Back to Course

SS1: FINANCIAL ACCOUNTING - 1ST TERM

0% Complete
0/0 Steps
  1. Introduction to Booking Keeping and Accounting | Week 1
    11 Topics
    |
    1 Quiz
  2. Introduction to Books of Account | Week 2
    6 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
  • excellence
  • Follow

Lesson Progress
0% Complete

Topic Content:

  • Illustration – Purchase Day Book

Illustration 4.2.1:

Enter the Transactions below in the books of Jonathan:

Feb 1:Bought goods on Credit from Lopez:     
20 Rulers @ ₦50 each
26 Big notes @ ₦70 to each
Less: \(\scriptsize 2 \frac{1}{2} \%\) or (2.5%) Trade discount.
Feb 14:Purchased goods on Credit from Olisa:       
25 Shoes @ ₦30 each
24 Shirts @ ₦20 each
Less 5% discount

Required:
(i) Prepare the Purchase Day book
(ii) Post the items to the ledger.

Solution:

 

You are viewing an excerpt of this Topic. Subscribe Now to get Full Access to ALL this Subject's Topics and Quizzes for this Term!

Click on the button "Subscribe Now" below for Full Access!

Subscribe Now

Note: If you have Already Subscribed and you are seeing this message, it means you are logged out. Please Log In using the Login Button Below to Carry on Studying!

Subscribe
Notify of
guest
1 Comment
Oldest
Newest
Inline Feedbacks
View all comments
Grace
Grace
1 year ago

Great illustration,it really helped me.

1
0
Would love your thoughts, please comment.x
()
x