WEEK/TERM: THIRD TERM/WEEK 2
TERM /WEEK: third term week two
CLASS: JSS 1
SUBJECT: Business studies
TOPIC: Double entry book-keeping
REFERENCE: meybik new basic business studies
The double entry system of book keeping is based upon the principle that every transaction has two parts namely: receiving and giving aspects. This means every transaction invoices a debit entry in one account and a credit entry in another account. The rule to remember is debit the giver and credit the receiver.
Note for the pupils:
MEANING OF DOUBLE ENTRY BOOKKEEPING
This is a system of accounting in which every transaction has a corresponding debit entry and credit entry. This means that every transaction must be recorded in two accounts; one account will be debited because it gives out values and the other will be credited because it has received in values. Double entry records are kept in a book called a ledger
RULES OF DOUBLE ENTRY
The following are treated in a double entry account as follows:
- Expenses are always debited.
- Revenues are always credited
- Debit the cash account when cash is given out.
- Credit the cash account when cash is received.
FORMAT OF A LEDGER
Name of account
- What is double entry bookkeeping?
- State the rules of double entry.
- Double entry records are kept in a book called……………