ECONS 101.

LABOUR.

Hey Guyz, Happy New Week and how was your weekend. Hope it was fun, Thank Jesus for the gift of Life and for Health. This week shall bring forth Good news for each and every one of us in Jesus name- Amen. Let’s get straight to work with Econs. 101.

Labour as a factor of production is defined as all forms of human efforts put into or utilized in production. It also refers to man’s mental and physical exertions generated in the process of production. The Rewards for Labour as a Factor of Production comes in form of WAGES & SALARIES.

TYPES OF LABOUR.

There are two main types of labour and they are:

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COMMERCE 101.

MAIN DOCUMENTS USED IN FOREIGN TRADE.

Hey Guyz, Happy Friday to you all. Thank God its Friday feeling is in the air and once again we ought to be grateful to God for the precious gift of Life. THANK YOU JESUS. Let’s get started.

There are various documents which facilitate International Trade and they include the following:

1.     CERTIFICATE OF ORIGIN

This is a document that shows where goods come from or where it is manufactured. This document also enables the custom and excise authorities to determine the duties, the importer should pay on the goods because it attracts preferential duties. It must be signed by custom officers in the exporting countries.

2.     AIRWAY BILL

It is used when goods are been transported by air. It shows the name of the consignor/exporter, airport of loading, destination. It also shows the nature, weight, value of goods and the fright charged.

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FINANCIAL ACC 101.

TRIAL BALANCE EXERCISES.

Hey Guyz, Happy Thursday to you all. It’s almost the end of the week again wow, have you guyz noticed at all how quickly time flys. Hmmm it is well.

Today we are back to Acc 101 with one more illustration on Trial Balance, so let’s get started.

ILLUSTRATION:

Enter the following in the books, balance off and extract a trial balance for the month of March 1994.

March 1- Started business with N 15,000 in the bank and N 7,650 cash in hand.

March 2- Put N 650 of the cash into bank account.

March 3- Bought Goods on credit from: Ayo N 200, Aina N 300, Bikiya N 170, and Timi N 135.

March 4- Cash Sales N 500.

March 5- Bought Machinery by cheque N 700.

March 7- Bought goods for cash N 1,000.

March 9- Paid Insurance by Cash N 60.

March 11- Paid Wages by cheque N 300.

March 13- Received Loan from Ojo by cheque N 620.

March 15- Goods sold on credit to: Dapo N 300, Femi N 65, Kunle N 120, and Gbenga N 120.

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