Third Term Lesson Note for Week Two
Class : JSS 1
Subject : Business Studies
Topic : Journals / Day Books
Duration : 40 Minutes
Period : Single Period
Reference Book :
Business Studies for Junior Secondary School, JSS 1.
Lagos State Unified schemes of work for Junior Secondary School, JSS 1 – 3.
Online Resources
Instructional Material : Chart showing the items contained in a journal.
Learning Objectives : By the end of the lesson learners will be able to :
i. Define Journal
ii. Identify the types of journals
iii. Describe the parameters of a journals
Content :
JOURNAL / DAY BOOK
Journal is a book of original entry which contains daily record of business transactions. Each record in the general or special journal.
A Journal could be general or special journal
1. GENERAL JOURNAL:
This is used to record all transactions (both sales and purchases). It contains date, amount to be credited, debited and description of goods. General journal is also called JOURNAL PROPER.
USES OF GENERAL JOURNAL
1. It is used for opening and closing entries
2. It is used to correct errors
3. It is used to record purchases and sales of fixed asset
4. It is used to record transfer between accounts.
General Journal Format
| Date | Particulars | Folio | Dr | Cr |
2. SPECIAL JOURNAL:
These are used to record only one type of entry. They are:
- Sales Journal / Sales day book
- Purchases Journal / Purchases day book
- Return Inward Journal / Sales Returns
- Return outward Journal / Purchases Returns
SALES Journal : This is also known as sales day book. It is used to record all goods sold on credit i.e. sales made for the trading period on credit and it is usually totalled and posted to the credit of the Sales Account. E.g.
- May 5 Sold to Oluchi 5 bags of rice @ #1,000
May 10 Sold to Shotunde T. 6 bags of salt @ #250 a bag.
Sales Journal
| Date | Particulars | Folio | Invoic | |
| May 5
May 10 |
Oluchi :
5 bags of rice @#1000
Shotunde T. 6 bags of salt @ #250 To Sales Account
|
5,000.00
1,500.00
#6,500.00 |
3. RETURN INWARD JOURNAL
This is also known as Sales returns. It is used to record all goods sold but are returned to the seller due to defect or substandard. The seller will issue a credit to the buyer. E.g.
June 7 John returned a bag of rice @ #1,000 a bag
June 12 Adewale K. returned 2 bags of salt @ #250 a bag
Returned Inwards Journal
| Date | Particulars | Folio | Invoice No. | Amount (# : k) |
| June 7 | John :
Returned a bag of rice @ #1, 000 |
1,000.00 | ||
| June 12 | Adewale K:
Returned 2 bags of salt @ #250 |
500.00 | ||
| To Return Inwards Journal DR |
#1,500.00 |
EVALUATION
Define journal and explain 2 types of journal
Assignment
Write up Sales Journal for Mark Ventures
Nov. 2nd sold to Afijobo . M. 10 cartons of Chivita @ N500 a carton
Nov. 5th is sold to Jimba A. 7 cartons of Indomie @ N450 a carton.