ECONS 101

PRIVATE LIMITED LIABILITY COMPANIES

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A Private Limited Liability Company is defined as one which by its articles restricts the rights to transfer its shares, limits the number of its shareholders from two to fifty, prohibits any invitation to the public to subscribe for its shares, and the name of the private liability company must end with the abbreviation of "Limited", e.g. Burberry Nigeria Limited, News watch Nigeria Limited etc.

FEATURES/CHARACTERISTICS OF PRIVATE LIMITED LIABILITY COMPANIES:

a.  Ownership- The business is owned by shareholders who may be between two and fifty persons in number.

b. Objective- The major aim of Private limited company is to make profit.

c. Source of Capital- The Capital required to set up and run the business is provided by the shareholders in form of shares. However, shares are not sold to the general public. They are sold privately.

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FINANCIAL ACC 101

TRIAL BALANCE QUESTION

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ILLUSTRATION 2:

Enter the Transactions in the books of the following details for the month of January and extract the Trial Balance as at 31st June 1996.

Jan 1- Started Business with N7, 000 in cash.

Jan 2- Paid N3, 500 of the opening cash into bank account.

Jan 3- Bought goods on credit from Ajala N135, Kayode N115, Mark N55.

Jan 4- Bought office equipment on credit from Ojo N108.

Jan 6- Sold goods for cash N501.

Jan 7- Sold goods on credit to Micheal N24, Obi N53.

Jan 8- Bought motor van paying by cheque N240.

Jan 10- We returned goods to Ajala N25, Kayode N22.

Jan 12- We paid by cheque Ajala N110.

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COMMERCE 101

DOCUMENTS INVOLVED IN TRANSPORTATION

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1. Consignment Note: is a document that prove that goods have been delivered. It is sent by the consignor through the carrier to the consignee to sign in evidence that the goods are in order.

2. Certificate of Insurance: is a document which shows that the goods have been insured against risks or loss by the exporter.

3. Airways Bill: is a document used to transport goods by air. It will show the name of the consigner and the consignee, value of the goods and the airport where it is loaded.

4. Manifest: is a document that shows the full list of the goods and cargo that is carried by a ship or aircraft. This document is to be completed by the captain of the ship and approved with the custom authorities showing the particulars of the ship, the cargo carried and the final destination.

5. Shipping Note: is a document containing instructions for transporting the goods.

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