ECONS 101

SOLE PROPRIETORSHIP

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Sole Proprietorship may be defined as a form of business enterprise owned, financed and managed by one person with the primary aim of maximising profits. The Sole Proprietorship, also popularly referred to as one-man business, is the oldest and the most common type of business organisation. It is an unincorporated business unit owned by one person who provides the capital, runs the business and undertakes the risks and profits of the business alone. For Example- Farming, Fishing etc.

 Features of Sole Proprietorship:

1. Ownership is by one person.

2. The Main Objective of the one man business is to make profit.

3. Life Span depends on the owner and the business can fold up at any time.

4. The Business is controlled and managed by the owner himself.

5. The Sole Proprietor has unlimited liability.

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FINANCIAL ACC 101

ANOTHER PETTY CASHBOOK ILLUSTRATION

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ILLUSTRATION 2:

The Following is a summary of the Petty Cash Transactions of Mr. Shola Ltd for October 1990.

Oct 1- Received from Cashier N1600

Oct 2- Petrol N70

Oct 3- Postages N90

Oct 4- Travelling N60

Oct 5- Postages N25

Oct 6- Petrol N110      

Oct 7- Travelling N85

Oct 8- Cleaning N90

Oct 9- Stationery N45

Oct 10- Postage N65

Oct 11- Cleaning N165

Oct 12- Petrol N90

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COMMERCE 101

DIVISION OF FOREIGN TRADE

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International otherwise called Foreign Trade can be divided into the following:

# Import                                                      

# Export                                                          

# Entreport

1. IMPORT

It is the buying and selling of goods and services from other countries. it is sometimes restricted to control a country's Balance of Payment. It can be divided into two, namely:

a. Visible Import Trade- is the buying of goods from other countries which can be touched and seen (Tangible Goods). For Example- Automobiles (Cars), Electronics etc.

b. Invisible Import Trade- is the buying of services from other countries which cannot be seen or touched (Intangible Goods). For Example- Banking Services etc.

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