{"id":2704,"date":"2023-10-03T11:54:28","date_gmt":"2023-10-03T11:54:28","guid":{"rendered":"http:\/\/localhost\/ecole9ja\/?p=2704"},"modified":"2023-10-03T11:54:57","modified_gmt":"2023-10-03T11:54:57","slug":"all-weeks-ss1-third-term-book-keeping-notes","status":"publish","type":"post","link":"https:\/\/ecolebooks.com\/nigeria\/posts\/all-weeks-ss1-third-term-book-keeping-notes\/","title":{"rendered":"All Weeks – SS1 Third Term Book Keeping Notes"},"content":{"rendered":"

\t\t\tSS 1 OMEGA TERM BOOK- KEEPING
\n<\/strong>
\n\t\t\tSCHEME OF WORK
\n<\/strong>WEEK
\n<\/strong>1 Revision
\n2. Petty cash book<\/strong>
\n\t\t —Meaning of petty cash book
\n ___ Classification of columns
\n __posting of transaction
\n\t\t\t<\/strong>3. Trial balance and correction of errors
\n<\/strong> Meaning of trial balance
\n Functions of trial balance
\n Extraction of balance from ledger to trial balance
\n4. Trial balance and correction of error<\/strong>
\n\t\t —Rules for posting balances from ledger to trial balance
\n __preparation of<\/strong> trial balance
\n5 . Trial balance and correction of errors<\/strong>
\n\t\t Meaning of errors
\n Types of errors
\n Errors affecting Trial balance
\n Errors that do not affect trial balance
\n6. Trial Balance and correction of errors<\/strong>
\n\t\t Correction of errors through the use of suspense account
\n7. Trading Account<\/strong>
\n\t\t __ Definition of trading account
\n __ description of cost of goods sold
\n __dtermining gross profit
\n8. Trading account<\/strong>
\n\t\t __preparation of a simple trading account
\n9. ___profit and loss Account
\n __purpose of profit and loss account
\n __ determining net sales and net profit
\n Rules for preparing profit and loss account
\n10 balance sheet<\/strong>
\n\t\t __ explain balance sheet
\n ___ balance sheet content
\n __ Users of balance sheet
\n ___preparation of simple balance sheet<\/p>\n

\u00a011 revision
\n12 exam<\/p>\n

\u00a0
\n\u00a0
\n\t\t\tPETTY CASH BOOK
\n<\/strong>MEANING:
\n<\/strong>IMPREST SYSTEM <\/strong>: This is a system for recording petty cash transactions, which are paid out of a cash float.The system is set up by giving a specified sum known as cash float <\/strong>to the
\n\t\t\t<\/strong>cashier in order to cover petty expenses during the period.
\nPETTY CASH BOOK<\/strong>: This is the book of original or prime entry which is used for recording small disbursements or expenses e.g. postages, stationery, transport etc. it is part of the double entry system. The source documents are invoices, receipts, and vouchers
\n<\/strong>PROCEDURES OF PETTY CASH BOOK:
\n<\/strong>1. <\/strong>Amount of float from the main cash book
\nCR; CASH BOOK
\nDR : PETTY CASH BOOK<\/p>\n

\u00a02. RULING OF PETTY CASH BOOK
\nCredit side is wider than debit side
\nCredit side :Analysis columns :Debit side : Receipt side
\n3. Payment for expenses
\n Credit Petty cash with payment under related expenses (analysis column)
\n<\/strong>4. Total of analysis columns<\/strong>: Analysis columns totaled are transferred to the debit of nominal
\n Ledgers
\n5.Re-imbursement of petty cash
\nThe petty cash cashier will be re-imbursed at interval to bring the amount back to the formal amount
\n\"\"\/\"\"\/\"\"\/\"\"\/LAYOUT OF PETTY CASH BOOK
\n\"\"\/\"\"\/\"\"\/\"\"\/\"\"\/\"\"\/\"\"\/\"\"\/receipt f date details v.no total postage cleaning trans.exp med exp ledge
\n # # # # # # #
\n700 cb july1 bal b\/d
\n ” 2 cleaning 15 15
\n ” 3 Bola 70 70
\n ” 5 postage 30 30
\n ” 7 transport 40 40
\n ” 8 cleaning 20 20
\n ” 9 med expense 55 55
\n ” 10 petrol 15 15
\n ___________________________________________
\n 245 30 35 55 55 70
\n _________________________________
\n245 cb ” 31 cash balc\/d 700
\n\"\"\/\"\"\/\"\"\/\"\"\/\"\"\/\"\"\/
\n\t\t\"\"\/_____ ______
\n945 945
\n-_____ _____
\n 700 Aug 1 bal b\/d<\/p>\n

\u00a0
\n\u00a0
\n\u00a0TRIAL BALANCE AND CORRECTION OF ERRORS
\nMEANING OF TRIAL BALANCE
\nTrial balance is a statement showing list of balances in a double entry form extracted from the ledgers to test the arithmetical accuracy of the accounts
\nLAYOUT OF TRIAL BALANCE<\/p>\n

\u00a0\"\"\/
\n\t\t\"\"\/\"\"\/ DR # CR#
\nCapital x
\nFurniture and fittings x
\nLand and building x
\nStock x
\nCash at bank x
\nCreditors x
\nLoan x
\nProvision for doubtful debts x
\nBad debts x
\nInsurance x
\nRates x
\n\"\"\/\"\"\/Sundry expenses x
\nPremises x
\nSales x
\nReturns inwards x
\nReturns outwards x
\nPurchases x
\nDiscount allowed x
\nTelephone x
\nDiscount received x
\nLighting x
\nStationery x
\nMotor expenses x
\nDrawings x
\nCarriage inwards x
\n\"\"\/\"\"\/Salaries & wages x
\nBank overdraft x
\nCarriage outwards x
\nAccumulated depreciation:land&building x
\nEquipment x
\nEquipment at cost x
\nRent receivable x
\nBills payable x
\nBills receivable x
\nDebtors x
\nPlant& machinery x
\nDelivery expenses x
\nOffice expenses x
\n\"\"\/\"\"\/ Travelling expenses x
\nPetty cash x
\nRepairs x
\nLoan interest x
\n ________________
\n Xx xx
\n ______________<\/p>\n

\u00a0
\n\u00a0
\n\u00a0
\n\u00a0\"\"\/ DIFFERENCES BETWEEN TRIAL BALANCE AND BALANCE SHEET
\n1. Trial balance shows list of ledger balances WHILE Balance Sheet is a statement showing assets and liabilities
\n2. Trial balance is prepared to prove the arithmetical accuracy of the ledger accounts WHILE BALANCE SHEET is prepared to show the financial position of a business at a point in time
\n3. In the trial balance , items are classified into debit and credit WHILE in the balance sheet items are classified into assets and liabilities
\n4. Trial balance preparation is at the discretion of the business WHILE balance sheet preparation and presentation is a legal obligation in any business
\n5. Trial balance is used for the preparation of final accounts for which the balance sheet is a part. WHILE BALANCE SHEET is prepared with the balances left after the preparation of the trading profit and loss account
\nPURPOSE OF TRIAL BALANCE
\n1. Provide a comprehensive lists of all accounts therefore it saves time
\n2. To show the arithmetical accuracy of the entries in the ledgers
\n3. Provide data for the preparation of Trading , profit and loss and balance sheet
\nRULES OF TRIAL BALANCE
\n In preparing the trial balance ,the rules below must be followed by the students.<\/p>\n

\u00a0
\n\u00a0 TRIAL BALANCE
\n\"\"\/
\n\t\t\t
\n\t\t\t<\/strong>
\n\u00a0\"\"\/
\n\t\t\t
\n\t\t\t<\/strong>\"\"\/\"\"\/\"\"\/
\n\t\t\"\"\/
\n\t\t\"\"\/ CREDIT LIABILITIES CREDIT INCOME\/GAIN DEBIT <\/p>\n

\u00a0 EXPENSES
\n DEBIT ASSETS <\/p>\n

\u00a0BALANCING OF LEDGER ACCOUNTS
\nBefore the preparation of trial balance ,all ledgers should be posted ,added and balanced off. In balancing the accounts, the following procedures should be followed.
\nProcedures for balancing the ledgers
\n1 post all debit items
\n2. Add all the items on the debit side
\n3. Post all credit items.
\n4.Add all the items on the credit sides
\n5. Compare the two totals.
\n6. If the debit side is greater ,insert the difference on the credit side.
\n7. If the credit side is greater , insert the difference on the debit side<\/p>\n

\u00a0
\n\u00a0
\n\u00a0
\n\u00a0Illustration:Mr Odili has the following transactions for the month of June 1999
\nCash purchases 3000
\nCash sales 10000
\nPaid wages by cash 200
\nPaid insurance cash 800
\nSettled Olu by cash 300
\nYou are required to record the transactions,balance off and prepare a trial balance<\/p>\n

\u00a0SOLUTION:
\n DR CASH ACCOUNT CR
\n\"\"\/\"\"\/
\n\t\t # #
\nSALES 10000 Purchases 3000<\/p>\n

\u00a0 Insurance 800
\n Olu 300
\n Bal c\/d 5700
\n _______ _____
\n 10000 10000
\n _____ ____
\nBal b\/d 5700 <\/p>\n

\u00a0
\n\u00a0
\n\u00a0Note: the items on the debit side exceed the items on the credit side by #5700.Insert the difference on the credit side as balance C\/D so that the totals may be equal .In the next accounting period,#5700 will be balance brought down (balance b\/d).<\/p>\n

\u00a0Ledger entries:
\n\"\"\/\"\"\/ DR Sales account CR
\n # #
\n BAL C\/D 10000 CASH 10000
\n ____ ____
\n Bal b\/d 10000<\/p>\n

\u00a0 DR Purchases account CR
\n\"\"\/\"\"\/
\n\t\t # #
\n CASH 3000 BAL C\/D 3000
\n ___ ___
\n BAL B\/D 3000<\/p>\n

\u00a0\"\"\/\"\"\/ DR\u00a0\u00a0\u00a0\u00a0 WAGES ACCOUNT CR
\n # #
\n CASH 200 BAL C\/D 200
\n __ ___
\n BAL B\/D 200
\n\"\"\/\"\"\/
\n\t\t DR INSURANCE ACCOUNT CR
\n # #
\nCash 800 bal c\/d 800
\n ____ ___
\nBal b\/d 800<\/p>\n

\u00a0
\n\u00a0\"\"\/\"\"\/ DR OLU ACCOUNT CR
\n # #
\nCASH 300 BAL C\/D 300<\/p>\n

\u00a0
\n\u00a0
\n\u00a0
\n\u00a0Note:All the ledger accounts have been balanced and the balances brought .The trial balance will now be prepared by following the rules enumerated above<\/p>\n

\u00a0 particular Trial balance DR CR
\n\"\"\/\"\"\/\"\"\/
\n\t\t # #
\nCASH 5700
\nSALES 10000
\nPURCHASES 3000
\nWAGES 200
\nINSURANCE 800
\n OLU 300
\n ________ ______
\n 10000 1000
\n ______ _______
\nEVALUATION<\/strong>:
\n1.State four differences between a balance sheet and a trial balance
\n2. State three functions of a trial balance<\/p>\n

\u00a0
\n\u00a0ASSIGNMENT<\/strong>: Take assignment from simplified and amplified book-keeping and accounting revision question 3 page 101<\/p>\n

\u00a0TRIAL BALANCE ERRORS OR UNDISCLOSED ERRORS
\n<\/strong>1. Errors of original entry<\/strong>: This error occurs when a wrong amount is entered on the debit and credit sides e.g sales of #95 to Ayo entered in the accounts as #59.
\n2. Error of omission<\/strong>; Error of omission occurs when a transaction is totally omitted from the debit and credit sides of the account
\n3. Error of commission<\/strong>: This error occurs when a transaction is entered in a wrong person’s account e.g purchase of goods #70 from Bada entered in Dada ‘s account
\n4 Error of principle:<\/strong> Error of principle occurs when transactions are entered in a wrong class of accounts
\n\t\t\t<\/strong> 5. Compensating Errors<\/strong>: This occurs when errors of the same amount are posted to the two sides of the of the ledger, therefore they cancelled out each other.
\n 6. Complete reversal of entry: This occurs when the double entry for a transaction is reversed. The account to be debited has been credited and the account that ought to be credited is debited<\/p>\n

\u00a0Illustration:
\n<\/strong>Show the journal entries necessary to correct the following errors
\n1. Sales of motor van #800 had been entered in the sales account
\n2. Purchase of goods from Akano #720 was completely omitted from the account.
\n3. Goods of #230 returned by Ajayi has been entered in Ajala account
\n4. Sales were overcast by #950 as also were motor expenses .
\n5. Cash paid to James #1500 was entered on the credit side of his account and debited to cash account
\n6. Purchase of goods from Olaiya #290 has been entered in the accounts as #920
\n7. Payment of cash #320 to Abiodun has been entered twice in the two accounts<\/p>\n

\u00a0
\n\u00a0 JOURNAL DR CR
\n\"\"\/\"\"\/\"\"\/ # #
\n a. sales account 800
\n motor van account 800
\n Sales of motor van entered in sales a\/c now corrected
\n b. Purchases account 720
\n Akano account 720
\n Purchases of goods from Akano omitted now corrected
\n c. Ajayi account 230
\n Ajala account 230
\n Goods returned by Ajayi mistakenly entered in Ajala now
\nCorrected
\n d. Sales account 950
\n motor expenses account 950
\ncorrection of overcast of sales and motor expenses
\ne. James account 3000
\n cash account 3000
\nPayment of cash to James mistakenly reversed now corrected
\nf. Olaiya account 630
\npurchases account 630
\nCorrection of error of wrong amount
\ng. Abiodun account 320
\n cash account 320
\nrecoding of a transaction twice in the accounts now corrected<\/p>\n

\u00a0
\n\u00a0
\n\u00a0
\n\u00a0ERRORS THAT WILL AFFECT THE AGREEMNENT OF THE TRIAL BALANCE
\nThe following errors will affect the totals of the trial balance, hence they will be adjusted by means of entry in the suspense account.
\n1. One sided omission
\n2. Misposting of figures to the account
\n3. Errors in transfer of totals of subsidiary book
\n4. Two entries on the same side
\n5. Undercasting and overcasting of balances
\nPROCESSES INVOLVED IN CORRECTION OF ERRORS
\n1.Identification of error
\n2. Illustration of errors in the ledgers
\n3. correction
\n4 posting to the journal
\n5 .preparation of suspense account
\nERRORS EXPLAINED
\n1. One sided omission:this occurs when there is an omission in one of the two accounts e.g payment of rent #170 cash was entered in the cash book but not in the rent account
\n2. MISPOSTING OF FIGURES TO THE ACCOUNT:This error occurs when an item was recorded on the debit side with figures different from the figures recorded on the credit side . e.g Sales of goods #209 was credited in sales account and debited in cash account as #902
\n3. ERRORS IN TRANSFER OF TOTALS OF OF SUBSIDIARY BOOKS:Errors can occur when transferring the totals of the subsidiary books to the ledgers e.g A sales of goods to Okoro had been correctly recorded in the sales day book as #240 but had been debited to his account as #24
\n4. TWO ENTRIES ON THE SAME SIDE: Two entries can be made on one side of the account and one entry on other account e.g sales of goods #300 cash was debited twice to the cash account<\/p>\n

\u00a0
\n\u00a0
\n\u00a05.TRIAL BALANCE ERRORS:The trial balance error can occur in the trial balance as follows
\na. Trial balance can be incorrectly totaled.
\nb. An item can omitted from the trial balance.e.g.The petty cash book balance of #100 was omitted from the trial balance.
\nIllustration:The trial balance of Fashola ltd as at 31st<\/sup> Dec 2000 failed to agree. The difference of #500 was credited to a suspense account .Further investigation revealed the following errors
\nA.Returns inwards book was overstated by #100
\nb. purchases day book was undercast by #300
\nc. The closing balance of the cash book had a debit of #2000 instead of #2100
\nd. Credit sales of #250 to Olembe was credited to his personal account.
\ne. An amount of #500 received from Kunle has not been posted to the cash book.
\nf. Discount received and allowed of #250 and #100 had not been posted to the cash book.
\ng. Goods worth #600 returned to a supplier were entered in his personal account as #1050.
\nYou are required to :
\n1. Journalize the errors
\n2. Write up the suspense account
\nSOLUTION:<\/p>\n

\u00a0\"\"\/ jOURNAL <\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
DR # CR #<\/td>\n<\/tr>\n
A. <\/strong>Returns inwards account 100<\/td>\n<\/tr>\n
Suspense account 100<\/td>\n<\/tr>\n
Correction of overcast of returns inwards<\/td>\n<\/tr>\n
b. Purchases account 300<\/td>\n<\/tr>\n
Suspense account 300<\/td>\n<\/tr>\n
Overcast of purchases by #300 now corrected<\/td>\n<\/tr>\n
\n\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t<\/strong>\u00a0<\/td>\n<\/tr>\n
cash account 100<\/td>\n<\/tr>\n
Suspense account 100<\/td>\n<\/tr>\n
Correction of misposting of figures to the account<\/td>\n<\/tr>\n
d. Olembe account 500<\/td>\n<\/tr>\n
Suspense account 500<\/td>\n<\/tr>\n
Correction of reversal of entry in Olembe account<\/td>\n<\/tr>\n
e. Kunle account 500<\/td>\n<\/tr>\n
suspense account 500<\/td>\n<\/tr>\n
Correction of omission of #500 from Kunle account<\/td>\n<\/tr>\n
f. Discount received account 250<\/td>\n<\/tr>\n
suspense account 250<\/td>\n<\/tr>\n
correction of omission of discount received from the cash book<\/td>\n<\/tr>\n
Discount allowed account 100<\/td>\n<\/tr>\n
Suspense account 100<\/td>\n<\/tr>\n
Correction omission of discount allowed from the cash book<\/td>\n<\/tr>\n
Supplier account 450<\/td>\n<\/tr>\n
Suspense account 450<\/td>\n<\/tr>\n
Correction of misposting of figures to the account<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

\u00a0
\n\u00a0
\n\u00a0Note:c:The balance should be #2000 instead of #2100 therefore (#2100-#2000)=#100 must be credited to cash book in order to reduce the balance therein
\n D:since the entry has been reversed the amount should be multiplied by 2 i.e#250×2=#500
\ng. The value of goods returned was #600 but #1050 was debited to the supplier account .In order to correct the account ,#450( #1050-#600)
\nmust be credited to the supplier<\/p>\n

\u00a0<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n
DR suspense account CR<\/td>\n<\/tr>\n
Returns inwards 100 bal b\/f 500<\/td>\n<\/tr>\n
Cash book 100 purchases 300<\/td>\n<\/tr>\n
Kunle 500 Olembe 500<\/td>\n<\/tr>\n
Discount received 250 discount allowed 100<\/td>\n<\/tr>\n
____ _____<\/td>\n<\/tr>\n
1400 1400<\/td>\n<\/tr>\n
___ ____<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

EVALUATION;Mention four disclosed errors and briefly explain
\nASSIGNMENT :Take assignment from simplified and amplified book- keeping and accounting revision question2 and 3 page 150<\/p>\n

\u00a0 TRADING PROFIT AND LOSS ACCOUNT AND BALANCE SHEET(FINAL ACCOUNT)
\nThe final account is a statement that details the financial transactions of an organization covering a period of time, usually a year.
\nThe final accounts of a sole trader comprise the following
\n1. Trading account
\n2. Profit and loss account
\n3. balance sheet<\/p>\n

\u00a0DEFINITION OF TERMS AS USED IN FINAL ACCOUNTS OF A SOLE TRADER
\n<\/strong>Trading Account<\/strong>: This is an account prepared to disclose gross profit . Gross profit is the profit on the activities of buying and selling goods.It could also be describe as the excess of revenue over cost of goods sold .
\nProfit and loss account<\/strong>: This is the account that discloses the net profit or net loss of an organization. All revenue expenditure are deducted from the gross profit to know if the organization is making profit or not.
\nBalance Sheet<\/strong>: A balance sheet is a list of the assets and liabilities of a business at a particular date .It shows the position of a business at a particular period of time
\nPurchases<\/strong> :These are goods bought with an intention of reselling .Only items bought for resale are debited to the trading account as purchases and those items bought for usage in the business are debited as assets
\nSales<\/strong>: Sales is the term used for the goods that are bought for resale in the business.Items bought for usage but later sold are referred to as disposal.The difference between the sales and the sales return is the turnover of the business.
\nOpening\/ closing stock<\/strong>: The stock of goods available for sale at the beginning of an accounting period is referred to as opening stock while the stock of goods at the end of an accounting period is the closing stock
\nReturn inward\/ outward<\/strong>: Return inward is used to describe goods returned to an organization by a customer while goods returned by an organization to the supplier are returned outward. Returns outward is deducted from purchases while return inward is deducted from sales
\nCarriage Inward\/Outward: Carriage inward is the term used to describe the cost of transportating goods to the organization .It is usually added to the cost of purchases. Carriage outward on the other hand , is the term used to describe cost of transporting goods to the customers . This is also called carriage on sales and it is deducted as an expense.
\nCost of goods available for sale
\nThis is the total amount of goods available for sale in a particular period . It is arrived at after adding purchases to the cost of opening stock.
\nCost of goods sold or cost of sale:
\nThis is the amount that arrives while cost of closing stock is deducted from the cost of goods available for sale.
\nGoods Withdrawn
\nIt is also known as drawings .It is the cost of goods taken by the owner of a business for private use
\nGross Profit:This is the profit on sales of goods before the expenses are deducted
\nNet Profit :This is the trader ‘s income after deducting all expenses for a particular period of time .When the expenses are higher than the revenue or income then we have net loss.
\n PREPARATION OF FINAL ACCOUNT OF A SOLE TRADER
\nThe following are the steps involved in the preparation of final account of a sole trader:
\nSTEP1; Balance all ledger accounts and prepare a trial balance at the date to which the trading and profit and loss account is to be prepared
\nSTEP2 :Prepare the trading account .The balances on the sales ,sales return ,purchases and purchases return are transferred to the trading account through journal entries
\nSTEP3. The profit and loss account follows the trading account without a break and they share common headings .All expenses included in the trial balance are deducted from the the gross profit to arrive at the net profit or loss
\nSTEP4: Prepare a balance sheet by listing and grouping the assets and liabilities of the business under the fixed assets current assets current liabilities long term liabilities and capital<\/p>\n

\u00a0
\n\u00a0LAYOUT OF BALANCE SHEET
\nT. FORMAT OF BALANCE SHEET
\n BALANCE SHEET AS AT 31ST<\/sup> DEC. 2000<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\u00a0<\/td>\n<\/tr>\n
# #<\/td>\n<\/tr>\n
Capital xx fixed assets:<\/td>\n<\/tr>\n
Add net profit x land and building x<\/td>\n<\/tr>\n
___-_ plant and machinery x<\/td>\n<\/tr>\n
Xx premises x<\/td>\n<\/tr>\n
Less cash or goods drawing x equipment x<\/td>\n<\/tr>\n
___ motor van x<\/td>\n<\/tr>\n
X fixtures and fittings x<\/td>\n<\/tr>\n
___ xx<\/td>\n<\/tr>\n
Long term liabilities<\/td>\n<\/tr>\n
% debenture x<\/td>\n<\/tr>\n
Bond x<\/td>\n<\/tr>\n
\n\t\t\t\t\t\t\t\t\u00a0<\/td>\n<\/tr>\n
Current liabilities<\/td>\n<\/tr>\n
Loan x investment x<\/td>\n<\/tr>\n
Creditors x current assets<\/td>\n<\/tr>\n
Bank overdraft x stock x<\/td>\n<\/tr>\n
___ x debtor x<\/td>\n<\/tr>\n
Bank x<\/td>\n<\/tr>\n
Cash in hand x<\/td>\n<\/tr>\n
_____ ___<\/td>\n<\/tr>\n
Xx xx<\/td>\n<\/tr>\n
_____ ___<\/td>\n<\/tr>\n
\n\t\t\t\t\t\t\t\t\u00a0<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

\u00a0
\n\u00a0EVALUATION:Differentiate between assets and liabilities with examples
\nASSIGNMENT:The following balances were extracted from the books of Bose Adetoro enterprises as at 31st<\/sup> Dec. 1983<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n
Capital 335955<\/td>\n<\/tr>\n
Drawings 110420<\/td>\n<\/tr>\n
Cash at bank 129000<\/td>\n<\/tr>\n
Debtors 112300<\/td>\n<\/tr>\n
Creditors 301065<\/td>\n<\/tr>\n
Land and building 150000<\/td>\n<\/tr>\n
Furniture 140000<\/td>\n<\/tr>\n
Machinery 160000<\/td>\n<\/tr>\n
Stock at close 121560<\/td>\n<\/tr>\n
Net profit for the year 286260<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

You are required to prepare the balance sheet as at 31st<\/sup> dec.1883 <\/p>\n

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

SS 1 OMEGA TERM BOOK- KEEPING SCHEME OF WORK WEEK 1 Revision 2. Petty cash…<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1,222],"tags":[],"class_list":["post-2704","post","type-post","status-publish","format-standard","hentry","category-posts","category-third-term-ss1-book-keeping"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/posts\/2704","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=2704"}],"version-history":[{"count":1,"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/posts\/2704\/revisions"}],"predecessor-version":[{"id":2705,"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/posts\/2704\/revisions\/2705"}],"wp:attachment":[{"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/media?parent=2704"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/categories?post=2704"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/tags?post=2704"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}