FIRST TERM E-LEARNING NOTE SUBJECT: FINANCIAL ACCOUNTING CLASS: SS 2 WEEK TEN FINAL ACCOUNTS – FULLY WORKED EXERCISES Illustration: The following trial balance has been extracted from the ledgers of Mr. Johnson as at 31st December, 2003. DR CR ₦ ₦ Purchases / Sales 142,448 233,120 Returns
FIRST TERM E-LEARNING NOTE SUBJECT: FINANCIAL ACCOUNTING CLASS: SS 2 WEEKNINE TOPIC: DEPRECIATION OF FIXED ASSETS ACCOUNTING TREATMENT OF DEPRECIATION There are two ways of treating depreciation in the ledgers. These are the Old Method and the Modern Method. However, the Modern Method which is preferred by accountants will
FIRST TERM E-LEARNING NOTE SUBJECT: FINANCIAL ACCOUNTING CLASS: SS 2 WEEK SEVEN AND EIGHT TOPIC: DEPRECIATION OF FIXED ASSETS CONTENT Methods of providing for depreciation REDUCING BALANCE METHOD (or DIMINISHING BALANCE METHOD) Under this method, a fixed percentage is written off the reducing (or diminishing) balance of the asset yearly. This
FIRST TERM E-LEARNING NOTE SUBJECT: FINANCIAL ACCOUNTING CLASS: SS 2 WEEK SIX TOPIC: DEPRECIATION OF FIXED ASSETS CONTENT Causes of Depreciation Reasons for charging depreciation Factors to be considered in the computation of depreciation Methods of providing for depreciation NOTES Depreciation may be defined as the permanent and continuing diminution
FIRST TERM E-LEARNING NOTE SUBJECT: FINANCIAL ACCOUNTING CLASS: SS 2 WEEK FOUR AND FIVE FINAL ACCOUNTS – ACCRUALS AND PREPAYMENTS ACCRUALS The accrual concept states that revenue and expenditure of a period should be matched together – whether or not such revenue or expenditure had actually been received or paid for.
FIRST TERM E-LEARNING NOTE SUBJECT: FINANCIAL ACCOUNTING CLASS: SS 2 WEEK THREE FINAL ACCOUNTS – PROVISION FOR DISCOUNTS If a trader usually allows and receives cash discounts the debtors and creditors balances in the Balance Sheet at the end of the year may be overstated unless it is recognized that discounts are
FIRST TERM E-LEARNING NOTE SUBJECT: FINANCIAL ACCOUNTING CLASS: SS 2 WEEK TWO FINAL ACCOUNTS – PROVISION FOR DOUBTFUL DEBTS PROVISION FOR DOUBTFUL DEBTS Although a debt may not actually have become bad, there may be doubt as to whether it will be paid. It would be misleading to include that debt as
FIRST TERM E-LEARNING NOTE SUBJECT: FINANCIAL ACCOUNTING CLASS: SS 2 WEEK ONE FINAL ACCOUNTS – SPECIAL TRANSACTIONS; BAD DEBTS, CLOSING ENTRIES CONTENT SPECIAL ITEMS OF EXPENSES/LOSSES BAD DEBTS RECOVERED CLOSING ENTRIES ADJUSTMENTS IN THE FINAL ACCOUNT SPECIAL ITEMS OF EXPENSES /LOSSES GOODS STOLEN OR DESTROYED Goods may have been stolen
Edu Delight Tutors Subuode Gbaga Gasline Ogun State 1st Term Examination FINANCIAL ACCOUNTING SSS 1 Section A Answer all questions correctly A document sent from the seller to the buyer showing the description, quantity, unit price and net value of goods bought is known as __________ (a)Receipt (b)invoice (c)cheque (d)credit note On which source document
Subject: ACCOUNTING Term: FIRST TERM Week: WEEK 8 Class: SS 1 Topic: TYPES OF DISCOUNTS Behavioural objectives: At the end of the lesson, the learners will be able to explain the meaning of discounts identify various types of discounts explain the types of discounts in accounts distinguish between cash discount and trade discount. Previous
