Receipts and payments account: This is a statement of cash actually received and paid during a given period , Receipts being debited and payments credited .The receipts and payments account is a summary of the cash book FEATURES OF RECEIPTS AND PAYMENTS ACCOUNT 1.It is a real account 2. Balance represent cash in hand 3. […]
Tag: Grade 10 Book keeping
TRADING ACCOUNT: This is the account constructed for the purpose of finding the gross profit or loss of a business at a particular period. It is a revenue account and form part of the double entry system. TERMINOLOGIES: SALES: This represents the total cash and credit sales during the period .It is credited to trading […]
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Stock Valuation
Methods of stocks valuation are devices which aim to deal with some of the problems. W shall consider some of those commonly adopted. (I) FIRST-IN-FIRST OUT (FIFO) METHOD. This method assumes as the name indicates that items of stock were sold during the year in the order in which they were originally bought. Goods that […]
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The Three – Column Cash Book
This is similar to the two column cash book except that the discount column is added to both the debit side and the credit side. The debit side, it will be recalled, records receipts while the credit side records payments. The purpose of the discount column in the debit side is, therefore, to record discounts […]
There are two main classes of ledger accounts. These are i. Personal Accounts ii. Impersonal Account. Impersonal Accounts are sub-divided into two, namely real account and nominal account. (1) Personal Accounts: These are accounts in which transactions with persons and other businesses and organizations are recorded. Debtors and creditors’ accounts are typical examples. If the […]
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Classes Of Ledger
THE LEDGER This is the principal book in which accounts are kept. These accounts are usually referred to as ledger accounts. They are so called because each occupies a specific page a number of pages or a section of a page in the ledger. Note: A balance Sheet, on the other hand is not a […]
FIRST TERM SCHEME OF WORKS SUBJECT: BOOK-KEEPING CLASS: SS 2 1. Revision of 1st Term work 2. Classes of ledger State classes of ledger Identification of the column of a ledger 3. Classes of ledger Posting of transaction into a ledger Working exercise. 4. Three column cash book Explain the column cash book Identification of […]