Page 302 - Agriculture_Form_Three

Agriculture for Secondary Schools

Statement of account
From: Name of the seller …………………………… Date: …………….

Address of the seller …………………………………
To: Name of the buyer ……………………………… of Account No. …………

Address of the buyer ……………………………….

Date No. of invoice Particulars Debit Credit Balance
Balance brought forward
List of particulars for in-
voices involved in the
month, one by one

Amount due by ……...
(last date of the month)

Pay on or before ………………………… Date …………………….

Figure 13.6: Sample template of a statement of account

A statement of account is created by summarising all invoices sent earlier to the buyer.
It indicates the dates of the invoices, their numbers and the amounts which are due
under the heading Debit. If during that month any payment or credit was received
from that buyer, it will be accounted for under the heading Credit. The difference
between debit and credit is entered under the heading Balance. The expected date of
debt payments will also be included. Moreover, copies of the invoices quoted should
be attached with the statement of account.

The bank statement, in contrast, is an official summary of financial transactions
occurring within a given period for a particular account held by an individual
farmer, business or any other person. It is issued by the bank to the account holder
on request on a monthly basis to show the position of the bank account by the end of
a particular month. It may also be issued for a period specified by the account holder,
for example, a bank statement of six month from January 01 to June 30. It includes
deposits, withdrawals, charges, as well as the beginning and ending balance for a
certain period of time.

Student’
Student’s Book Form Twos Book Form Three
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AGRICULTURE FORM 3 9.11.2022.indd 291
AGRICULTURE FORM 3 9.11.2022.indd 291 10/01/2025 12:32