Accounting (AS)·Basic accounting for sole traders · NSSCAS 1.1.2
Three-column ledger accounts & the trial balance
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Every Paper 1 starts here: real businesses keep a running balance for every customer and supplier, and at the end of the period the bookkeeper proves the double entry with a trial balance. In this lesson you build a three-column ledger account line by line for a Namibian trader, learn exactly what a debit or credit balance is telling you, and draw up a ten-item trial balance whose totals agree. These skills feed straight into the 'prepare' and 'draw up' questions in both AS papers.
What you'll learn in this lesson
By the end you should be able to (NSSCAS Accounting (AS) 1.1.2):
- record transactions in the sales ledger and purchases ledger in three-column format
- explain the meaning of a balance on ledger accounts
- draw up a trial balance
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