COMMERCE 101

MEANS/METHODS OF TRANSPORTATION

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There are four major forms of Transport namely:

1. LAND TRANSPORT

 This means of Transportation is very good for trading within a country. It is a means of conveying goods and passengers from one place to another through land. Land Transport can be divided into: Road and Rail Transport.

a. Road Transport is the most extensively used, of all the means of transportation. It is the movement of goods and passengers on the road, by motor vehicles, buses, cars, motorcycles, bicycles etc.

Advantages of Road Transport:

* It is flexible since there is no fixed time scheduled.

* It is good for carrying perishable goods.

* It is faster on the short distance journey.

* It has no special routes.

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ECONS 101

LIMITED LIABILITY COMPANIES

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A Company can be defined as a Legal Person or Entity created by the Association of a Number of People in accordance with the Law for the Purpose of Pooling their Capital together in order to set up a Business Venture. Examples of Limited Liability Companies are: Julius Berger Nigeria Plc, Dunlop Nigeria Plc etc. A Company is an artificial person and is more than a mere association of individuals. It is a legal person with a personality of its own.

Types of Companies:

1. UNLIMITED LIABILITY COMPANY- The Liability of a member is limitless and he may be liable to the full amount of the company's debts in the event of liquidation. The Members will contribute more money, including their capital, to settle the debt of the company.

2. LIMITED LIABILITY COMPANY- The Liability or Burden of Debt in the company is limited to the amount of share capital the shareholders had agreed to contribute individually in the event of liquidation. A Shareholder cannot suffer the liability of the company up to his/her

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FINANCIAL ACC 101

BALANCING OF LEDGER ACCOUNT

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Before the preparation of Trial Balance, the account must be balanced off at regular intervals during the financial year, it is necessary to balance each account, in order to ascertain the overall position recorded in the book keeping system. In balancing the account, the following procedures must be followed:

1. Post all Debit Items.

2. Add all the Items on the Debit side.

3. Post all Credit Item.

4. Add all the Items on the Credit side.

5. Compare both the two totals.

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