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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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This is a book of original or Prime entry into which credit sales are recorded before posting to the ledgers. In the sales day book, Cash transactions must not be recorded.

Note: Total of sales day book will be transferred to the Credit side of sales account in the general ledger and personal account 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.

Procedures

(i) Daily Credit Sales are entered in the book

(ii) Credit Sales account ledger with total

(iii) Debit Customers ledger account

Trade Discount

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.

Format of Sales Day Book

Format of Sales Day Book
Screen Shot 2021 01 11 at 5.17.13 PM
Screen Shot 2021 01 11 at 5.17.28 PM

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