COMMERCE 101

           DIVISION OF LABOUR

Hey Guyz, Happy Monday. It's a new Month, MARCH is here. 2015 is really fast, don't you think? Well am just glad we all made it, so many pple have already lost their lives and we aren't better than them at all, God is just Faithful always. So today we are on a New Topic, New Month New Topic. So Let's get started!

Division of Labour is the co-operative specialization of labour. It dates back to as early as the start of civilization and was practiced by the Sumerians to group different jobs according to various skills of the members of the society. Division of Labour is historically associated with increased growth in total output and is viewed as the rise of Capitalism. It also helps to solve some of the complex industrialization processes. Division of Labour as explained by Adam Smith can be restricted based on the market extent. Adam has suggested that the bigger the market the higher the specialization. It can then be said that the Global market that we are currently enjoying has resulted to so much specialization. The conditions for Specialization to thrive on the global market are a free trade, free mobility and migration of labour. In Simplified Form, Division of Labour is the breaking down of production processes into smaller and separate units which allow for multiple small performances by different individuals and also machines. For Example, When Machine A mixes the batter and

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ECONS 101

 BASIC ECONOMIC PROBLEMS IN THE SOCIETY

Hey Guyz, Happy Friday. We made it to the last Friday of the month of February!!!. It’s such an honour to be ALIVE, don’t you think? So we didn't conclude the Topic- Basic Economic Problems- below is the conclusion of that topic. Pls Enjoy !!!.

FACTORS DETERMINING WHAT TO PRODUCE:

1.     Market Demand- The demand of a particular set of goods and services by customers may encourage producers to produce more of these goods and services. No producer will ever produce what is not demanded by the market.

2.     Type of Economy- This goes a long way in determining the type of goods and services produced in a country. For Example, In a Capitalist Economy, the Price System determines the type and quantity of goods and services produced bearing in mind that, profit is the major determinant of what to produce, whereas in a Socialist Economy the state controls and directs the allocation of resources.

3.     Availability of Resources- When resources for production are available and affordable. Producers will be encouraged to produce, but when resources are not available there will be no production. Since resources are limited producers may not always have enough to produce

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FINANCIAL ACC 101

SUBSIDIARY BOOKS CONTD

Hey Guys Welcome, hope you tried out what we learnt on your own? The key to being the best is practice, so practice as much as you can. Today we are going to continue from where we stopped.

                    RETURNS INWARD JOURNAL.

It is otherwise called SALES RETURN JOURNAL, and is used to record goods previously sold but later returned to the supplier or seller by the customer, for wrong color, wrong type, inferior quality or breakage. In the Ledger the Returns inwards account is debited, while the customer’s account is credited. I t looks like this.

Date	Particulars	F	Details	Total

                     RETURNS OUTWARD JOURNAL.

It is otherwise called PURCHASES RETURN JOURNAL, and is used to record goods returned to the supplier by a seller as a result of one reason or the other, like damages to the goods etc. In the Ledger, the Returns outwards account is credited, while the suppliers account is debited. It looks like this.

Date	Particulars	F	Details	Total

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