COMMERCE 101

MODERN TRENDS IN RETAILING

Hey Everyone, Hope the week is going well? It Is Well with You in Jesus Name- Amen. Today we are continuing from where we stopped last week. It's the First week of April by the way, how cool is that?

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 and they include:

a. Branding

b. Self Service

c. After Service

d. Vending Machine

e. Pre-Packaging

f. Personal Selling.

BRANDING

It is a Name, Design or Symbol and even sometimes a Colour Pattern that differentiates a particular product from the rest in the market. It is a Product's Unique Selling Point, that extra thing it has to

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ECONS 101

FACTORS OF PRODUCTION CONTD

Hi Everyone, How Beautiful is today? Magnificent isn't it, well I think so too. Just being alive is such a pleasure and a privilege that sometimes, I think of some great people who have died and I am filled with awe that God picked me to live till today. God is Good.

Last time we started this series and today hopefully we will either finish or draw closer to the close of this particular topic so let's take this ride together.

CAPITAL

Capital may be defined as man-made assets used in production. In other words, It refers to Man-made wealth or goods used to produce other goods and services. It may also be defined as the stock of previous wealth invested in order to produce future wealth.

Capital when properly combined with other factors, produces goods and services. Examples of Capital include Physical Cash, Cutlass, Machines, Buildings, Motor Vehicles and other equipment used in the production of goods and services. The Reward for Capital is INTEREST.

Characteristics/Features of Capital:

* Capital is man-made before it can be used in further production of goods and services.

* Capital is durable assets that can be used for production.

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FINANCIAL ACC 101

MORE QUESTIONS ON PREVIOUSLY TREATED TOPICS

Hey Everyone, Happy New Week even though the week has been far spent. Hope this week has and month has been beautiful for you. Remember you deserve the best of God and it is yours if only you believe and profess it. Well below is a Question. Enjoy!!!

QUESTION 1:

Dan Jumbo started business on 1/1/94 with the following:

Building                                                  100, 000

Stock of Goods                                       40, 000

Motor Van                                              50, 000

Cash                                                        10, 000

During the Month, he undertook the following transactions:

5th Jan     Sold goods for Cash                                                                                         5, 000

10th Jan   Sold goods on Credit                                                                                      20, 000

12th Jan  Bought goods on Credit                                                                                 10, 000

15th Jan   Cash Sales Banked                                                                                         15, 000

18th Jan    Paid cash for Office Stationery                                                                    2, 000

20th Jan    Received Cash from Debtors for goods                                                      5, 000

22nd Jan    Paid cash for Office Expenses                                                                      1, 000

23rd Jan    Paid Salaries by cheque                                                                                 4, 000

24th Jan    Sold goods for Cash                                                                                       7, 000

25th Jan    Sold goods on Credit                                                                                      5, 000

26th Jan     Bought goods on Credit                                                                                3, 000

27th Jan     Bought goods for Cash                                                                                  2, 500

28th Jan     Withdrew Money from Bank for Owner's Use                                         1, 500

29th Jan    Office Cash Banked                                                                                      5, 000

31st Jan    Paid Electricity by Cheque                                                                           1, 500

You are required to Record the above transactions in the appropriate books of original entry.

ANSWER:

DR

DATE	PARTICULARS	F	CASH	BANK
1ST JAN	Capital		10, 000
5TH JAN	Sales		5, 000
15TH JAN	Sales			15, 000
20TH JAN	Sales		5, 000
24TH JAN	Sales		7, 000
29TH JAN	Cash	C		5, 000
			27, 000	20, 000
	Balance b/d		16, 500	13, 000

CR

DATE	PARTICULARS	F	CASH	BANK
18TH JAN	Office Stationery		2, 000
22ND JAN	Office Expenses		1, 000
23RD JAN	Salaries			4, 000
27TH JAN	Purchases		2, 500
28TH JAN	Drawings			1, 500
29TH JAN	Bank	C	5, 000
31ST JAN	Electricity			1, 500
	Balance c/d		16, 500	13, 000
			27, 000	20, 000

JOURNAL PROPER

JOURNAL PROPER
DATE	PARTICULARS	DR	CR
1ST JAN	Building	100, 000
	Stock	40, 000
	Motor Van	50, 000
	Cash	10, 000
	To Capital A/C		200, 000

SALES DAY BOOK
DATE	PARTICULARS	F	AMOUNT
10TH JAN	Debtors		20, 000
26TH JAN	Debtors		5, 000
31ST JAN	Sales A/C	Cr	25, 000

PURCHASES DAY BOOK
DATE	PARTICULARS	F	AMOUNT
12TH JAN	Creditors		10, 000
26TH JAN	Creditors		3, 000
31ST JAN	Purchases A/C	Dr	13, 000

NOTE: THE QUESTION IN THIS POST IS CREDITED TO WEST AFRICA EXAM COUNCIL 1996 PAPER. THE ANSWER IS ALSO CREDITED TO WAEC. THANKS

This brings us to the end of today's session. Hope this was very helpful to you, leave a comment of what you think of this tutorial and of your questions below. Have a Blessed Day and Remember You are Amazing. God Bless.

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