Fundamentals of SENIOR

Accountancy, Business HIGH

and Management 1 (FABM 1) SCHOOL

Self-Learning
Module

General and Special Journals 12

666
Quarter 3
Fundamentals of Accountancy, Business and Management 1
Quarter 3 – Self-Learning Module 12: General and Special Journals
First Edition, 2020

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 Fundamentals of
SENIOR
Accountancy, Business HIGH
and Management 1 SCHOOL

(FABM 1)

Self-Learning
Module

General and Special Journals 12

12
Quarter 3
Introductory Message

For the facilitator:

Welcome to the Senior High School – Fundamentals of Accountancy, Business

and Management 1 Self Learning Module on General and Special Journals!

This Self-Learning Module was collaboratively designed, developed and

reviewed by educators from the Schools Division Office of Pasig City headed by its
Officer-in-Charge Schools Division Superintendent, Ma. Evalou Concepcion A.
Agustin, in partnership with the City Government of Pasig through its mayor,
Honorable Victor Ma. Regis N. Sotto. The writers utilized the standards set by the K
to 12 Curriculum using the Most Essential Learning Competencies (MELC) in
developing this instructional resource.

This learning material hopes to engage the learners in guided and independent
learning activities at their own pace and time. Further, this also aims to help learners
acquire the needed 21st century skills especially the 5 Cs, namely: Communication,
Collaboration, Creativity, Critical Thinking, and Character while taking into
consideration their needs and circumstances.

In addition to the material in the main text, you will also see this box in the
body of the module:

Notes to the Teacher

This contains helpful tips or strategies that
will help you in guiding the learners.

As a facilitator you are expected to orient the learners on how to use this
module. You also need to keep track of the learners' progress while allowing them to
manage their own learning. Moreover, you are expected to encourage and assist the
learners as they do the tasks included in the module.
 For the learner:

Welcome to Fundamentals of Accountancy, Business and Management 1 Self

Learning Module on General and Special Journals!

This module was designed to provide you with fun and meaningful
opportunities for guided and independent learning at your own pace and time. You
will be enabled to process the contents of the learning material while being an active
learner.

This module has the following parts and corresponding icons:

Expectations - This points to the set of knowledge and skills

that you will learn after completing the module.

Pretest - This measures your prior knowledge about the lesson

at hand.

Recap - This part of the module provides a review of concepts

and skills that you already know about a previous lesson.

Lesson - This section discusses the topic in the module.

Activities - This is a set of activities that you need to perform.

Wrap-Up - This section summarizes the concepts and

application of the lesson.

Valuing - This part integrates a desirable moral value in the

lesson.

Posttest - This measures how much you have learned from the
entire module.
 EXPECTATIONS

After going through this module, you are expected to:

1. describe the nature of general and subsidiary journals;
2. explain how general and special journals are used in recording transactions;
and
3. illustrate the format of general and special journals.

PRETEST

Directions: Write TRUE if the statement is correct, and FALSE if otherwise.

1. The general journal is part of the accounting record-keeping system.

2. Subsidiary journals include sales journal, cash receipts journal, purchases
journal, and disbursement journals.
3. Transactions that increase cash are recorded in the cash receipts journal.
4. In special journals, all transactions are recorded in the form of single line entry.
5. The cash disbursement journal records only payment of cash.

RECAP

Directions: Fill in the blanks.

1. An accounting device that facilitates analysis of transactions is called _____________.

2. The process of computing each side of the T-account is ___________________________.
3. __________________ is the process of computing the balance by getting the difference
between the debit footing and credit footing.
4. To have uniformity in recording the same transactions, a list of account titles with
corresponding codes known as _______________ is used.
5. It is the increased side of an account.
 LESSON

Journals are referred to as books of original entry or primary entry.

Business transactions are first recorded in the journals. Transactions are
recorded in order by date. Journal means daily records. In double-entry
accounting, transactions are recorded through journal entries. The journal
contains spaces for dates, account titles, and concise explanation of a
transaction, folio or posting reference, and two money columns for debit and
credit entry.

Simple form of a journal

Date Account Titles PR Debit Credit

yyyy
mmm dd Account debited ref amount

Account credited ref amount

short explanation

A journal is subdivided into subsidiary books. All cash receipts and

payments are recorded in a cash book. The four forms of cash books are used
differently, depending on the nature of the business. Folio is used as a
reference for double entries in accounts. Discount is used to record discounts
received from a supplier and discount allowed to customers. The cash column
is used to record transactions related to receipts and cash payments. The
bank column is used to record transactions like receiving and making
payments through cheques. The date column is used to record the date of the
source document and the debit and credit sides are used to represent an
increase or decrease of cash.
Purchase Journal or Purchase Day Book is used for credit purchases. Credit
purchase of other assets is not recorded in this book but the general journal.
The columns for this subsidiary journal are date, invoice number, name of
suppliers, ledger folio (LF), details, the total amount. Sales Journal of Sales
Day Book is used for credit sales. The columns are date, invoice number,
name of customers, ledger folio (LF), details, and total amount. Purchase
Return Journal or Purchase Return Day Book is used to record goods
returned. Goods are returned because they might be defective, were not
according to specifications, the quantity is more than what is required, and
when there is a breach between the seller and the buyer. A purchase return
book has the following columns: date, debit note, particulars, ledger folio, and
total amount. A Sales Return Journal or Sales Return Day Book is used to
record goods returned by the customer to the business. Goods are returned
because these might be defective, not as per sample or specifications, there is
a delay in supply, oversupply, or when there is a breach between the seller
and the buyer. This subsidiary journal has the followinig columns: date, credit
note, particulars, LF, and total amount.
Bills receivable book is used to record bills received (receivable) from
customers on credit. It has the following columns: No. of the bill, date, from
whom received, name of the acceptor, date of bill, term, date of maturity,
where payable, LF, amount and columns for others. A bills payable book on
the other hand has no. of bill,date of bill, to whom given,drawer, payee, where
payable, term, date of maturity, LF, amount, cash book folio, and columns for
others. This book is used to record the acceptances of bills.
A Journal Proper or General Journal is also called a miscellaneous journal.
Transactions that did not fit in any other books are recorded here. Opening
entries, closing entries, transfer entries, and adjusting entries are types of
transactions recorded here.

Example page of a general journal

 ACTIVITIES

Activity 1: Cash Book

Directions: Illustrate the four forms of the cash book.
What are the columns that you can identify?
Activity 2: General Journal Entries
Directions: Illustrate a general journal.
What are the entries (types of transactions) that you can identify?
Give at least four.

WRAP-UP

To summarize what you have learned in the lesson, answer the following
questions:

1. The books of accounts consist of _______________ and ________________.

2. Special journal books include _________,
________,________,_________,_________,_________,________,and _________.
3. A journal contains _____________, ____________, ____________, and
____________.

VALUING

Reflect on this!

"The greatest danger in times of turbulence is not the turbulence; it is to act with
yesterday’s logic.” – Peter Drucker

POSTTEST

Directions: Identify each statement and write your answer before each item
number.
__________1. These are known as books of original entry.
__________2. It refers to the process of recording a transaction.
__________3. It refers to a record of any particular transaction in the journal.
__________4. These are various books where transactions similar in nature are recorded.
__________5. It refers to miscellaneous journal.
 KEY TO CORRECTION

NORMAL BALANCE 5.
CHART OF ACCOOUNTS 4. Adjusting Entries
3. BALANCING Transfer Entries
2. FOOTING Closing Entries
1. T-ACCOUNT Opening Entries
RECAP ACTIVITY 2 5.GENERAL JOURNAL
5. TRUE 4.SUBSIDIARY BOOKS
4. TRUE 3.JOURNAL ENTRY
3. TRUE Debit and Credit Sides 2.JOURNALIZING
2. TRUE Bank, Date, 1.JOURNALS
1. TRUE Folio, Discount, Cash,
PRETEST ACTIVITY 1: POSTTEST

References
Ballada, W. 2017. Fundamentals of Accountancy, Business, and Management 1. VDomDane
Publishers.

Banggawan, RB. Asuncion, DJ. 2017. Fundamentals of Accountancy, Business, and

Management 1. Real Excellence Publishing.

Feme, PM. Cabuñag, HP. 2017. Fundamentals of Accountancy, Business and Management 1.
Fastbooks Educational Supply, Inc

Ferrer, RC. Millan, CV. 2017. Fundamentals of Accountancy, Business, and Management 1.
Bandolin Enterprise. San Juan, DA. 2018. Fundamentals of Accounting. Elmoer
Publishing

Rabo, JS. Tugas,FC.Salendrez, HE. 2016. Fundamentals of Accountancy, Business, and

Management 1. Vibal Group Inc.

San Juan, D. A. 2018. Fundamentals of Accounting. ELMOER Publishing.

https://www.wikiaccounting.com/general-journal/. Accessed on August 23, 2020.

https://www.accountingtools.com/articles/2017/5/16/special-journals.
Accessed on August 23, 2020.

https://www.accountingcoach.com/blog/what-is-a-special-journal.
Accessed on August 23, 2020.

https://courses.lumenlearning.com/suny-finaccounting/chapter/sales-journal/.
Accessed on August 23, 2020.

https://businessjargons.com/journal.html. Accessed on September 2, 2020.