 320 yams at N550 each for cash<br \/>\n&#8221;        19\u00a0\u00a0\u00a0\u00a0Bought from Ayodele &amp; Co \u2013<br \/>\n45 bags of onions at N12, 000 each,<br \/>\n50 cartons of Gino Tomato Paste at N14, 000 per carton,<br \/>\n20 drums of palm oil at N3, 800 per drum,<br \/>\nInvoice subject to 15% trade discount.<br \/>\n&#8221;         21\u00a0\u00a0\u00a0\u00a0Returned to Ayodele &amp; Co \u2013<br \/>\n8 cartons of Gino Tomato Paste and 5 drums of palm oil bought on the 19<sup>th<\/sup> April, 2016.<br \/>\n&#8221;         22\u00a0\u00a0\u00a0\u00a0Sold to Adjei Balama \u2013<br \/>\n16 drums of palm oil at N4, 500 per drum,<br \/>\n20 bags of onions at N14, 000 each,<br \/>\n120 yams at N600 each,<br \/>\nInvoice subject to 5% trade discount<br \/>\n&#8221;         25\u00a0\u00a0\u00a0\u00a0Paid sundry expenses N8, 400 by cheque<br \/>\n&#8221;         26\u00a0\u00a0\u00a0\u00a0Paid rent of shop N15, 000 cash<br \/>\n&#8221;         27\u00a0\u00a0\u00a0\u00a0Adjei Balama returned 5 drums of palm oil to us because they were damaged<br \/>\n&#8221;         29\u00a0\u00a0\u00a0\u00a0T. Okediran paid by cheque for all the sales made to him.<br \/>\n&#8221;         30\u00a0\u00a0\u00a0\u00a0Bought weighing machine from Standard Tools Ltd on credit N62, 000<\/p>\n<p>\u00a0You are required to record the above transactions in the appropriate books of original entry.<\/p>\n<p>\u00a0<br \/>\n\u00a0(a) \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<br \/>\n<strong>Cash Book<br \/>\n<\/strong><img decoding=\"async\" align=\"left\" src=\"https:\/\/ecolebooks.com\/nigeria\/wp-content\/uploads\/9jalessonsimages\/100223_0718_Week9and101.png\" alt=\"\"\/>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<strong>Cash\u00a0\u00a0\u00a0\u00a0Bank\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Cash\u00a0\u00a0\u00a0\u00a0Bank<br \/>\n<\/strong>2016\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0N\u00a0\u00a0\u00a0\u00a0N\u00a0\u00a0\u00a0\u00a02016\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0N\u00a0\u00a0\u00a0\u00a0N<br \/>\nApril 1Capital \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a025,000\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0April 2Bank \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0c18,000<br \/>\n&#8221;       2\u00a0\u00a0\u00a0\u00a0Cash\u00a0\u00a0\u00a0\u00a0c\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a018,000\u00a0\u00a0\u00a0\u00a0&#8220;12\u00a0\u00a0\u00a0\u00a0Co-operative stores \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a065, 700<br \/>\n&#8221;     18\u00a0\u00a0\u00a0\u00a0Sales\u00a0\u00a0\u00a0\u00a0176, 000\u00a0\u00a0\u00a0\u00a0 25    Sundry Expenses \u00a0\u00a0\u00a0\u00a08, 400<br \/>\n&#8221;     29\u00a0\u00a0\u00a0\u00a0      T, Okediran\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0221, 000&#8243;      26\u00a0\u00a0\u00a0\u00a0Rent\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a015, 000<br \/>\n<img decoding=\"async\" align=\"left\" src=\"https:\/\/ecolebooks.com\/nigeria\/wp-content\/uploads\/9jalessonsimages\/100223_0718_Week9and102.png\" alt=\"\"\/>\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&#8220;30    Balance                      c\/d 168,000  164, 900<br \/>\n<img decoding=\"async\" align=\"left\" src=\"https:\/\/ecolebooks.com\/nigeria\/wp-content\/uploads\/9jalessonsimages\/100223_0718_Week9and103.png\" alt=\"\"\/>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0201, 000  239, 000\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0201, 000  239, 000<\/p>\n<p>\u00a0May 1\u00a0\u00a0\u00a0\u00a0      Balance b\/d 168, 000   164, 900<\/p>\n<p>\u00a0<br \/>\n\u00a0<br \/>\n\u00a0<br \/>\n\u00a0<br \/>\n\u00a0<br \/>\n\u00a0<br \/>\n\u00a0<br \/>\n\u00a0<br \/>\n\u00a0<br \/>\n\u00a0<br \/>\n\u00a0<br \/>\n\u00a0<br \/>\n\u00a0<br \/>\n\u00a0<br \/>\n\u00a0<br \/>\n\u00a0(b)<br \/>\n<img decoding=\"async\" align=\"left\" src=\"https:\/\/ecolebooks.com\/nigeria\/wp-content\/uploads\/9jalessonsimages\/100223_0718_Week9and104.png\" alt=\"\"\/><strong>Purchases Journal<br \/>\n<\/strong><strong>Date\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Narration\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\u00a0Details\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Total<br \/>\n<\/strong>2016\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\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0N\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0N<br \/>\nApril 5 \u00a0\u00a0\u00a0\u00a0Co-operative stores \u2013<br \/>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a015 drums of groundnut oil at N20, 400 each \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0306, 000<br \/>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a012 bags of garri at N3, 500 each \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0  42, 000<br \/>\n<img decoding=\"async\" align=\"left\" src=\"https:\/\/ecolebooks.com\/nigeria\/wp-content\/uploads\/9jalessonsimages\/100223_0718_Week9and105.png\" alt=\"\"\/>\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\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0348, 000<br \/>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Less 10% trade discount \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0  34, 800\u00a0\u00a0\u00a0\u00a0313, 200<\/p>\n<p>\u00a0April 10\u00a0\u00a0\u00a0\u00a0Oyesile &amp; Sons \u2013<br \/>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0650 yams at N380 each\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0247, 000<br \/>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a032 bags of onions at N12, 500 per bag\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0400, 000<br \/>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a060 bags of Dangote 50kg iodized salt at N3, 200 per bag \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0192, 000\u00a0\u00a0\u00a0\u00a0839, 000<\/p>\n<p>\u00a0April 19\u00a0\u00a0\u00a0\u00a0Ayodele &amp; Co. \u2013<br \/>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a045 bags of onions at N12, 000 each \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0540, 000<br \/>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a050 cartons of Gino Tomato Paste at N14, 000 per carton \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0700, 000<br \/>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a020 drums of palm oil at N3, 800 per drum\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0  76, 000<br \/>\n\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\u00a0                    1, 316, 000<br \/>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Less 15% trade discount \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0197, 400      1, 118, 600<br \/>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<br \/>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Total Transferred to Purchases Account in the General Ledger\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0        2, 270, 800<\/p>\n<p>\u00a0(c)<br \/>\n<strong>Sales Journal<br \/>\n<\/strong><img decoding=\"async\" align=\"left\" src=\"https:\/\/ecolebooks.com\/nigeria\/wp-content\/uploads\/9jalessonsimages\/100223_0718_Week9and106.png\" alt=\"\"\/><strong>Date\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Narration\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\u00a0Details\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Total<br \/>\n<\/strong>2016\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\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0N\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0N<br \/>\nApril 8\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0T. Okediran<br \/>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a08 drums of groundnut oil at N24, 000 each \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0192, 000<br \/>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Less 5% trade discount\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a09, 600<br \/>\n\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\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0182, 400<br \/>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a04 bags of garri at N4, 250 each\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0  17, 000<br \/>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0200 yams at N450 each\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0  90, 000\u00a0\u00a0\u00a0\u00a0289, 400<\/p>\n<p>\u00a0April 22\u00a0\u00a0\u00a0\u00a0Adjei Balama &#8211;<br \/>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a016 drums of palm oil at N4, 500 per drum \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0  72, 000\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a020 bags of onions at N14, 000 each \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0280, 000<br \/>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0120 yams at N600 each\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0  72, 000<br \/>\n\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\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0424, 000<br \/>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Less 5% trade discount \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0  21, 200\u00a0\u00a0\u00a0\u00a0402, 800<br \/>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<br \/>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Total Transferred to Sales Account in the General Ledger\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0692,200<br \/>\n\u00a0\u00a0\u00a0\u00a0<\/p>\n<p>\u00a0(d)<br \/>\n<strong>Returns Outwards Journal<br \/>\n<\/strong><img decoding=\"async\" align=\"left\" src=\"https:\/\/ecolebooks.com\/nigeria\/wp-content\/uploads\/9jalessonsimages\/100223_0718_Week9and107.png\" alt=\"\"\/><strong><br \/>\n\t\t\t<\/strong><strong>Date\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Narration\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\u00a0Details\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Total<br \/>\n<\/strong>2016\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\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0N\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0N<br \/>\nApril 6\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Co-operative Stores &#8211;<br \/>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a03 drums of groundnut oil at N20, 400 each \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 61, 200<br \/>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Less 10% trade discount \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a06, 120\u00a0\u00a0\u00a0\u00a0 55, 080<br \/>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/p>\n<p>\u00a0April 21\u00a0\u00a0\u00a0\u00a0Ayodele &amp; Co.  &#8211;<br \/>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a08 Cartons of Gino Tomato Paste at N14, 000 per carton \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0112, 000\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a05 drums of palm oil at N3, 800 per drum \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0  19, 000<br \/>\n<img decoding=\"async\" align=\"left\" src=\"https:\/\/ecolebooks.com\/nigeria\/wp-content\/uploads\/9jalessonsimages\/100223_0718_Week9and108.png\" alt=\"\"\/>\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\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0131, 000<br \/>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Less 15% trade discount \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a019, 650\u00a0\u00a0\u00a0\u00a0111, 350<br \/>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<br \/>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Total Transferred to Returns Outwards Account in the \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0166, 430<br \/>\nGeneral Ledger\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/p>\n<p>\u00a0<br \/>\n\u00a0<br \/>\n\u00a0<br \/>\n\u00a0(e)<br \/>\n<strong>Returns Inwards Journal<br \/>\n<\/strong><br \/>\n\u00a0<img decoding=\"async\" align=\"left\" src=\"https:\/\/ecolebooks.com\/nigeria\/wp-content\/uploads\/9jalessonsimages\/100223_0718_Week9and109.png\" alt=\"\"\/><strong>Date\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Narration\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\u00a0Details\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Total<br \/>\n<\/strong>2016\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\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0N\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0N<br \/>\nApril 15\u00a0\u00a0\u00a0\u00a0T. Okediran \u2013<br \/>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a03 drums of groundnut oil at N24, 000 each   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a072, 000<br \/>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Less 5% trade discount \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a03, 600\u00a0\u00a0\u00a0\u00a068, 400<br \/>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/p>\n<p>\u00a0April 27\u00a0\u00a0\u00a0\u00a0Adjei Balama \u2013<br \/>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a05 drums of palm oil at N4, 500 per drum\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0  22, 500\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Less 5% trade discount\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01, 125\u00a0\u00a0\u00a0\u00a0 21, 375<br \/>\n\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\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<br \/>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Total Transferred to Returns Inwards Account in the \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 89, 775<br \/>\nGeneral Ledger\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/p>\n<p>\u00a0<br \/>\n\u00a0(f)<br \/>\n<strong>General Journal<br \/>\n<\/strong><br \/>\n\u00a0<img decoding=\"async\" align=\"left\" src=\"https:\/\/ecolebooks.com\/nigeria\/wp-content\/uploads\/9jalessonsimages\/100223_0718_Week9and1010.png\" alt=\"\"\/><strong>Date\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Narration\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\u00a0Dr\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Cr<br \/>\n<\/strong>2016\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\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0N\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0N<br \/>\nApril 30\u00a0\u00a0\u00a0\u00a0Equipment Account \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 62, 000<br \/>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Standard Tools Ltd\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\u00a0 62, 000<br \/>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Being cost of weighing machine bought on credit<br \/>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/p>\n<p>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<br \/>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/p>\n<p>\u00a0<br \/>\n\u00a0<br \/>\n\u00a0<br \/>\n\u00a0<strong>EVALUATION<br \/>\n<\/strong><\/p>\n<ol>\n<li>\n<div>List seven books of original entry.\n<\/div>\n<\/li>\n<li>\n<div>State the use of each of the following.\n<\/div>\n<p>(a) Sales Journal\u00a0\u00a0\u00a0\u00a0(b) Purchases Returns Journal (c) Petty Cash Book\n<\/li>\n<\/ol>\n<p>\u00a0<strong>GENERAL EVALUATION QUESTIONS<br \/>\n<\/strong><\/p>\n<ol>\n<li>\n<div>What are books of prime entry?\n<\/div>\n<\/li>\n<li>\n<div>List any seven books of prime entry.\n<\/div>\n<\/li>\n<li>\n<div>State ten uses of the General Journal.\n<\/div>\n<\/li>\n<li>\n<div>Explain the principle of double entry.\n<\/div>\n<\/li>\n<li>\n<div>What is a source document?\n<\/div>\n<\/li>\n<\/ol>\n<p>\u00a0<strong>WEEKEND ASSIGNMENT<br \/>\n<\/strong><\/p>\n<ol>\n<li>\n<div>Which of the following is entered in the general journal?    A. Purchase of good    B. Sales of goods on credit      C. Returns inwards      D. Acquisition of fixed assets\n<\/div>\n<\/li>\n<li>\n<div>Which of the following subsidiary books involves cash movement?   A. Sales Day Book\n<\/div>\n<p>B. Purchases Day Book     C. Returns Inwards Book    D. Petty Cash Book\n<\/li>\n<li>\n<div>Which of the following is an example of a subsidiary book?    A. Cash book    B. Bank statement     C. Trial balance      D. Suspense\n<\/div>\n<\/li>\n<li>\n<div>Which of the following is used to record the purchase of fixed asset on credit?    A. Sales journal     B. Purchases Journal    C. Journal proper    D. Cash book\n<\/div>\n<\/li>\n<li>\n<div>A sales journal is used to record    A. Cash sales    B. Credit sales    C. Sales expenses     D. Sales returns\n<\/div>\n<\/li>\n<\/ol>\n<p>\u00a0<strong>THEORY<br \/>\n<\/strong><\/p>\n<ol>\n<li>\n<div>State one advantage of sub-dividing the Journal into different classes.\n<\/div>\n<\/li>\n<li>\n<div>List ten books of account used in recording financial transitions of a business.\n<\/div>\n<\/li>\n<\/ol>\n","protected":false},"excerpt":{"rendered":"<p>\u00a0WEEK NINE AND TEN TOPIC: SUBSIDIARY BOOKS CONTENT Definition of Subsidiary Books Uses of the&#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-1916","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\/1916","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=1916"}],"version-history":[{"count":1,"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/posts\/1916\/revisions"}],"predecessor-version":[{"id":1917,"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/posts\/1916\/revisions\/1917"}],"wp:attachment":[{"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/media?parent=1916"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/categories?post=1916"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/tags?post=1916"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}