COMMERCE 101

CLASSIFICATION OF RETAIL TRADE

Happy Monday Everyone, we are here again, wow March has been nice. Hasn't it ? Hope you have enjoyed March so far, anyway we are continuing on the topic we started Last week, pls Enjoy!!!

                                             

                                             RETAIL TRADE

         

      SMALL SCALE TRADE                    LARGE SCALE TRADE

       

         - HAWKING                                           - CHAIN STORE

         - MOBILE SHOP                                    - DEPARTMENTAL

         - TRADING                                           - SUPERMARKET   

         - MARKET TRADE                               - DISCOUNT HOUSE

         - STREET/ ROAD                                  - VARIETY STORES

         - STORES (URBAN & RURAL)           - HYPER MARKET

                                                                        - RETAIL COOPERATIVE.

                    METHOD OF CLASSIFICATION OF RETAIL STORE

1.     Type of Good offered for Sale.

2.     By Location for example Rural or Urban Areas.

3.     By Ownership for example Independent or Cooperative.

4.     Number of Employee’s.

5.     By the Size of Employee’s.

SMALL SCALE TRADE

As the name implies, it involves types of trading that are small in nature. For example:

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FINANCIAL ACC 101

                 TWO COLUMN CASHBOOK

Hey Guys, Happy Thursday. Sorry that this post is late, something came up but Praise be God that it is here now, so let's get started.

Two Column Cashbook is a combination of the Cash Account and Bank Account for the sake of convenience. There are separate columns for Date, Particulars, Folio, Cash and Bank on both the Debit and Credit sides.

Cash Column: contains cash receipts and payments.

Bank Column: contains all payments made by cheque and money received and paid into the Bank.

Contra Entries: are entries made in the cashbook when cash is deposited into the bank account out of cash in hand or when cash is withdrawn from the bank for office use.

Cash paid into the Bank: when there is surplus of cash in hand, the firm can pay it into the bank. Cash balance will decrease and Bank balance will increase.

Cash Column will be credited, Bank Column will be debited. There must be a letter “C” put in the folio column of both sides to signify that it’s a contra entry.

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COMMERCE 101

INTER-RELATIONSHIP AMONG PRODUCTION, SPECIALIZATION & EXCHANGE

      Happy New Week Everyone, This is a Beautiful Week and Thank God we are Alive. Let's Get Started!!!.

       Exchange is as a result of Specialization and Production. They are related in the sense that Production is enhanced by the broken down processes that are performed by different people. Division of Labor and Specialization creates room for Mass Production.

Since individuals are not capable of producing all his requirements, the need for exchange arises.

                          HISTORY OF DIVISION OF LABOR

One of the Forefathers of Economics, Adam Smith who further explained the Theory of Division of Labor in 1776, in his book “The Wealth of Nations.” Adam Smith visited a place where Pins were made and found out that Pin-Making involved eighteen different processes at that time.

He also found out that one man was coordinating all the processes of Pin-Making alone; as a result of this rigorous and slow process he was producing 20 pins per day. Adam Smith came to a conclusion that if these Eighteen Pin-Making Processes were handled by different people, more pins will be produced.

      The idea of Division of Labor thought out by Smith was applied as a result, 48,000 Pins were

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