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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FINANCIAL ACC 101

TRIAL BALANCE

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Trial Balance is a statement showing a list of balance in a double entry form, extracted from the Ledger to show the arithmetic accuracy of the account. The Trial Balance is drawn up at a given date after all the posting have been made in the ledger. The Techniques ensure that debit and credit balances as displayed in the ledger are complied, that is they must be in agreement and be equal. When they is a difference between the two sides, then some errors have been made.

Uses of Trial Balance:

1. All assets must be put in debit side.

2. All liabilities must be put on the credit side.

3. All income must be recorded on the credit side.

4. All expenses must be recorded on the debit side.

5. All items with debit balance in ledger will be debited.

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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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