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SS1: FINANCIAL ACCOUNTING - 1ST TERM

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  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

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Topic Content:

  • Illustration – Return Outward Day Book

Illustration 4.4.1:

Enter the transaction below in the books of Jonathan:

Feb 5:Returned to Lopez:     
5 Rulers @ ₦50 each 
6 Big notes @ ₦70 each
Trade discount (2.5%)
Feb 18:Returned to Olisa:
6 Shoes @ ₦30 each
12 Shirts @ ₦20 each
Trade discount (5%)

Required:
(i) Prepare Return Outward day book
(ii) Post items to the ledger

Solution:

 

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