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Topic: Book Keeping – Ledger Entries
PREVIEW
- Book keeping – Ledger Entries: ledger, meaning of ledger,
- Items on a ledger – date, particulars, folio, Discount – amount,
- How to record cash received/payments: discount received, discount allowed and contra entries
Full Content
Meaning of Ledger:
A ledger is the principal book of account where all accounting entries are recorded. It usually has numbered pages to enable it to be easily identified from other book of account. Each page is called a Folio, and the number in it is called Folio number. A Ledge is drawn as follows:
ITEMS ON A LEDGER/LEDGER ENTRIES
| DEBIT (DR)Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â CREDIT(CR) | |||||||||
| DATE | PARTICULARS | FOLIO | AMOUNT | DATE | PARTICULARS | FOLIO | AMOUNT | ||
| N | K | N | K | ||||||
| Â | Entries on the left side are DEBIT ENTRIES | Â | Â | Â | Entries on the right side are CREDIT ENTRIES | Â | Â
|
||
 Single Column Cash Book
The single Column Cash Book is drawn as follows:
ILLUSTRATION
Enter the following transaction in the single column cashbook of Mr Eze for the month of October 2016.
Oct 1 started business with # 4300 cash
Oct 8Â Â bought goods worth # 500
Oct 20Â sold goods for cash # 1800
Oct 28 paid rent for cash # 200
Oct 30 received a cash loan of # 4000 from S .Udo
Oct 30 paid cash of # 6300 to M , Akpan
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