FINANCIAL ACCOUNT 101.

  ILLUSTRATION ON PETTY CASH BOOK CONTD.

Hey Guys, Happy Thursday. It’s a Beautiful Day to see. It’s such a privilege to see such a day, let alone be well enough to learn and improve one’s self. For that God deserves Praise. Well today we will take one more example on PETTY CASH BOOK in order to fully understand it.

ILLUSTRATION:

Charles Limited operates a Petty Cash book on the imprest system with a cash float of N 300. The following transactions took place in November 2003.

Nov 2- Envelopes N4.

Nov 3- Petrol N16.

Nov 4- Postage N7.

Nov 5- Petrol N18.

Nov 7- Cleaning N20.

Nov 9- Stationery N21.

Nov 10- Michael N19.

Nov 12- Stamp N10.

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FINANCIAL ACCOUNT 101.

PETTY CASH BOOK.

Hello Everyone, it’s a New Day to learn and have fun. We are focusing on the above mentioned topic today. Guyz, am new at this so don't mind the awkward tables drawn for yesterday's topic.

Petty Cashbook is the book for recording small expenses. For example- Postage, Stationery, Transport etc. The system for recording petty cash transactions is called IMPEST SYSTEM. In this system, a specific amount is given to cashier to start off accounting period. This specific amount is called CASH FLOAT. The source document for petty cashbook are involved receipts and vouchers.

PROCEDURES OF PETTY CASHBOOK.

1. Cash float amount.

    Credit Cash book.

    Debit petty cashbook.

2. Ruling the petty cashbook.

    Credit side is wider than debit side.

    Credit side is analysis column which must not be totaled intervals and the total transferred to respective nominal ledger.

3. Reimburse the petty cash every week or month using the imprest system to bring the amount back to the formal account.

ILLUSTRATION:

Stanley Limited operates a Petty Cash Book on the Imprest System. The following transactions took place in June 1990.

June 1- Received from Cashier N3,000.

June 2- Postage N180

June 3- Traveling N120

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FINANCIAL ACCOUNT 101.

    REVISION OF FINANCIAL ACCOUNT 101 CONTD.

Hey Guys, It’s a New Day to learn and have fun. The Easter Period is really in the ear and I hope you all have great plans to enjoy this holiday season. Any way we have to finish our revision today on Financial Account 101 for us to fully grasp the foundation of Financial Accounting.

DOUBLE COLUMN CASH BOOK.

This is a cashbook that has folders for cash and bank transactions.

ILLUSTRATION:

Enter the following transactions in the cash book and ledger accounts of Mr. Timi for the year 2009.

Jul 1. Proprietor puts in capital into the bank account for the business N 1,500.

Jul2. Purchases on credit from S. Sharon N 260.

Jul 3. Cash Purchases N 350.

Jul 4. Paid cheque to S. Sharon N 245.

Jul 5. Paid rent by cash N 100.

Jul 6. Cash Sales N 150.

Jul 7. Cash Sales paid directly into the bank N 100.

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FINANCIAL ACCOUNT 101.

    REVISION OF FINANCIAL ACCOUNT 101 SO FAR.

Hey Guyz, Happy Monday. Easter is fast approaching when Jesus was crucified for our sins upon the cross of Calvary…. I pray God opens our eyes to see just how much he loves us…..

Okay so today we face Account and we are revising all we have done so far, in order to remind ourselves of the foundation of Account.

BOOK-KEEPING we said is the act of receiving and classifying financial transactions in a systematic way, in order to show the financial position of a business at anytime. It is carried out by using the Double Entry System.

ACCOUNTING is the recording, classifying, creating, summarizing and communicating of financial information to interested parties to help in making specific business decision.

It includes the design of the financial information system, preparation of financial statements, development of forecast and analysis, and interpretation of

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NOTICE

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I sincerely suggest it to those preparing for exams right now. Peace

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COMMERCE 101.

                      WHOLESALE TRADE.

Hey Guys, Happy Friday. It’s a New Day to learn and have FUN doing so. Let’s get straight to the point at hand.

Wholesaling is a business activity which involves buying of goods and services from the producer in bulk, and selling in small quantities to the retailers and other merchants.  In other words, A Wholesaler is a trader who buys goods in large quantity and sells in small quantity to retailers.

FUNCTIONS OF THE WHOLESALER TO THE PRODUCER:

1.      The Wholesaler purchases goods in large quantities and sell in small quantity to the retailer.

2.     He makes spaces available for further production by buying and clearing the goods from the producer’s warehouse and storing them in his own warehouse (This is especially when the Producer has limited space in his warehouse).

3.     He makes money available to the manufacturer by buying goods and paying promptly.

4.     He keeps the manufacturer informed about the market situation from information he gathered from retailers and consumers.

5.     He relieves the manufacturer from the problem of transportation and distribution of goods.

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COMMERCE 101.

               MODERN TREND IN RETAILING.

Hey Guys, it’s a lovely Thursday, a new day to Learn and have Fun. So let’s get started on our Topic for today.

New Trends have been introduced in Retailing Business because of the dynamic nature of commercial activities. In order to enhance and facilitate business activities, new ideas and Techniques have been introduced. These include: Branding, Self-Service, After-Service, Vending Machine & Repackaging.

1.     BRANDING- It is a Name, Term, Sign, Symbol, or Design or the combination of all of them that an Organization uses to distinguish its goods from that of other organizations. It is used to prevent product Adulteration.

  Advantages of Branding:

a.     It ensures High Quality Goods.

b.     It Prevents Product Adulteration.

c.      It saves the cost of Advertising.

d.     Branded Goods are easily recognized.

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COMMERCE 101.

 LARGE SCALE RETAILING.

Hey Guys, It’s been long I know, and I missed you loads….   Anyways, I had to work on balancing my education with this my passion to help people educationally on this blog. So by Gods Grace it’s sorted out and I will be around more often.

So today we are discussing the above mentioned Topic, so let’s relax, learn and have FUN. 

Large Scale Retailing is a system of trading with large scope of operation. As the name implies it involves trading that is large in nature. It exists in the following:

1.     CHAIN/ MULTIPLE STORE- It is a large retail store that has the same or identical store designs, layout and stock display. It has branches which is scattered all over the country while the Head office supplies the goods to the outlet. For example- Leventis Store, UTC Store, ShopRite etc.

Features of Chain Stores:

a.     They Sell Similar Range of Goods.

b.     They are found in Towns and Urban Area.

c.      They Have Identical Store Designs.

d.     They have similar Stock display.

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COMMERCE 101.

        REVISION OF ALL TOPICS IN COMMERCE 101.

Hey Guys, Today we begin with a recap of all we have ever discussed in COMMERCE 101. Just to remind ourselves and to be sure we understood them well.

So we begin with INTRODUCTION TO COMMERCE. Here we defined Commerce as all that concerns Production, Distribution, Exchange of Goods & Services, and the activities that makes trade possible. In other words, we defined commerce as an activity that deals with Trade and the Aids-to-Trade.

SCOPES OF COMMERCE, we said are divided into 2: Trade & Aids-to-Trade.

TRADE is the buying and selling of goods and services and can be divided into 2: Home Trade & Foreign Trade.

Home Trade is the buying and selling of goods and services that takes place within a country, and is divided into: Wholesale & Retail Trade.

Foreign Trade is the buying and selling of goods and services between two or more countries. Under it we have- Bilateral Trade and Multilateral Trade.

Remember we defined Wholesale Trade as the trading that involves the exchange of

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AM BACK.

WOOOW. I SHOULD DEFINITELY START WITH HAPPY NEW YEAR !!!!. I KNOW ITS WAY TOO LATE FOR IT BUT WELCOME TO 2014....

SO MANY THINGS HAPPENED THAT STOPPED ME FROM BLOGGING. I GOT INTO UNIVERSITY AND HAD TO WORK EXTRA HARD, AND SOOOOO MANY OTHER WONDERFUL THINGS.

SO LET ME REAFFIRM MY COMMITTMENT TO THIS BLOG AND TO YOU THE READERS OF THIS BLOG, I AND MY FELLOW CO-AUTHORS ARE COMMITTED TO YOU GUYS AND ARE GRATEFUL FOR YOUR LOVE, SUPPORT, LOYALTY AND PATIENCE SO FAR..

WE HOWEVER NEED YOUR PRAYERS AND COMMENTS TO GIVE US THE STRENGTH TO GO ON...

SO WITH ALL THAT HAS BEEN SAID, WELCOME TO EDU-MADE-EASY 2014.... I PRAY IT IS MORE FUN AND MORE INFORMATIVE FOR YOU....

SO SEE YA, LOVE YOU ALL..... PEACE

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INTRODUCTION TO CHEMISTRY

Today, we are going to start with CHEMISTRY. Before we proceed, its important you understand the basic fact about the subject. As one of the science subjects, CHEMISTRY can be seen as a science that deels with the study of the composition,properties and uses of  matter.Its a subject that explains how living and non-living things exists. It ranges from SOLID, LIQUID and GAS. We are going to stop here for now....!!

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NEW

Hi friends am happy to be part of this wonderful blog. Happy Blogging...........!!!!!!!!!!!

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FINANCIAL ACCOUNT 101.

                 THREE COLUMN CASHBOOK.

                                                                                                                                                      

Hey Guys, it’s a new day to live and learn. Let’s get straight to work.

Three Column Cashbook is a book that shows or combines Cash, Bank, and Discount on the debit and credit sides. On the debit side of the cashbook is the Discount Allowed column while Discount Received column is on the credit side.

Discount is the reduction in the price of Goods in order to encourage Bulk Purchases and Prompt Payment.

Types of Discount:

1.     Trade Discount is an Allowance made by Manufacturers or Wholesalers, to retailers in form of Reduction from price of goods supplied.

2.     Cash Discount is a percentage allowance for prompt payment of an account or for payment within a specified period of time.

Classification of Cash Discount:

1.     Discount Allowed is the discount given to the customers for prompt payment of their account. It will be entered on the debit side of the three column cashbook and be credited to the personal account of the customer.

2.     Discount Received This is the discount received from suppliers for prompt payment of their account. It is credited to the discount received column on the three column cashbook and debited to

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