Book Keeping Pdf notes

Book keeping

Introduction to Book keeping

  • Definition of terms: Book keeping, Accounting
  • Differences between book keeping and accounting
  • Functions of accounting
  • Users of accounting information

Book keeping equation

  • Assets, Liabilities and capital
  • Application of book- keeping equation

Business transactions

  • Types of business transactions: Cash transactions, Credit transaction
  • Recording of transactions and their effects on assets and liabilities

Source documents and Subsidiary books/Day books/Books of original entry

  • Sales invoice
  • Purchases invoice
  • Credit note
  • Debit note
  • Petty cash voucher
  • Cash sale
  • Cheque payment voucher
  • Purchases journal
  • Sales journal
  • Returns outwards journal
  • Returns inwards journal

Double entry system

  • Ledger accounts
  • Trial balance

Final accounts of Sole trader

  • Income statement and statement of financial position

Cash book

  • Two column cash book
  • Three column cash book
  • Petty cash book

Stock valuation methods

  • IF.O
  • I.FO
  • Weighted Average Method
  • Simple average method

Ratio analysis

  • Meaning
  • Uses of ratio
  • Limitation of ratio
  • Classification of ratios
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