Third Term Business Studies Lesson Note for JSS1
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WEEK ONE
TOPIC: SOURCE DOCUMENT
A source document is a form in which transaction are firstly recorded before posted to their respective books
Source document includes
– Invoice
– Receipt
– Debit note
– Credit note
– Cash register
– Voucher
– Cheque
1. INVOICE – invoice is a document given out by the seller to the buyer whenever the seller sells goods. It contains the name and address of the buyer and seller, the quantity, price of goods sold and a reference to the customer orders number.
2. RECEIPT – Is a document issued to the buyer to indicate that some amount of money has been paid for buying a particular goods. Receipt is a legal proof of payment.
3. CASH REGISTER – (machine): This contains the summary of each sales in a given period.
The machine can record the amount of sales, types of goods, produce a receipt and as well the amount balance. This is found in eatery – Mr. Biggs, Supermarket, big bookshop etc.
4. DEBIT NOTE: Is issued by the seller to the buyer whenever the buyer has been undercharged.
5. CREDIT NOTE: It is issued by supplier when a buyer returns goods to the supplier and also used to correct error of overcharge credit not is printed red.
6. CHEQUE: Is a written order to a bank to pay a specific sum of money to a person whose name appear on the cheque.
7. VOUCHER: Is a source document used for obtaining authorization for a payment whether by cash or by cheque.
EVALUATION
Write short note on the following source document:
· Invoice
· Receipt
· Debit note
· Credit note
ASSIGNMENT
List and explain 5 source documents
RECEIPT
WEEK TWO
TOPIC: 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.
Journal could be general or special journal
1. GENERAL JOURNAL: 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
(i) It is used for opening and closing entries
(ii) It is used to correct errors
(iii) It is used to record purchases and sales of fixed asset
(iv) It is used to record transfer between accounts.
2. SPECIAL JOURNAL: 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.
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.
May 7 Oluchi returned a bag of rice @ #1,000 a bag
May 12 Shotunde T. returned 2 bags of salt @ #250 a bag
Returned Inwards Journal
EVALUATION
Define journal and explain 2 types of journal
Assignment
Write up Sales Journal for Mark Ventures June 10 sold to Afilaka . P. $ cartons of Chivita“ N500 a carton
June is sold to Jeanta A. 7 cartons of Indomie @ N450 a carton.
WEEK THREE
TOPIC: PURCHASES JOURNAL
This is used to record goods bought for resale. The information for the Purchase Journal is obtained from the invoice. The book is used mainly to record credit purchases. It is also known as purchases day book.
E.g.
Papa Ajasco Purchase the following on credit from Marvic Nig. Ltd
May 10 Office stamp supplied 500.00
May 13 Office furniture 2,100.00
May 20 Office equipment 800.00
4. RETURN OUTWARDS JOURNAL / PURCHASES RETURNS
It is used to record all goods bought but are returned to the suppliers / sellers as a result of defect or substandard. The seller will issue a credit note to the buyer to the effect.
E.g:
Papa Ajasco returned these goods
May 15 Papa Ajasco returned office furniture 2,100.00
Assignment
IBITOYE A. Purchase the following on credit from Marvic Nig. Ltd
June 10 Office stamp supplied 1500.00
June 13 Office furniture 12,100.00
June 20 Office equipment 1800.00
Write up the above transactions in appropriate journal account
WEEK FOUR
TOPIC: INTRODUCTION TO TYPEWRITING / KEYBOARDING
Keyboarding is the act of producing written words or characters. The machine designed for the purpose of producing character on a paper is called TYPEWRITER.
Typewriter is a machine which enables the user to produce printed words i.e. it is an office machine designed for typing.
Typewriter was invented in 1864 by MulterHolter in Australia. Examples of typewriters are Alder, Olympia, Oliveth, IBM, Imperia, RankZerex etc.
There are basically two types of typewriter:
(i) Manual typewriter: is operated manually by using human effort
(ii) Electric typewriter: is electrically operated with electricity.
Typewriter has two typefaces namely piece and elite.
IMPORTANCE OF KEYBOARDING
a. It saves time
b. It makes document neat and legible
c. It serves as a means of earning a living
d. It ensures accuracy in figures, words or character produced.
USES OF TYPEWRITER
a. It is used for typing business document, memo, legal work etc.
b. It is used for typing personal document – letter.
c. It can be used for creating decorations
d. It is used to produce many of the document with the use of carbon paper
A person who uses typewriter to type is called a TYPIST.
PARTS OF A TYPEWRITER AND THEIR USES
1. CARRIAGE: Is the moving part of the machine, it carries the paper from left to right.
2. CARRIAGE RELEASE LEVER: It allows the carriage to move freely to the left and right.
3. PLATEN KNOBS: This is the knobs situated at each end of the platen. It is used for turning the paper into position.
4. CARRIAGE RETURN LEVER: Is used for turning up the right in order to begin a new line.
5. PAPER GUIDE: Is used in adjusting and guide against left hand edge of the paper when paper is inserted in the machine.
6. SHIFT KEY: When depressed, it enables the use of letters and other punctuation marks.
7. SHIFT LOCK: It enables continuous typing of capital letters.
8. PAPER RELEASE: It frees the paper in the machine when there is need to remove, adjust and insert paper into the machine.
9. MARGIN STOP: Is used to fix the point at which the link of typing begins on the left side and ends on the right side of the paper.
10. COLOUR CHANGE ADJUST: It changes the colour to be typed on the ribbon either red or black.
11. PLATEN: Is the rolter which the paper is held.
12. PAPER BAIL BAR: Is the movable arm marked with a typing scale on which paper grips are mounted for easy typing.
13. BACK SPACE KEY: It moves the carriage from left to right one space for re-type.
14. SPACE BAR: It allows space between words.
GUIDES TO KEYBOARDING
All major parts of the body are involved when typing on the typewriter. The following must be observed anytime one is keyboarding;
· Arms of elbows – must be hang loosely.
· Back – straight with body leaning forward slightly shoulders level
· Body – position the body opposite the J key, a hand span from the machine
· Feet – A part firmly placed on the floor one foot ahead of the other
· Finger – curved under so that only the tips touch the keys.
· Hands – close together low, flat across the back
· Head – hold it erect facing the book.
· Shoulders – hold them back and release
· Chest – sit back in the chair
· Wrists- keep them low barely touching the machine.
CARE OF TYPEWRITER
1. Clean the typeface daily before and after use
2. Cover the typewriter properly when not in use
3. Typewriter must not be moved from one desk to another
4. Dust the outer part of the machine and your desk after use
5. A repairman should be called if the machine develop faults.
MATERIALS FOR CLEANING THE TYPEWRITER ARE:
(i) A duster
(ii) A long handle soft brush similar to paint brush
(iii) A type cleaning brush like a tooth brush
(iv) A battle of best typewriter oil
(v) A small bottle of methylated spirit.
EVALUATION
1. Define keyboarding
2. List and explain 7 parts of keyboard as well as their uses
ASSIGNMENT
1. Outline 5 uses of a keyboard
2. State 5 guides to effective use of a keyboard
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