REVISION OF FINANCIAL ACCOUNT 101 CONTD.
Hey Guys, It’s a New Day to learn and have fun. The
Easter Period is really in the ear and I hope you all have great plans to enjoy
this holiday season. Any way we have to finish our revision today on Financial
Account 101 for us to fully grasp the foundation of Financial Accounting.
DOUBLE
COLUMN CASH BOOK.
This is a cashbook that has folders for cash and bank
transactions.
ILLUSTRATION:
Enter the following transactions in the cash book and
ledger accounts of Mr. Timi for the year 2009.
Jul 1. Proprietor puts in capital into the bank account
for the business N 1,500.
Jul2. Purchases on credit from S. Sharon N 260.
Jul 3. Cash Purchases N
350.
Jul 4. Paid cheque to S. Sharon N 245.
Jul 5. Paid rent by cash N 100.
Jul 6. Cash Sales N
150.
Jul 7. Cash Sales paid directly into the bank N 100.
