FINANCIAL ACC 101.

TRIAL BALANCE EXERCISES.

Hey Guyz, Happy Thursday to you all. It’s almost the end of the week again wow, have you guyz noticed at all how quickly time flys. Hmmm it is well.

Today we are back to Acc 101 with one more illustration on Trial Balance, so let’s get started.

ILLUSTRATION:

Enter the following in the books, balance off and extract a trial balance for the month of March 1994.

March 1- Started business with N 15,000 in the bank and N 7,650 cash in hand.

March 2- Put N 650 of the cash into bank account.

March 3- Bought Goods on credit from: Ayo N 200, Aina N 300, Bikiya N 170, and Timi N 135.

March 4- Cash Sales N 500.

March 5- Bought Machinery by cheque N 700.

March 7- Bought goods for cash N 1,000.

March 9- Paid Insurance by Cash N 60.

March 11- Paid Wages by cheque N 300.

March 13- Received Loan from Ojo by cheque N 620.

March 15- Goods sold on credit to: Dapo N 300, Femi N 65, Kunle N 120, and Gbenga N 120.

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ECONS 101.

FACTORS OF PRODUCTION.

Hey Guyz, Happy Wednesday to you. Congratulations for being selected to be in the Land of the Living today. Hope this day brings you Joy unspeakable in all areas of your life. We are continuing from where we stopped in Econs. 101 with the above topic, so let’s get started.

Factors of Production refer to Agents, Components or resources which are combined together to produce goods and services. There are four factors of production namely:

a.     Land

b.     Labour

c.      Capital

d.     Entrepreneur

LAND.

Land is defined in economics as a free gift of nature, it does not only include the land surface but all other free gifts of nature and natural resources like forest, mineral resources, rivers etc. The supply of land is unlimited unlike other factors of production. The reward for land is RENT.

Characteristics of Land {Its Features}:

1.     Land is immobile, it can’t move from one place to another.

2.     The Supply of land is fixed, it is impossible for man to increase the quantity of land.

3.     Land is a free gift of Nature.

4.     Land is subject to diminishing returns, this happens when a land is frequently bought under cultivation, and it reduces its productivity.

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FINANCIAL ACC 101.

TRIAL BALANCE.

Hey Guyz, Happy Tuesday. How was Monday for you, well for me it was all school stuff but it was fun, hope it was at least enjoyable for you? It is well with you today in Jesus Mighty Name- Amen. So today we are back to Acc. 101 and a new topic I pray you will enjoy, let’s get started.

Trial Balance is a statement showing the list of balance in a double entry form, extracted from the ledger to show the arithmetic accuracy of the account. The Trial Balance is drawn up at a given date after all the posting have been made in the ledger and they must both be in agreement. When they is a difference between the two sides (i.e. The Credit & Debit Sides), then some errors have occurred.

THINGS TO NOTE ABOUT TRIAL BALANCE:

1.     All Assets must be put in the Debit Side.

2.     All Income must be put in the Credit Side.

3.     All Expenses must be recorded in the Debit Side.

4.     All items with debit balance in the ledger will be debited.

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