{"id":520,"date":"2023-09-26T13:19:33","date_gmt":"2023-09-26T13:19:33","guid":{"rendered":"http:\/\/localhost\/ecole9ja\/?p=520"},"modified":"2023-09-26T14:25:23","modified_gmt":"2023-09-26T14:25:23","slug":"week-2-jss-1-third-term-business-studies-lesson-notes","status":"publish","type":"post","link":"https:\/\/ecolebooks.com\/nigeria\/posts\/week-2-jss-1-third-term-business-studies-lesson-notes\/","title":{"rendered":"Week 2 – Jss 1 Third Term Business Studies Lesson Notes"},"content":{"rendered":"

WEEK TWO
\n<\/strong>TOPIC: JOURNAL \/ DAY BOOK
\n<\/strong>Journal is a book of original entry which contains daily record of business transactions. Each record in the general or special journal.
\nJournal could be general or special journal
\n1. GENERAL JOURNAL<\/strong>: Is used to record all transactions (both sales and purchases). It contains date, amount to be credited, debited and description of goods. General journal is also called JOURNAL PROPER.
\nUSES OF GENERAL JOURNAL
\n<\/strong><\/p>\n

    \n
  1. \n
    It is used for opening and closing entries\n<\/div>\n<\/li>\n
  2. \n
    It is used to correct errors\n<\/div>\n<\/li>\n
  3. \n
    It is used to record purchases and sales of fixed asset\n<\/div>\n<\/li>\n
  4. \n
    It is used to record transfer between accounts.\n<\/div>\n<\/li>\n<\/ol>\n

    \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0General Journal<\/p>\n

    \n\n\n\n
    \"\"\/\"\"\/Date<\/td>\n\"\"\/Particulars<\/td>\n\"\"\/Folio<\/td>\n\"\"\/Dr<\/td>\n\"\"\/Cr<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

    \u00a0
    \n\u00a02. SPECIAL JOURNAL<\/strong>: Are used to record only one type of entry. They are:
    \nSales Journal \/ Sales day book
    \nPurchases Journal \/ Purchases day book
    \nReturn Inward Journal \/ Sales Returns
    \nReturn outward Journal \/ Purchases Returns
    \nSALES JOURNAL
    \n<\/strong>This is also known as sales day book. It is used to record all goods sold on credit i.e. sales made for the trading period on credit and it is usually totalled and posted to the credit of the Sales Account. E.g.
    \nMay 5\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Sold to Oluchi 5 bags of rice @ #1,000
    \nMay 10 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Sold to Shotunde T. 6 bags of salt @ #250 a bag.
    \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Sales Journal<\/p>\n

    \n\n\n\n\n
    Date<\/td>\nParticulars<\/td>\nFolio<\/td>\nInvoice No<\/td>\nAmount (# : K)<\/td>\n<\/tr>\n
    May 5<\/p>\n

    \u00a0
    \n\u00a0
    \n\u00a0May 10\n<\/td>\n

    		Oluchi:
    \n5 bags of rice @ #1,000a bag<\/p>\n

    \u00a0Shotunde T.
    \n6 bags of salt #250 a bag<\/p>\n

    \u00a0To Sales Account
    \nCR\n<\/td>\n

    		\u00a0<\/td>\n\u00a0<\/td>\n\n\u00a0
    \n\u00a05,000.00<\/p>\n

    \u00a0
    \n\u00a0
    \n\u00a01,500.00<\/p>\n

    \u00a0
    \n\u00a0#6,500.00\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

    \u00a03. RETURN INWARD JOURNAL
    \n<\/strong>This is also known as Sales returns. It is used to record all goods sold but are returned to the seller due to defect or substandard. The seller will issue a credit to the buyer. E.g.
    \nMay 7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Oluchi returned a bag of rice @ #1,000 a bag
    \nMay 12 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Shotunde T. returned 2 bags of salt @ #250 a bag
    \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Returned Inwards Journal
    \n<\/strong><\/p>\n

    \n\n\n\n\n
    Date<\/td>\nParticulars<\/td>\nFolio<\/td>\nInvoice No<\/td>\nAmount (# : K)<\/td>\n<\/tr>\n
    May 7<\/p>\n

    \u00a0
    \n\u00a0
    \n\u00a0May 12\n<\/td>\n

    		Oluchi:
    \nA bag of rice @ #1,000a bag<\/p>\n

    \u00a0Shotunde T.
    \n2 bags of salt #250 a bag<\/p>\n

    \u00a0To Return Inwards Journal
    \nDR<\/td>\n

    		\u00a0<\/td>\n\u00a0<\/td>\n\n\u00a0
    \n\u00a01,000.00<\/p>\n

    \u00a0
    \n\u00a0
    \n\u00a0500.00<\/p>\n

    \u00a0
    \n\u00a0
    \n\u00a0#1,500.00<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

    \u00a0EVALUATION
    \nDefine journal and explain 2 types of journal
    \nAssignment
    \n<\/strong>Write up Sales Journal for Mark Ventures June 10 sold to Afilaka . P. $ cartons of Chivita” N500 a carton
    \nJune is sold to Jeanta A. 7 cartons of Indomie @ N450 a carton.<\/p>\n","protected":false},"excerpt":{"rendered":"

    WEEK TWO TOPIC: JOURNAL \/ DAY BOOK Journal is a book of original entry which…<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1,81],"tags":[],"class_list":["post-520","post","type-post","status-publish","format-standard","hentry","category-posts","category-third-term-jss1-business-studies"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/posts\/520","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=520"}],"version-history":[{"count":1,"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/posts\/520\/revisions"}],"predecessor-version":[{"id":521,"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/posts\/520\/revisions\/521"}],"wp:attachment":[{"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/media?parent=520"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/categories?post=520"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/tags?post=520"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}