Double entry book-keeping

Business Studies J.S.S 1 Third Term

WEEK 6

Double-entry book-keeping

Performance Objectives

The student should be able to:

     1. State the meaning of double-entry book-keeping.

     2. Analyse events and transactions using the double-entry system.

     3. Match every debit entry with a corresponding credit entry.

     4. Identify accounts to be credited and accounts to be debited.

     5. Post from journals to ledger.

     6. Classify types account.

Content

Meaning of Double Entry Book-keeping

Double-entry book-keeping means that every debit entry must have a corresponding credit entry. This is a principle or rule that is followed globally in book-keeping system. The fundamental concept of accounting is that every business transaction in money or money-worth has two effects,…