SS1: FINANCIAL ACCOUNTING - 1ST TERM
Introduction to Booking Keeping and Accounting | Week 19 Topics|1 Quiz
Introduction to Booking Keeping and Accounting
Introduction to History of Accounting in Nigeria
Professional Bodies in Accounting
Benefits of Accounting to the Profession & Society
Regulatory Bodies that Checkmate Unethical Practices
Determine Debtors and Creditors
- Introduction to Booking Keeping and Accounting
Introduction to Books of Account | Week 25 Topics|1 Quiz
Subsidiary Books of Account I | Week 34 Topics|1 Quiz
Subsidiary Books of Account II | Week 44 Topics|1 Quiz
Principles of Double Entry Book Keeping | Week 51 Topic|1 Quiz
Cash Book | Week 66 Topics|1 Quiz
Petty Cash Book | Week 71 Topic|1 Quiz
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Single Column Cash Book
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Bank Account: The bank account is a record of money deposited into the bank and money withdrawn from the bank.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
Enter the following transaction in the cash account of Olaide.
|July 1||Cash in hand||1500|
|July 3||Cash to Okocha||250|
|July 5||Cash Sales||500|
|July 6||Cash Purchases||750|
|July 7||Bought Stationery||50|
|July 9||Paid Insurance||30|
|July 10||Paid wages||25|
|July 12||Cash Sales||115|
Enter the following transactions in the bank account of Ogundele.
|June 1||Cash in bank||2500|
|June 3||Paid to Okocha by cheque||650|
|June 5||Sold goods and received cheque||450|
|June 6||Received cheque from Agali||230|
|June 7||Sent Cheque to Komolafe||320|
|June 9||Bought goods with cheque||300|