{"id":2290,"date":"2023-10-02T11:58:18","date_gmt":"2023-10-02T11:58:18","guid":{"rendered":"http:\/\/localhost\/ecole9ja\/?p=2290"},"modified":"2023-10-02T11:59:20","modified_gmt":"2023-10-02T11:59:20","slug":"week-3-ss1-second-term-book-keeping-notes","status":"publish","type":"post","link":"https:\/\/ecolebooks.com\/nigeria\/posts\/week-3-ss1-second-term-book-keeping-notes\/","title":{"rendered":"Week 3 – SS1 Second Term Book Keeping Notes"},"content":{"rendered":"

\u00a0WEEK THREE
\n<\/strong>CONTRA ENTRY
\n<\/strong>Contra is a latin word which shows that cash has been withdrawn from the office and deposited in the bank or withdrawals of cash from bank for office use.
\nIt is an entry involving the payment of cash into the bank and is denoted by “C” in the folio column.
\nIt may simply be defined as the transfer of an account to the identical side of another account.
\na.\u00a0\u00a0\u00a0\u00a0Payment of cash to bank.
\n<\/strong>When too much cash is in the office, the whole or part of it can be paid into the bank.
\n\u00a0\u00a0\u00a0\u00a0Effect\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Action Required
\n<\/strong>\u00a0\u00a0\u00a0\u00a0Cash balance is decreased\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Cr. Cash column
\nBank balance is increased\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Dr. Bank column
\nE.g: Jan. 1 cash balanced N300
\n Jan. 2 cash paid into the bank amounted to N710
\nDr\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Cash Book\u00a0\u00a0\u00a0\u00a0<\/strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Cr<\/p>\n

\n\n\n\n\n\n\n
Date<\/td>\nParticulars<\/td>\nFolio<\/td>\nCash<\/td>\nBank<\/td>\nDate<\/td>\nParticulars<\/td>\nFolio<\/td>\nCash<\/td>\nBank<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\nN<\/td>\nN<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\nN<\/td>\nN<\/td>\n<\/tr>\n
Jan. 1<\/td>\nCash<\/td>\nC<\/td>\n\u00a0<\/td>\n300<\/td>\nJan. 1<\/td>\nBank<\/td>\nC<\/td>\n300<\/td>\n\u00a0<\/td>\n<\/tr>\n
Jan. 2<\/td>\nCash<\/td>\nC<\/td>\n\u00a0<\/td>\n710<\/td>\nJan. 2<\/td>\nBank<\/td>\nC<\/td>\n710<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

\u00a0Note:<\/strong> “C” must be put on both sides to represent contra entry.<\/p>\n

\u00a0b.\u00a0\u00a0\u00a0\u00a0Withdrawals from bank for office use.
\n<\/strong>\u00a0\u00a0\u00a0\u00a0When there is no sufficient cash in the office to meet payments, cash can be withdrawn from bank. When this occurs, the effect and action will be started below.<\/p>\n

\u00a0
\n\u00a0\u00a0\u00a0\u00a0\u00a0Effect\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Action Required
\n<\/strong>\u00a0\u00a0\u00a0\u00a0Bank balance will decrease\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Cr. Bank column
\n\u00a0\u00a0\u00a0\u00a0Cash balance will increase\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Dr. Cash column
\n\u00a0\u00a0\u00a0\u00a0E.g: Jan. 4 withdrew cash N800 from bank for office use.
\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\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Cr<\/p>\n

\n\n\n\n\n\n
Date<\/td>\nParticulars<\/td>\nFolio<\/td>\nCash<\/td>\nBank<\/td>\nDate<\/td>\nParticulars<\/td>\nFolio<\/td>\nCash<\/td>\nBank<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\nN<\/td>\nN<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\nN<\/td>\nN<\/td>\n<\/tr>\n
Jan. 4<\/td>\nBank<\/td>\nC<\/td>\n800<\/td>\n\u00a0<\/td>\nJan. 4<\/td>\nCash<\/td>\nC<\/td>\n\u00a0<\/td>\n800<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

\u00a0\u00a0\u00a0\u00a0\u00a0<\/p>\n

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\n\t\t\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a0WEEK THREE CONTRA ENTRY Contra is a latin word which shows that cash has been…<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1,195],"tags":[],"class_list":["post-2290","post","type-post","status-publish","format-standard","hentry","category-posts","category-second-term-ss1-book-keeping"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/posts\/2290","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=2290"}],"version-history":[{"count":1,"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/posts\/2290\/revisions"}],"predecessor-version":[{"id":2291,"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/posts\/2290\/revisions\/2291"}],"wp:attachment":[{"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/media?parent=2290"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/categories?post=2290"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/tags?post=2290"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}