FINANCIAL ACC 101

ANOTHER PETTY CASHBOOK ILLUSTRATION

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ILLUSTRATION 2:

The Following is a summary of the Petty Cash Transactions of Mr. Shola Ltd for October 1990.

Oct 1- Received from Cashier N1600

Oct 2- Petrol N70

Oct 3- Postages N90

Oct 4- Travelling N60

Oct 5- Postages N25

Oct 6- Petrol N110      

Oct 7- Travelling N85

Oct 8- Cleaning N90

Oct 9- Stationery N45

Oct 10- Postage N65

Oct 11- Cleaning N165

Oct 12- Petrol N90

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COMMERCE 101

DIVISION OF FOREIGN TRADE

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International otherwise called Foreign Trade can be divided into the following:

# Import                                                      

# Export                                                          

# Entreport

1. IMPORT

It is the buying and selling of goods and services from other countries. it is sometimes restricted to control a country's Balance of Payment. It can be divided into two, namely:

a. Visible Import Trade- is the buying of goods from other countries which can be touched and seen (Tangible Goods). For Example- Automobiles (Cars), Electronics etc.

b. Invisible Import Trade- is the buying of services from other countries which cannot be seen or touched (Intangible Goods). For Example- Banking Services etc.

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ECONS 101

BUSINESS ORGANISATION CONTD

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Differences Between Private and Public Enterprise:

Private Enterprises	Public Enterprises
6. Owners bear losses suffered by private enterprises.	Tax payers bear losses suffered by public enterprises.
7. They require small amount of capital to set up.	They require huge amount of capital to set up.
8. They are established by ordinary registration or by incorporation.	They are established by acts of parliament.

Reasons for the Establishment of Many Private Enterprises in West Africa:

1. Existence of Official Corruption in Public Enterprises- The existence of official corruption in public enterprises discourages government from further investment in public enterprises, thereby giving way for the proliferation of private enterprises in many west African countries.

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