Page 50 - Book-keeping for Secondary Schools Student’s Book Form One

Book-Keeping for Secondary Schools

3. From the following items below, identify which ones are assets and which ones are
liabilities by inserting a (ü).
Assets Liabilities
(a) Motor vehicles

(b) Loan to Dainess
FOR ONLINE READING ONLY
(c) Bank overdraft
(d) Creditors
(e) Fixtures and fittings
(f) Computers
(g) Loan from Jamal
(h) We owe Sauda
(i) Khamis owes us

4. Classify the following items into liabilities and assets:
(a) Premises,

(b) Buildings,
(c) Inventory,
(d) Accounts receivable,
(e) Accounts payable,
(f) Machinery,

(g) Cash in hand, and
(h) A bank loan.

5. Complete the following table by showing the effects, the account to be debited,
and the account to be credited.

S/N Nature of transaction Effects Debit Credit

Example Bought office machinery Increase machinery Machinery SIDO
on credit from SIDO Increase in other account (other
payables (SIDO) payables)
account
(a) The proprietor paid a

creditor, G. Mjema,
from his private funds

(b) A debtor, N. Omogu,
paid us in cash

42
Student’s Book Form One

Book Keeping Form 1 New 2024 FINAL.indd 42 18/10/2024 10:14