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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Sales Day Book or Sales Journal
This is a book of original or Prime entries into which credit sales are recorded before posting to the ledgers. In the sales day book, cash transactions must not be recorded.
Note: The total of the sales day book will be transferred to the Credit side of the sales account in the general ledger and personal accounts will be debited.
Nature of the Account:
The sales day book shows the following: Date, Names of Customers, Invoice number, Folio, Details, and Total amount.
(i) Daily credit sales are entered in the book
(ii) Credit sales account ledger with total
(iii) Debit Customers ledger account
This is the allowance of the selling price or catalogue price of goods supplied. It is normally given by the manufacturers to the buyers.
Trade discount is a percentage deduction from the retail price of an article therefore, no entry for it should be made in the double-entry records.
Example for Trade Discount:
10 vehicles were purchased by Funke Car Hire Ltd with a 5% trade discount on the list price of $50,000 each.
Total List Price = 10 x 50,000 = $500,000
Total Discount = 5% of 500,000 = $25,000
Final Invoice Price after TD = $500,000 – $25,000 = $475,000