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SS1: FINANCIAL ACCOUNTING - 1ST TERM

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  1. Introduction to Booking Keeping and Accounting | Week 1
    9 Topics
    |
    1 Quiz
  2. Introduction to Books of Account | Week 2
    5 Topics
    |
    1 Quiz
  3. Subsidiary Books of Account I | Week 3
    4 Topics
    |
    1 Quiz
  4. Subsidiary Books of Account II | Week 4
    4 Topics
    |
    1 Quiz
  5. Principles of Double Entry Book Keeping | Week 5
    1 Topic
    |
    1 Quiz
  6. Cash Book | Week 6
    6 Topics
    |
    1 Quiz
  7. Petty Cash Book | Week 7
    1 Topic
    |
    1 Quiz



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A single column cash book is the book of original entry which is used to record all cash received and paid. It is usually a cash column or sometimes a bank column only.

Cash Account: This is the account which is used for recording money received and paid with cash only. The balance is referred to as “Cash in hand”. 

All cash received must be debited while cash paid will be credited to the cash account.

Bank Account: The bank account is a record of money deposited into the bank and money withdrawn from the bank. All cheques received must be debited while cheques issued out must be credited.

Format of Single Column Cash Book

Single Column Cash Book

Illustration:

Enter the following transaction in the cash account of Olaide.

July 1Cash in hand1500
July 3Cash to Okocha250
July 5Cash Sales500
July 6Cash Purchases750
July 7Bought Stationery   50
July 9Paid Insurance30
July 10Paid wages25
July 12Cash Sales115

Solution:

Screenshot 2022 07 21 at 21.34.20

Illustration:

Enter the following transactions in the bank account of Ogundele.

June 1Cash in bank2500
June 3Paid to Okocha by cheque650
June 5Sold goods and received cheque450
June 6Received cheque from Agali230
June 7Sent Cheque to Komolafe320
June 9Bought goods with cheque300

Solution:

Screenshot 2022 07 21 at 21.38.49

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