COMMERCE 101

PARTNERSHIP

Hello Peepz, Hows Life? HOW ARE YOU???. Be more positive and more thankful because they are alot of people all over the world that would die to have what you have or kill to be you- so you are a STAR to someone somewhere JUST D WAY U ARE. Yes YOU!!!!. It Is Well with You in Jesus Name-Amen. Okay, Let's get straight to work!!!!.

Partnership is a relationship that exists when two or more persons contribute skills or money in order to establish, own and manage business activities, with the aim of making profit. Partnership is formed by two to twenty persons but in banking the maximum number of partners is 10.

Characteristics of Partnership:

# The Partners are Liable for the Total of the Business without Limits. The Partners will lose their investment as well as private properties in event of liquidity.

# In Partnership Business, no special formalities are necessary but written agreement may be needed.

# Partnership is owned by two to twenty persons or two to ten persons in banking sector.

# Every Partner is an agent of the business and every act of a Partner done in carrying out of

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ECONS 101

PUBLIC LIMITED LIABILITY COMPANY/ JOINT STOCK COMPANY

Hello Readers, How are you all today? It's Beautiful to be here with y'all doing this now and being a source of help to you all. I thank God everyday for meeting you all and being able to write to you and generally interact with you all. Let's Get Started.....

A Public Limited Liability Company is defined as one which by its articles allows the public to subscribe for its shares, must have a minimum of 7 persons but no maximum number. It allows the shares to be transferred and the name of the public limited company must end with the abbreviation "plc".

Public meaning that any member of the public is free to purchase shares in the business when shares are advertised for sale. Public limited company is usually owned by private individuals and organizations.

Public Limited Liability Companies or Joint Stock Companies are organisations which have separate legal entity. It is regarded in law as having an identity of its own. The Shareholders are not personally responsible for anything that is done in the name of the organisation. The shareholders also enjoy the advantage of a large number of people who through the purchase of shares become owners of the company. For Example- First Bank Plc, Texaco Nig. Plc etc.

FEATURES/CHARACTERISTICS OF PUBLIC LIMITED LIABILITY COMPANY:

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FINANCIAL ACC 101

BANK RECONCILIATION STATEMENT

Hello Readers, Happy Wednesday to you all. How has your week been so far? It is well with all of you in Jesus name-Amen. Today you will hear Good news in Jesus name-Amen. Okay, so let's get started on our topic for today....

Bank Statement is a book prepared periodically and sent by a Bank to its Account holders, showing the transactions between the customer and the bank within a period of time. It shows a summary of the interactions between the Bank, its customer (the account holder) and others- it can be sent monthly or yearly or on any other agreed period to the customer.

Purpose of Bank Statement:

1. To inform the Customer of the transaction that takes place.

2. It helps the customer to know the position of his finance with the Bank.

3. It helps to provide customers with a continuous and permanent record of his account.

Bank Reconciliation Statement can be defined as a statement that is prepared to reconcile the disagreement of the cashbook and that of the bank statement. This is needed when a customer is dissatisfied with the bank statement sent by his/her bank and therefore wants to

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