FINANCIAL ACC 101

JOURNAL PROPER

Hey Guys, wats happening with y'all. Hows the week going, have fun and be positive. I know sometimes it is very difficult to be but if it helps remember that God loves you very much and his son shed his blood publicly to make sure you are free and happy- so don't let the enemy win, when you are unhappy and negative he is winning. If not for yourself at least to make sure he is not happy concerning you, stay positive cos whenever you are positive he is like a mad man roaming about in anger. So upset the enemy today, lolz. Halleluya- Jesus is indeed Lord forever more. Okay enough of that, let's get straight to work.

The Journal is a book of Prime entries into which Transactions are entered on a daily basis. In other words, It is a day to day book of all Business Transactions, where both aspects of Transactions are recorded in a chronological order and classified as debit and credit before they are posted to the ledger. The Journal has columns for Date, Particulars, Folio, Debit and Credit. The Entries are recorded along with an explanation of each showing the nature of the Transaction. This is referred to as Narration.

The Journal shows:                                   

i. The Date

ii. Account to be debited

Read More

COMMERCE 101

MONEY

Hey Readers, How you doing y'all? lolz- how are you, your family, school, friends, even those people you don't like too much... I pray God brings Matchless Peace and Love your way and to everyone you are related to in Jesus Mighty Name- Amen. Today we are talking about the most wanted thing in the world-Money!!!. Lolz- Let's Begin....

Money can be defined as any medium of exchange which is generally accepted by the people, in payment for goods and services or settlement of debt and at the same time as a measure or stock of value.

Trade By Barter is a form of Trading in which goods are exchanged, directly for other goods without the use of money as an intermediary.

Problems of Trade By Barter:

a. Problems of Double Coincidence of Wants- This involves looking for someone who needs what you have, and at the same time has what you need.

b. No Fixed Rate of Exchange- Since no fixed amount is placed on a particular good, they is always a problem.

Read More

ECONS 101

SHARES

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.....

Shares can be defined as the individual portion of the company's capital owned by shareholders. It is the interest which a Shareholder has in a company. In other words, share is a unit of capital measured by a sum of money. The Company Act defines a Share as "The Interest in a Company's Share Capital of a Member who is entitled to share in the income of such company."

TYPES OF SHARES:

There are two major types of shares. These are Preference and Ordinary Shares.

1. PREFERENCE SHARES- is the type of share which has priority i terms of dividend payment and repayment of capital in the event of winding up. They have a fixed rate of dividends

Features of Preference Shares:

* They have no Voting Rights.

Read More