SUBJECT:��BUSINESS STUDIES �� ��� ���
CLASS:� JSS1
DATE:
TERM: 3RD TERM
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WEEK ONE
TOPIC: SOURCE DOCUMENTS����������������������������������������������������������������������������
CONTENT
- Meaning
- Uses
- Types
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MEANING OF SOURCE DOCUMENTS
Source documents are the first sources of information from which accounting books are prepared. They are the records of cash and credit transactions. Source documents provide detail information for the preparation of books of accounts. From the source documents, the book keeper collects and arranges items of transactions for his bookkeeping. These documents are called source document because they are the sources of bookkeeping records.�
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The source documents include:�
- voucher�
- invoice�
- receipt
- cheque
- debit note
- credit note
- purchase order�
- Statement of account
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Source documents provide documentary evidence for entries in the books. They are the documents from which accounts are prepared
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USES OF SOURCE DOCUMENTS
- All entries in the books of account must be supported with one or the other of the source documents
- Source documents provide detail information on the preparation of books of accounts
- They are the sources of book keeping records.
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TYPES OF SOURCE DOCUMENTS�
- Receipt: A receipt is a document that acknowledges the payment for goods or services. From it, cash account or cash book is prepared.� It is an evidence of payment.
2��� Invoice: This is a document issued by a supplier to the buyer giving the details of the goods sold, the quantity, unit price and total amount of the goods. It also contains the terms of sale.
3��� Debit Notes: The debit note is a document issued or given by a supplier to a buyer when the buyer has been under-charged. It is sent to a customer to indicate an increase in the amount he owes.
- Credit Note: This document is sent by a seller to a buyer when the buyer has been mistakenly overcharged.� It can also be sent by the seller to the buyer when the buyer returns damaged goods to the seller.�
- Cheque: A cheque is a written order or instruction to a bank to pay a certain sum of money to named person. The cheque stub gives evidence of the purpose of withdrawing money from the bank and the amount withdrawn. The cheque stub is also known as cheque counterfoil.��
- Voucher: A voucher is an evidence of payment or receipt.� It supports an entry in the books of account. It is a document that states the reason for making a payment and the details of the payment.
- � Statement of Account:� This document is sent from a supplier to his customer to enable the customer to know his account position with the supplier.� It is also sent by a bank to its customer.
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EVALUATION
- � � What is a source document?
- � � Mention four source documents.�
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READING ASSIGNMENT
Business studies for JSS 1 by O. A. Lawal, etc. Pages 38-42
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GENERAL EVALUATION
- Define Business Studies
- State four components of Business Studies
- What is trade by barter?
- Mention three problems of trade by barter?
- List three subject areas that are not part of Business studies
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WEEKEND ASSIGNMENT
- Which of the following is used as an evidence of payment? A. invoice B. receipt� C. cheque� D. journal
- Which of the following is NOT a source document? A. delivery note B. invoice C. receipt� D. voucher
- Which of the following is a cheque duplicate?� A. cheque leaf� B. cheque stub C. valid cheque � D. dishonoured cheque
- A document sent to a customer to indicate an increase in the amount he owes is called ___. A. credit note B. debit note � C. invoice � D. cheque
- A financial document stating the reason for making a payment and the details of the payment is __ A. cheque� B. bank draft� C. voucher� D. debit note
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THEORY
- What is a source document?�
- Mention five (5) source documents and briefly explain any three.�
