GRADE 10 BUSINESS STUDIES

GRADE 10 BUSINESS STUDIES

UNIT 2 KEEPING ACCOUNTS IN A SMALL BUSINESS

Name: Address:

District/:

Province

COURSE BOOK 2

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FLEXIBLE, OPEN AND DISTANCE EDUCATION PRIVATE MAIL BAG, WAIGANI, NCD PAPUA NEW GUINEA

GR10 BS U2

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WRITERS & EDITORS

Writer: Doris Payok

Editor: Silas Umaropi

Sub-editors: Alison Chalapan Gilbert Ikupu Tiden Irima Lucy Joseph Max Paro Diana Waikali Ursual Yallon

GR10 BS U2

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WRITERS & EDITORS

GRADE 10

BUSINESS STUDIES

UNIT 2

KEEPING ACCOUNTS IN A SMALL BUSINESS

In this unit you will learn;

TOPIC 1: BOOKKEEPING IN A SMALL BUSINESS TOPIC 2: TAKING STOCK TOPIC 3: CALCULATING PROFIT ? CASH AND CREDIT

TRANSACTIONS TOPIC 4: THE USE OF A CHEQUE ACCOUNT

GR10 BS U2

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ACKNOWLEDGEMENTS & ISBN

Acknowledgements

We acknowledge the contributions of all Primary Teachers who in one way or another helped to develop this course.

Our profound gratitude goes to the former Principal, Mr Demas Tongogo for leading FODE team towards this great achievement. Special thanks to the staff of MAL and Business Studies Department of FODE who played an active role in coordinating writing workshops, outsourcing lesson writing and editing processes.

We also acknowledge the professional guidance provided by Curriculum and Development Assessment Division throughout the processes of writing and, the services given by member of the Primary Section and Academic Committees.

The Course Book was developed with the support and funding of the GO- PNG FODE World Bank Project.

DIANA TEIT AKIS

PRINCIPAL

Written by: Doris Payok Published in 2017 by the Flexible, Open and Distance Education

? Copyright 2017, Department of Education, Papua New Guinea

All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means electronic, mechanical, photocopying, recording or otherwise without prior permission of the publisher. Printed by the Flexible, Open and Distance Education

ISBN: 978-9980-89356-7 National Library Services of Papua New Guinea

GR 10 BS U2

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CONTENTS

TABLE OF CONTENTS

Title Page..................................................................................... 1

Acknowledgment........................................................................... 2

Table of content ........................................................................... 3

Secretary's message .................................................................... 5

Unit Introduction............................................................................ 6

Study Guide .................................................................................. 7

Topic 1:

Bookkeeping in a Small Business...................................... 9

Topic Introduction........................................................................... 10

Lesson 1: Introduction to keeping Accounts in Small Business.............. 11

Lesson 2: Documents In Cash Transactions.................................... 19

Lesson 3: Recording Cash Transactions ........................................ 29

Lesson 4: Using Business Incomes ............................................... 39

Lesson 5: Documents in Credit Transactions.................................... 47

Lesson 6: Recording Credit Transactions ........................................ 55

Answers to Practice Exercises1- 6................................................... 63

Topic 2:

Taking stock........................................................... 71

Topic Introduction.......................................................................... 72

Lesson 7: Stock Taking and Stock Take Record.............................. 73

Lesson 8: Stock Keeping Methods................................................ 79

Lesson 9: Stock taking and Stock Values........................................ 87

Answers to Practice Exercises 7-9

93

Topic 3:

Calculating Profit-Cash and Credit Transaction ......... 97

Topic Introduction........................................................................... 98

Lesson 10: Profit and Source Records........................................... 93

Lesson 11: Calculating Profit in Cash and Credit Transaction............... 99

Lesson 12: Profit and Loss Statement ............................................ 105

Lesson 13: The Balance Sheet ..................................................... 123

Lesson 14: The Profit and Loss Statement .................................... 129

Answers to Practice Exercises 10-14 .......................................... 137

Topic 4:

The Use of Cheque Account ....................................... 145

Topic Introduction............................................................................ 146

Lesson 15: The Cheque Account................................................... 147

Lesson 16: Cash Book and Cheque Account.................................... 157

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