FINANCIAL ACC 101

BALANCING OF LEDGER ACCOUNT

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Before the preparation of Trial Balance, the account must be balanced off at regular intervals during the financial year, it is necessary to balance each account, in order to ascertain the overall position recorded in the book keeping system. In balancing the account, the following procedures must be followed:

1. Post all Debit Items.

2. Add all the Items on the Debit side.

3. Post all Credit Item.

4. Add all the Items on the Credit side.

5. Compare both the two totals.

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COMMERCE 101

QUOTING PRICE IN INTERNATIONAL TRADE

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1. Cost, Insurance and Fright (C.I.F)- This price means that the prices quoted includes the cost of the goods, the fright and insurance up to the port of destination while the purchaser is responsible for other subsequent charge.

2. Free On Board (F.O.B)- means that the price covers all cost up to the ship including charges, payable for loading goods on the ship.

3. Franco- means the price quoted includes the cost of the insurance, fright and all delivery charges to the importer's warehouse.

CUSTOM & EXCISE AUTHORITY

Custom and Excise Authority is a department in the Ministry of Internal Affairs that is charged for the collection of taxes imposed on goods, and the regulation and control of imports and exports in a country. Custom and Excise Authority collect the following duties:

* Import Duties are tax imposed on goods and services imported from other countries into a

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ECONS 101

PARTNERSHIP

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Types of Partnership:

a. Limited Partnership is a type of partnership which is formed and registered under the Limited Partnership Act. In a Limited Partnership, there must be one general partner with unlimited liability and one limited partner whose liability is limited to the amount invested. The Partners cannot take equal part in management and administration of the business. The Limited Partner can have access to the account of the partnership.

Features of Limited Partnership:

* A Limited Partner cannot participate in the Management of the Business.

* Liability is Limited but there must be a partner with Unlimited Liability.

* It must be Registered.                  

b. General/Ordinary Partnership is a partnership where partners have equal responsibility and risk in the business. All Partners are agents of the Firm and they all share the

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