Lesson 2.   Single Entry  Bookkeeping; Workings  and Examples.     Although most financial Accounting records is based on double entry bookkeeping,  it is worthwhile to examine the  simple single entry system. In its most basic form a single entry is similar to a cheque book register which is characterised by a single ….  Read More

Lesson 3   Preparation of Final Accounts From Incomplete Records.   Before we go on to prepare final account from Incomplete records, we have to first of all define and know the following…… Final Accounts. Final Accounts are the accounts, which are prepared at the end of a fiscal year. It gives a precise idea ….  Read More

    Lesson 4   Answer to Lesson 3 Assignment. Calculate Credit Purchases Using Total Creditors Account.       Exercise 1   From the following information calculate credit purchases using total creditors account format.     Particulars Amount N Creditors on 1st April 2018 50,000 Returns outward 6000   Cash paid creditors 160,000 Creditors ….  Read More

  Lesson 5     Control Account.     Use of Control Accounts In a small business the accounts can be kept in one accounting general ledger and a trial balance can be extracted from that ledger. In a larger business, where the transactions are too many to be managed by one person, subsidiary ledgers such as the accounts ….  Read More

    Please study Introduction to Control Account here   Introduction Control accounts are general ledger accounts that summarise a large number of transactions. As such they are part of the double entry system. They are used to prove the accuracy of the ledger accounting system. They are mainly used with regard to receivables and payables balances. ….  Read More

         Control Account Reconciliation    Introduction The reconciliation is a working to ensure that the entries in the sales and purchase ledgers (the memorandums, or list of individual balances) agree with the entries in the control accounts. The totals in each should be exactly the same. If not it indicates an error in either ….  Read More

      Ledger Account Definition, Format, Types, and Example     Ledger Account Meaning Ledger Account is a journal in which a company maintains the data of all the transactions and financial statement. Company’s general ledger account is organized under the general ledger with the balance sheet classified in multiple accounts like assets, Accounts ….  Read More

    Income and Expenditure Account The role of a non-trading firm is to provide services to its members. However, in order to do the same, it needs to earn some revenue and incur certain expenditures. When a non-profit firm does so, it needs to prepare an income and expenditure account, which can help it in ascertaining the surplus ….  Read More

          Purchase Day Book We have seen in accounting there are two types of accounts – accounts of primary entry and accounts of secondary entry. There are some specialized books of primary entry known as subsidiary books. One of the important subsidiary books is the purchase journal or the purchase day ….  Read More

            Class Exercise, Lesson 4.     What is a purchase a day book? what are Purposes of purchase day book 1.Purchase day book is a book of original entry 2.It is primarily used in the recording of new purchases. Q: XYZ Co. runs an electronics store> The following were ….  Read More

  Partnership Accounts A partnership has a different organisation than that of  a sole proprietorship or a company. So accounting for a partnership firm has some of its own peculiarities, like the Capital Account or the Profit and Loss Appropriation Account. Let us learn some basic concepts of partnership accounts. Methods of Goodwill Valuation Goodwill is ….  Read More

    Accounting Treatment of Goodwill-Retirement of Partner/death. Goodwill represents the reputation of a firm which provides some extra benefits/profits in the future in comparison to other firms. This is treated as intangible assets in accounts. It is not a fictitious asset. Let us learn about the treatment of goodwill after the retirement or death of a ….  Read More

      YHWH HAMASCHIAC School, SS2 Bookkeeping. Easter Term.                         Bookkeeping.   Time: 2hrs   Instruction: Attempt 2 questions only. Use a table in word to prepare your accounts.     Mention three types of ledger, write briefly on one. 2.Q: From the following transactions make the sales day book and the ….  Read More

A Joint Venture is one form of a business entity. It is created with the merger of two or more organizations but is different from a partnership. Let us learn more about the features of joint ventures and the special aspects of their accounting

    YHWH HAMASCHIAC School, SS2 Bookkeeping Examination, Easter Term 2021.     Time 2 hours. Answer all questions in section A, and  2 questions in section B.   Mention the three types of ledger, explain two. What is a joint venture? Write on three features of joint venture   Section B.       ….  Read More

                                                          Joint Venture Accounting with Separate Books.     Revision on Second  Term, we understood this… A joint venture is an arrangement in which two or more parties agree to pool ….  Read More

          YHWH HAMASCHIAC School, Third/ Spring Term. Lesson 2, SS2 Bookkeeping. Topic: Joint Venture account with no separate Books Maintained.     Joint Venture is an agreement where two or more parties come together for carrying a specific business for a specified period of time. The co-venturers jointly control the joint ….  Read More

    Assignment     From the information below: Prepare separate Joint venture account  for Fliza Pvt Ltd and DYN Pvt Ltd Prepare a Memorandum Joint Venture Account to determine whether the company gains profit or suffer a loss.   Filza Pvt Ltd and DYN Pvt Ltd are suppliers of instant seasoning in Selangor. Both ….  Read More

                           Introduction to Manufacturing Account.     Manufacturing account is an accounting statement that helps in the preparation of  final accounts of manufacturing concern of a firm. The primary object of accounting is to arrange accounting data in a manner that the amount of profit or ….  Read More

       Manufacturing Account: Preparation of Final Accounts for a Sole Trader.      The main aim of accounting is to arrange accounting data in order to ascertain the amount of profit or loss of an entity. For this purpose, we prepare the financial statements. The primary purpose of preparing Manufacturing Account format is ….  Read More

            Financial Statements of Sole Proprietorship               Trading and Profit and Loss Account In order to arrive at the balance sheet of a business, one needs to prepare the trading account and profit and loss account first. This account is prepared to arrive at the ….  Read More

                Classification of Assets & Liabilities. WAEC/IGCSCE.     The difference between assets and liabilities is that assets gives you future financial benefit, whereas, liabilities will give you a future obligation or debt. The proportion of assets to liabilities should always be higher. The difference between assets and ….  Read More

      Answers to  Assignment Questions on Classification of Assets & Liabilities. WAEC/IGCSCE   Q. Classify the following assets and liabilities mentioning their sub-head, state reasons underneath why a particular item or think should be under asset or liability. Land and Buildings Cash at bank Preliminary expenses Government bonds Trade payables Loan from the ….  Read More

    Financial Statement of  Sole  Proprietorship Transfer Entries. Journal is the primary book of accounts in which we originally record transactions in chronological order. It is a book of original entry because we first enter a transaction in the Journal from where we then post it to the ledger. Ledger is a book or register which contains, in ….  Read More

    Area of Concentration   Transfer entries Closing entries

      Time 2 hours Instructions: Answer all questions 1. What are transfer entries used for? 2. The.following Balances appear in the books of Okolie as on 31st March 2017. Pass the necessary journal entry for 2017-18: Credit balances: Capital – # 300,000; Bills Payable – # 50,000; Creditors – #100,000 Debit balances : ….  Read More

          Hire  Purchase     What is a Hire Purchase Hire purchase is an arrangement for buying expensive consumer goods, where the buyer makes an initial down payment and pays the balance plus interest in installments. The term hire purchase is commonly used in the United Kingdom and it’s more commonly ….  Read More

      Hire Purchase: Introduction Continued.   Hire Purchase Agreement Meaning Hire Purchase is a kind of agreement where the buyer buying an expensive asset chooses an option to pay for the asset by paying some down payment at the time of purchase of an asset and clearing the remaining dues in regular installments ….  Read More

          Bookkeeping Examination, 2021.     Time: 2 hours Answer all questions in this section correctly in The GREAT NAME Of YHWH HAMASCHIAC ( LORD CHRIST).   What is hire purchase? List 3 advantages  and disadvantages each of hire purchase. Define closing entry? What do organizations use closing entry for?     ….  Read More

    Joint Venture Accounting with No Separate Books  maintained Joint Venture is an agreement where two or more parties come together for carrying a specific business for a specified period of time. The co-venturers jointly control the joint venture and share the profits and losses as per the agreed ratio. Joint Venture ends when ….  Read More