It is a process of keeping books/account records.

Lessons

Christmas Term SS2 Bookkeeping , Lesson 4. Answer to Lesson 3 Assignment: Calculate Credit Purchases Using Total Creditors Account.

Author: Adaokwu Ihenacho Emenike

    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

Christmas Term SS2 Bookkeeping Lesson 5. Control Account

Author: Adaokwu Ihenacho Emenike

  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

Easter Term SS2, Lesson 1 Bookkeeping. Control Account: Summary Revision on Introduction.

Author: Adaokwu Ihenacho Emenike

    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

SS2 Easter Term, Lesson 7, Bookkeeping. Partnership Account.

Author: Adaokwu Ihenacho Emenike

  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

Easter Term SS2, Lesson 8, Bookkeeping. Accounting Treatment of Goodwill-Retirement of Partner/death.

Author: Adaokwu Ihenacho Emenike

    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 2021

Author: Adaokwu Ihenacho Emenike

    ¬† 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

YHWH HAMASCHIAC School, SS2 Spring Term, Lesson 1, Bookkeeping. Joint Venture Accounting with Separate Books.

Author: Adaokwu Ihenacho Emenike

    ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† 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. Joint Venture account with no separate Books Maintained.

Author: Adaokwu Ihenacho Emenike

          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

YHWH HAMASCHIAC School, Third/Spring Term 2021, Lesson 3, SS2 Bookkeeping. Joint Venture Account: Answer to Lesson 2 Assignment .

Author: Adaokwu Ihenacho Emenike

    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

YHWH HAMASCHIAC School, Third/Spring Term 2021, Lesson 4, SS2 Bookkeeping. Manufacturing Account (Introduction).

Author: Adaokwu Ihenacho Emenike

        ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬†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

YHWH HAMASCHIAC School, Spring Term, Lesson 5, Bookkeeping. Manufacturing Account: Preparation of Final Accounts for a Sole Trader.

Author: Adaokwu Ihenacho Emenike

      ¬†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

YHWH HAMASCHIAC School, Spring/Third Term, SS2 Bookkeeping, Lesson 6. Financial Statements of Sole Proprietorship -Introduction. WAEC/IGCSCE

Author: Adaokwu Ihenacho Emenike

  ¬† ¬† ¬† ¬† ¬† 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

YHWH HAMASCHIAC School, Spring/Third Term, SS2 Bookkeeping, Lesson 7. Financial Statements of Sole Proprietorship: Classification of Assets & Liabilities. WAEC/IGCSCE.

Author: Adaokwu Ihenacho Emenike

      ¬† ¬† ¬† ¬† ¬† 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

YHWH HAMASCHIAC School, Spring/Third Term, SS2 Bookkeeping, Lesson 8. Financial Statements of Sole Proprietorship: Closing Entries.

Author: Adaokwu Ihenacho Emenike

    ¬† 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

YHWH HAMASCHIAC SCHOOL, SS2 Spring Term Bookkeeping. Financial Statement of Sole Proprietorship Lesson 9: Transfer Entries

Author: Adaokwu Ihenacho Emenike

    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