Methods of stock valuation are devices which aim to deal with some of the problems. W shall consider some of those commonly adopted. (I) FIRST-IN-FIRST OUT (FIFO) METHOD. This method assumes as the name indicates that items of stock were sold during the year in the order in which they were originally bought. Goods that …
The three-column cash book is a specialized version of the traditional cash book used in accounting. It contains three separate columns for recording cash transactions: the cash column, the bank column, and the discount column. Each column serves a specific purpose and helps in maintaining an accurate record of cash inflows and outflows. Here’s a …
There are two main classes of ledger accounts. These are Personal Accounts Impersonal Account. Impersonal Accounts are sub-divided into two, namely real account and nominal account. (1) Personal Accounts: These are accounts in which transactions with persons and other businesses and organizations are recorded. Debtors and creditors’ accounts are typical examples. If the balances are …
THE LEDGER This is the principal book in which accounts are kept. These accounts are usually referred to as ledger accounts. They are so called because each occupies a specific page a number of pages or a section of a page in the ledger. Note: A balance Sheet, on the other hand is not a …
BOOK-KEEPING CLASS: SS 2 Revision of 1st Term work Classes of ledger State classes of ledger Identification of the column of a ledger Classes of ledger Posting of transaction into a ledger Working exercise. Three column cash book Explain the column cash book Identification of the columns of a three column cash book. Three column …
Methods of stocks valuation are devices which aim to deal with some of the problems. W shall consider some of those commonly adopted. (I) FIRST-IN-FIRST OUT (FIFO) METHOD This method assumes as the name indicates that items of stock were sold during the year in the order in which they were originally bought. Goods that …
This is similar to the two column cash book except that the discount column is added to both the debit side and the credit side. The debit side, it will be recalled, records receipts while the credit side records payments. The purpose of the discount column in the debit side is, therefore, to record discounts …
There are two main classes of ledger accounts. These are Personal Accounts Impersonal Account. Impersonal Accounts are sub-divided into two, namely real account and nominal account. (1) Personal Accounts: These are accounts in which transactions with persons and other businesses and organizations are recorded. Debtors and creditors’ accounts are typical examples. If the balances are …
THE LEDGER This is the principal book in which accounts are kept. These accounts are usually referred to as ledger accounts. They are so called because each occupies a specific page a number of pages or a section of a page in the ledger. Note: A balance Sheet, on the other hand is not a …