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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 I | 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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Subsidiary books are the books of “original or Prime entry” into which transactions are initially or first recorded before being transferred as posted to the ledger. The subsidiary books do not form part of the double-entry.

Uses of Books of Prime Entry

(i) The subsidiary books provide aids to memory

(ii) The total amount of sales and purchases can be readily ascertained

(iii) It helps in control account preparation

(iv) The total money owed to suppliers and customers can be easily ascertained

(v) It provides opportunity for monthly totals

(vi) They are used as books to make first entry of transaction

Classification of Subsidiary Books

The subsidiary books can be classified as follows:

(i) Sales Day Book or Sales Journal

(ii) Purchase Day Book or Purchase Journal

(iii) Return Inward Day Book or Journal

(iv) Return Outward Day Book or Journal

(v) Cash Book

(vi) General Journal

(vii) Petty Cash Book

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