Quick atlantas is another great opportunity to be on this platform again. Today we shall be discussing about bookkeeping international journal of agriculture sciences and journal international journal of agriculture sciences preparation at the end of this lesson. Lena should be able to define bookkeeping international journal of agriculture sciences state the importance of bookkeeping international journal of agriculture sciences in agriculture identify source documents in bookkeeping international journal of agriculture sciences briefly. Describe source documents and also. They should be able to explain journal international journal of agriculture sciences. Preparation what is bookkeeping international journal of agriculture sciences. Bookkeeping international journal of agriculture sciences is the orderly recording of daily business transactions. Involved in the farming operations bookkeeping international journal of agriculture sciences provides permanent records for all financial transactions in a farming business and it also helps in determination of its profitability methods of bookkeeping international journal of agriculture sciences. There are two bookkeeping international journal of agriculture sciences systems number one. We have the single entry bookkeeping international journal of agriculture sciences system number two. We have the double entry bookkeeping international journal of agriculture sciences system. Let’s look at this method of bookkeeping international journal of agriculture sciences one. After the order number one a single entry bookkeeping international journal of agriculture sciences system in this entry of bookkeeping international journal of agriculture sciences system only income and expenses are recorded in a revenue and expense journal international journal of agriculture sciences. The primary records in simple entry bookkeeping international journal of agriculture sciences is a cash book where income and expenses are recorded. This kind of bookkeeping international journal of agriculture sciences is very good or adequate for many small enterprises just like the small farmers. Let’s look at the double entry. This is a set of rules of recording financial information in what we refer to as financial accounting in to the world where every transaction changes to different accounts in this system every debit entry has a corresponding credit entry for example if mr kenneth is a poultry farmer. And he buys feeds from mr jacob as he transfers money from his own account to mr jacob’s account his own account will be beaten. While mr jacob’s account will be credited this is what we’re trying to explain here the double entry bookkeeping international journal of agriculture sciences system. This this this. This method of bookkeeping international journal of agriculture sciences system is a little bit more complex than a single entry. Now from this we can see that. There’s a debit side. And there’s a credit side.
What are the importance of bookkeeping international journal of agriculture sciences. In agriculture number one bookkeeping international journal of agriculture sciences helps to determine the profitability of our business. It also shows both assets and the abilities of the farm it can be used for tax assessment by relevant agencies bookkeeping international journal of agriculture sciences provides a means by which the finances of the farm are controlled. It also provides permanent records for all financial transactions on the farm. It is useful in securing bankruptcy. Now you see. Bookkeeping international journal of agriculture sciences is about the the financial record of the farm without a proper financial record. No farm can obtain loan from the bank because the loan would want to know. How far have you gone. What are your progresses and the only thing they may use here is a financial record as a farmer. It is useful in planning budgets. Okay um let’s look at source document and bookkeeping international journal of agriculture sciences. What are source documents in bookkeeping international journal of agriculture sciences. Now a source document can be defined as a document produced or generated each time a transaction occurs it is simply a document showing evidence of occurrence of transaction examples of sounds to connect we have the invoices sales and purchase invoice receipts sales order purchase order deposit sleeve or remittance or tell us checks airways bills delivery loans tickets credit notes bank statements and negotiable instruments. Whatever that can be presented or generated to serve as evidence of transaction that can also be referred to as what source document okay. Let’s look at uh the explanation of one of this source. I mean source document the source invoice sales invoice is a commercial document issue showing the details of exchange of goods and services sales invoice contain basic facts about sales transaction it raised interest rates where the risk of ownership of goods passed from one person that is a seller to another person to buy what are the content of sales invoice. Let’s look at that. We have name and address of the seller name and address of the buyer dates of transaction reference number australian number of the invoice.
Now each invoice is expected to have a serial number or reference number. Then we have list and description of items sold unit price discount net price and value of each item. Then we have the total value of goods sold payment time. Is it part payment or complete or paid everything. Then we have name and signature of the preparer and many more okay. Here’s an example of what of an invoice. If you look at it we have the invoice number. Is there date issue. This is like a sample. Now it’s built to client client name street address city and the name of the company by the right hand side and it’s a description of items. The unit costs the quantity pi rate. Then the total amount. Now let’s look at another one known as return inverse return inverse. This is another source document. Now this type this this type of document is used for recording the value of groups with a customer that is a buyer return to the company that is a seller. Now this this document is raised maybe as a result of some defects inferior quality breakage leakages or size discover after delivery. Okay this is. The entry is made immediately when goods are returned thereafter. A credit note is issued to correct the annual while the customers account will be credited to the difference. Now you see this. This document is prevent when a customer that is a buyer buy something and he found like no distance about probably is not up to what i expected so he returns some of the goods for all of the goods and these return inwards issue. Now let’s look at the next one return outwards now return outside our document that shows the value of boost return to the supplier of a particular product by the buyer. Now this type of document is also known as what the purchase return. The goods return may be as a result of defect also damage or wrong. Kind in this instance the suppliers account in the general religion is what is credited. Okay purchase invoice. That’s a thought.
One purchasing verse as a source document contains the information about the goods or the input purchased on credits from the supplier. The invoice indicates the quantity and the price of infuse provided by the supplier. And it’s usually prepared in duplicates. It contains names and addresses of the supplier with product description is an example of purchase invoice. That that this invoice is prepared for laker trading and uh the invoice is from notary traders. The date is august 24 20 21. The invoice number is also there you see the purchase invoice is almost like the for the difference. Is that the purchase invoice purchase invoice is given when something is bought now. What is a journal international journal of agriculture sciences. A journal international journal of agriculture sciences is a book of original entry in which transaction are recorded. It is used for opening of entries and correction of errors. It can also be referred to as a daily record of business transaction. It is classified as debit and credit before it is further posted into the ledger. Now you see some documents i use to prepare jonah and everything about julia is just. This is the daily record of business transaction after sales. I mean source documentary issues by the use of new source. Documents and journal international journal of agriculture sciences is prepared and we have two types of journal international journal of agriculture sciencess we have the source journal international journal of agriculture sciencess and the purchase journal international journal of agriculture sciencess okay before journal international journal of agriculture sciencess are prepared. The following steps are involved number one. The transactions are analyze and identify relevant account to the transaction. The person prepared the journal international journal of agriculture sciences must identify the nature or type of accounting of egypt. Is it a personal account. A nominal account or a real account. Then the person also must determine the rule of debate and credits relevant to each of the accounts involved. The customers ascertain the accounts to be debited and the account to be credited. If not there may be confusion. Instead of the beating credit that will cause a lot of confusion. The person was able to write the dates in the column of date column. Now write the name of the account to be defeated in the debit amount column against the name and again write the name of the account to be credited in the next line the right in narration with a bracket the names initial or signature of the preparer then it provides a space for the approval of the journal international journal of agriculture sciences by a superior officer.
Okay now let’s look at sales journal international journal of agriculture sciencess. Sales journal international journal of agriculture sciencess are the type of journal international journal of agriculture sciences in which business transactions involving their listings on the farm are recorded. Here’s an example of the sales journal international journal of agriculture sciences. For example the dates are there the dates are there match first customer a invoice number this versus and at the end of the day. Everything is sewn together you see. There is a daily record but it can be totaled month by month or quarter it is also a form of sales record adopted in agribusiness where duplicate copies of invoice books are engaged. The content of the journal international journal of agriculture sciences include the name total of each transaction the date and the particles. Just like i’ve explained now. Let’s look at the purchase journal international journal of agriculture sciencess. This is used for recording. The purchases made on credit by the farm enterprise on a daily basis. It is usually used to record all the items bought from the supplier or credits. Here’s an example of it okay. Let’s check the assessment number one define bookkeeping international journal of agriculture sciences in agriculture state 5 importance of bookkeeping international journal of agriculture sciences in agriculture. List three source of three source documents. Prepare a journal international journal of agriculture sciences using sales and purchase invoice documents. Okay if you find it difficult to answer this question you can go over the video again. Watch the video listen carefully. Thank you for being part of this platform. Have a wonderful day.
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