Lesson Note on the Journal Preparation For JSS3

The website has the complete lesson note for all the subjects in secondary school but this piece showcases the Lesson Note on the Journal Preparation For JSS3. You can use the website search button to filter out the subject of interest to you.

CLICK HERE to download the complete Document: DOWNLOAD HERE

Types of Journal

• Sales journal
• Purchase journal
• Returned outward journal
• Returned inward journal

 SALES JOURNAL: From the copy of sales, the seller enters its sales day book or sales journal. This book is a list in date order of each sales invoice showing the date, the name of the form to which the goods had been sold, the number of the invoice for reference purposes and the net amount of the invoice.

 PURCHASE JOURNAL: This is used to record purchases in an orderly manner. It is also called a purchase day book. The entries of credit purchases in the books following a similar pattern to that of credit sales. The amount of the invoice (after deducting trade discount if there is any) is listed in the purchases day book and the items are then posted to the credit of a personal account in the purchases ledger. The invoice will then be filed away for future reference.

At the end of the period, the total of the purchases day book will be transferred to the debit account in the general ledger.

Example: Enter the following items in the purchases journal:

Jan 1 purchases from   Dan   2,000

Jan 2 purchases from   Love  3,000

Jan 3 purchases from   Sam  4,000

Jan 10 purchases from Nat   5,000

Jan 15 purchases from  Pat   1,000

Date	Particulars		N                         Total
Jan 1 Jan 2 Jan 3 Jan 10 Jan 15	Dan Love Sam Nat Pat		2,000 3,000 4,000 5,000 1,000 15,000

Click on the Downloadable Button to get the FULL NOTE