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SubjectPaid lesson

Ledger Entries

ClassNotes Team 3 MIN READUPDATED 13 JUN 2026

BUSINESS STUDIES FOR JSS2 SECOND TERM

SUB -THEME: COMMERCE-THE HEART OF BUSINESS

WEEK 9

Ledger Entries

 Performance objectives:

Students should be able to:

      1. Define a ledger
      2. Identify the item on the ledger
      3. Record cash receipt
      4. Record payment
      5. Record discount received and allowed
      6. Make contra entry in the ledger

 

Contents:

A ledger can be defined as an important book of account in which all accounts are recorded. It contains an account of individuals, an account of properties (assets) of the business and also an account of expenses and incomes.

                          

Items on a ledger

The following are the items on a ledger

  • Date: This is to record the actual time the transaction took place.
  • Particulars: This explains the…