COMMERCE 101

DOCUMENTS INVOLVED IN TRANSPORTATION

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1. Consignment Note: is a document that prove that goods have been delivered. It is sent by the consignor through the carrier to the consignee to sign in evidence that the goods are in order.

2. Certificate of Insurance: is a document which shows that the goods have been insured against risks or loss by the exporter.

3. Airways Bill: is a document used to transport goods by air. It will show the name of the consigner and the consignee, value of the goods and the airport where it is loaded.

4. Manifest: is a document that shows the full list of the goods and cargo that is carried by a ship or aircraft. This document is to be completed by the captain of the ship and approved with the custom authorities showing the particulars of the ship, the cargo carried and the final destination.

5. Shipping Note: is a document containing instructions for transporting the goods.

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ECONS 101

LIMITED LIABILITY COMPANY CONTD

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Formation of a Limited Liability Company:

The Steps involved in the formation of a Limited Liability Company (Whether Private or Public) are as follows:

Step 1- The Promoter devises a scheme of Capitalization, bearing in mind the cost of Formation, assets to be brought and working capital.

Step 2- The Promoter is required to secure the services of a solicitor to prepare certain documents to be filed with the Registrar of Companies. The Documents are:

* Memorandum of Association

* Article of Association

* Statement of Nominal Capital.

Step 3- The documents are stamped and lodged with the Registrar of Companies.

MEMORANDUM OF ASSOCIATION is a document forming the constitution of a Company and

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FINANCIAL ACC 101

TRIAL BALANCE

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Trial Balance is a statement showing a list of balance in a double entry form, extracted from the Ledger to show the arithmetic accuracy of the account. The Trial Balance is drawn up at a given date after all the posting have been made in the ledger. The Techniques ensure that debit and credit balances as displayed in the ledger are complied, that is they must be in agreement and be equal. When they is a difference between the two sides, then some errors have been made.

Uses of Trial Balance:

1. All assets must be put in debit side.

2. All liabilities must be put on the credit side.

3. All income must be recorded on the credit side.

4. All expenses must be recorded on the debit side.

5. All items with debit balance in ledger will be debited.

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