JSS2 Business Studies Lesson Note on Book Keeping – Ledger Entries

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Topic: Book Keeping – Ledger Entries

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1. Book keeping – Ledger Entries: ledger, meaning of ledger,
2. Items on a ledger – date, particulars, folio, Discount – amount,
3. How to record cash received/payments: discount received, discount allowed and contra entries

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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)                                                                                                         CREDIT(CR)
DATE	PARTICULARS	FOLIO	AMOUNT		DATE	PARTICULARS	FOLIO	AMOUNT
			N	K				N	K
	Entries on the left side are DEBIT ENTRIES					Entries on the right side are CREDIT ENTRIES

 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 8   bought goods worth # 500

Oct 20  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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