FINANCIAL ACC 101

TRIAL BALANCE QUESTION

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ILLUSTRATION 2:

Enter the Transactions in the books of the following details for the month of January and extract the Trial Balance as at 31st June 1996.

Jan 1- Started Business with N7, 000 in cash.

Jan 2- Paid N3, 500 of the opening cash into bank account.

Jan 3- Bought goods on credit from Ajala N135, Kayode N115, Mark N55.

Jan 4- Bought office equipment on credit from Ojo N108.

Jan 6- Sold goods for cash N501.

Jan 7- Sold goods on credit to Micheal N24, Obi N53.

Jan 8- Bought motor van paying by cheque N240.

Jan 10- We returned goods to Ajala N25, Kayode N22.

Jan 12- We paid by cheque Ajala N110.

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COMMERCE 101

DOCUMENTS INVOLVED IN TRANSPORTATION

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1. Consignment Note: is a document that prove that goods have been delivered. It is sent by the consignor through the carrier to the consignee to sign in evidence that the goods are in order.

2. Certificate of Insurance: is a document which shows that the goods have been insured against risks or loss by the exporter.

3. Airways Bill: is a document used to transport goods by air. It will show the name of the consigner and the consignee, value of the goods and the airport where it is loaded.

4. Manifest: is a document that shows the full list of the goods and cargo that is carried by a ship or aircraft. This document is to be completed by the captain of the ship and approved with the custom authorities showing the particulars of the ship, the cargo carried and the final destination.

5. Shipping Note: is a document containing instructions for transporting the goods.

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ECONS 101

LIMITED LIABILITY COMPANY CONTD

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Formation of a Limited Liability Company:

The Steps involved in the formation of a Limited Liability Company (Whether Private or Public) are as follows:

Step 1- The Promoter devises a scheme of Capitalization, bearing in mind the cost of Formation, assets to be brought and working capital.

Step 2- The Promoter is required to secure the services of a solicitor to prepare certain documents to be filed with the Registrar of Companies. The Documents are:

* Memorandum of Association

* Article of Association

* Statement of Nominal Capital.

Step 3- The documents are stamped and lodged with the Registrar of Companies.

MEMORANDUM OF ASSOCIATION is a document forming the constitution of a Company and

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