How many stages does the process of final accounting have?
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The process of final accounting typically involves four stages.

These stages are:

1. Recording: In this stage, financial transactions are recorded in the appropriate accounts using the double-entry bookkeeping system.

2. Adjusting: Adjusting entries are made to account for accruals, deferrals, and other adjustments necessary to ensure that the financial statements reflect the correct financial position and results of operations.

3. Summarizing: In this stage, the adjusted trial balance is prepared, and the financial statements are generated, including the income statement, balance sheet, and statement of cash flows.

4. Closing: The final stage involves closing the temporary accounts, such as revenue and expense accounts, into the retained earnings account to start the new accounting period with zero balances in those accounts.

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Mr. Udefien commence business on |" of January 20x8 by transferring 720,000 from his private current account into a bank account which he had opened for the business. His transaction for the month of January 20x8 was and follows;
January 1
Bought goods on credit from Yakubu
120.000
January 2
Withdraw cash from bank for office use
18.000
January 3
Sold on credit to Dauda
150,000
January 4
Bought goods on credit from Bashiru
180.000
January 6
Sold goods to Okechukwu on credit
220.000
January 7
Paid rent by cash
2,500
January 9
Withdraw cash from office till for personal use
3.000
January 10
Bought goods from Bemigho on credit
100.000
January 11
Goods returned by Dauda
17,000
January 12
Sold goods on credit to Anthony
140,000
January 14
Cash purchases from Ekpulu paid by cheque
40.000
January 15
Goods returned to Yakubu
8.200
January 16
Cost of goods taken for private use
5,000
January 17
Sold goods (selling price N20,000) to Akintola giving a trade discount of 10%
20,000
January 25
Goods returned to Bemigho
5.000
January 26
Purchased goods worth 70,000 on credit from A minu at a trade discount of 10%
January 27
Paid cash of w18.000 to Bemigho after deducting discount of 10%
January 29
Received cash from Dauda in full settlement of his account
January 29
Cheque received from Anthony
January 30
Deposited cash into bank
January 30
Paid salaries by cash
January 31
Withdrew cash from bank to pay his son's school fees
January 31
Paid Bashiru by cheque
130.000
50,000
80,000
5,000
3,000
80.000
You are required to prepare
i. write up a 3 column cash book and other subsidiary books