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JSS3: AGRICULTURAL SCIENCE - 1ST TERM

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Bookkeeping is the process of recording, analyzing, and interpreting the financial transaction of a business in agriculture. The transaction includes purchases, sales, receipts, and payments by an individual person or an organization/cooperation.

There are two types of book keeping, which includes:

  • Single – entry book keeping
  • Double – entry book keeping

(a) Single Entry Book Keeping: This uses only income and expense accounts, recorded primarily in a revenue and expense journal. It is adequate for small businesses. The major record kept in the single-entry bookkeeping is the cash book.

(b) Double Entry Book Keeping: This requires posting or recording each transaction twice, using debits and credits. Therefore, every debit entry has a corresponding credit entry, and this serves as a kind of error detection system.

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