FINANCIAL ACC 101

CORRECTION OF ERRORS

Hey Readers, Happy New Day to you all. I know without a doubt that God has been Kind to you and all your Family members. Even though you can't really boast of anything Amazing in your Life right now, you are ALIVE!!!!. that alone is Amazing so today if you are downcast just focus on celebrating your Life and let's make the enemy Mad together. LOLZ, so let's get right to work......

In preparing a Trial Balance the both sides must be equal where by one side is greater than the other, it means there is an error. Errors must be corrected in two ways.

# Errors that don't affect the agreement of the Trial Balance.

# Errors that will affect the agreement of the Trial Balance.

SOME ERRORS THAT CAN OCCUR IN TRIAL BALANCE:

1. Error of Original Entries- This occurs when a wrong amount is entered in the debit and credit side. For Example- Sales of N101 to Ayo must be entered in the account as N201.

2. Error of Omission- This occurs when a Transaction is totally omitted from the debit and credit side of the account.

3. Error of Commission- This occurs when a transaction is entered in a wrong person's account. For Example- Purchases of Goods of N70 from Martin was entered in Michael's

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COMMERCE 101

BANK

Hey Guyz, Hows your week going. Happy New Week and Be Blessed. So Let's Get Started!!!

Bank is a financial institution, set up purposely for safekeeping of money valuable goods and documents like Wills & Others. They are institutions that create money, and give out loans to people.

Types of Banks:

They are different types of banks and they include:

1. Commercial Bank

2. Central Bank

3. Merchant Bank

4. Saving Bank

5. Development Bank.

COMMERCIAL BANK

  Commercial Banks are setup for keeping and lending money to people, with the aim of making profit. They are owned by private individuals, institutions or governments. Examples

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ECONS 101

STOCK & DEBENTURE

Hey Guyz, Happy New Week hope the weekend was wonderful for you and your loved ones. I had a Blast myself. I Pray that this new week brings all kinds of happiness and joy your way in Jesus name- Amen. We are continuing from where we stopped last time, so let's get started.....

Raising of Capital:

1. By Prospectus- By giving particulars of the company and its business, is published with application form. Shares are allotted to those who apply.

2. By Offer for Sale- The whole issue of shares is allotted to an issuing house (merchant bank, finance house) which offers them to the public by means of a document known as "Offer for Sale."

3. By Introduction- The company concerned can apply to the stock exchange for sales of its shares. There will be an offer to the public of a new issue of shares through the stock exchange.

4. By a Right Issue- When a Company is established, it may raise further capital by offering the shares concerned to existing members on favourable terms.

5. By Placing- This is a method of issuing securities through an intermediary such as a firm of stock brokers. The intermediary will Endeavour to place issue among its institutional

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