COMMERCE 101.

                                     WAREHOUSING.

Hey Guyz, Sorry for the late posting. Sch and all kept me busy today; anyway we are here now-Praise God. It’s a new day to be glad and to jump for joy because God found us worthy to be alive and well, and ready to learn something new, so let’s get started.

Warehousing is the act of storing goods produced/ bought in a place until they are needed. It ensures that there is a regular and steady supply of goods.

In other words, it’s a place where goods are stored until they are demanded by customers.

Below are the External and Internal Pictures of a Warehouse.

TYPES OF WAREHOUSES.

1.     Bonded Warehouse- It is a place where goods whose customs duties have don’t been paid are kept, until the duties are settled. It is usually located around the seaport. In other words, goods brought (Imported) from other countries whose fee called custom duties have not been paid, are kept in this warehouse until the owners pay up.

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COMMERCE 101.

        TYPES OF WHOLESALERS.

Hey Guyz, It’s a Happy Tuesday to be Alive, Live, Learn and have Fun. I don’t know about you but I am glad to be alive and be well. I pray we are able to appreciate life more because there are sooooo many people who would do anything to have the Peace and life that we have. So be Grateful.

Today we are continuing from where we stopped in commerce 101, with the above topic.

Wholesalers can be classified into two board categories, namely:

1.     Merchant Wholesalers.

2.     Agent Middle Men.

MERCHANT WHOLESALERS

They buy and resell goods on their own account taking title to the product they handle, and convey the title directly to those they deal with.

The merchant Wholesalers are the middlemen who take little to goods (purchase) and sell them to retailers for further selling individual consumers on piece meal basis. They purchase the commodities in bulk, operate warehouse for storage, offer credit and goods to the retailers. They also sometimes offer advice to the market retailers as well as producers. They are also persons who buy and sell goods with their own account and the

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SOMETHING NEW !!!!!!.

              A NEW SUBJECT!!!!!!!!!!!!!!

Hey Guyz, Am so sorry about last week. God was delivering me from a very fierce battle and I am just too grateful for my life and my Health. Well on a lighter note, we are introducing a new subject today- ECONOMICS 101.

We are beginning from the scratch today.

ECONOMICS 101 - MEANING AND BASIC CONCEPTS.

Economics in my own understanding is a social science that studies human beings and their behavior. Most especially, their behavior in relation to production, distribution of wealth and business.

Some famous definitions of Economics include-

Alfred Marshal who defined economics as “A Study of Mankind in the ordinary business of life.”

Adam Smith defined economics as “An Inquiry into the nature and causes of wealth of nations.”

John Stuart Mill defined economics as “The Practical science of Production and Distribution of Wealth.”

H.J. Davenport defined economics as “The science that treats phenomena from the stand point of price.”

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WATCH GUYZ.

Hey Guyz, Happy Day to learn and have fun don't you think?  Well today we are doing something different. we are not discussing any topic or subject. I came across this video on Youtube and thought of you guyz. so please take just 2mins to sit down and intensively watch this video and i pray that the Grace of God to be doers of the instructions imbeded in this video be released upon you. Have FUN.

Until we meet again, remain ever blessed, Remember you are for SIGNS & WONDERS. God bless you.

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FINANCIAL ACCOUNT 101.

  ILLUSTRATION ON PETTY CASH BOOK CONTD.

Hey Guys, Happy Thursday. It’s a Beautiful Day to see. It’s such a privilege to see such a day, let alone be well enough to learn and improve one’s self. For that God deserves Praise. Well today we will take one more example on PETTY CASH BOOK in order to fully understand it.

ILLUSTRATION:

Charles Limited operates a Petty Cash book on the imprest system with a cash float of N 300. The following transactions took place in November 2003.

Nov 2- Envelopes N4.

Nov 3- Petrol N16.

Nov 4- Postage N7.

Nov 5- Petrol N18.

Nov 7- Cleaning N20.

Nov 9- Stationery N21.

Nov 10- Michael N19.

Nov 12- Stamp N10.

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FINANCIAL ACCOUNT 101.

PETTY CASH BOOK.

Hello Everyone, it’s a New Day to learn and have fun. We are focusing on the above mentioned topic today. Guyz, am new at this so don't mind the awkward tables drawn for yesterday's topic.

Petty Cashbook is the book for recording small expenses. For example- Postage, Stationery, Transport etc. The system for recording petty cash transactions is called IMPEST SYSTEM. In this system, a specific amount is given to cashier to start off accounting period. This specific amount is called CASH FLOAT. The source document for petty cashbook are involved receipts and vouchers.

PROCEDURES OF PETTY CASHBOOK.

1. Cash float amount.

    Credit Cash book.

    Debit petty cashbook.

2. Ruling the petty cashbook.

    Credit side is wider than debit side.

    Credit side is analysis column which must not be totaled intervals and the total transferred to respective nominal ledger.

3. Reimburse the petty cash every week or month using the imprest system to bring the amount back to the formal account.

ILLUSTRATION:

Stanley Limited operates a Petty Cash Book on the Imprest System. The following transactions took place in June 1990.

June 1- Received from Cashier N3,000.

June 2- Postage N180

June 3- Traveling N120

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FINANCIAL ACCOUNT 101.

    REVISION OF FINANCIAL ACCOUNT 101 CONTD.

Hey Guys, It’s a New Day to learn and have fun. The Easter Period is really in the ear and I hope you all have great plans to enjoy this holiday season. Any way we have to finish our revision today on Financial Account 101 for us to fully grasp the foundation of Financial Accounting.

DOUBLE COLUMN CASH BOOK.

This is a cashbook that has folders for cash and bank transactions.

ILLUSTRATION:

Enter the following transactions in the cash book and ledger accounts of Mr. Timi for the year 2009.

Jul 1. Proprietor puts in capital into the bank account for the business N 1,500.

Jul2. Purchases on credit from S. Sharon N 260.

Jul 3. Cash Purchases N 350.

Jul 4. Paid cheque to S. Sharon N 245.

Jul 5. Paid rent by cash N 100.

Jul 6. Cash Sales N 150.

Jul 7. Cash Sales paid directly into the bank N 100.

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FINANCIAL ACCOUNT 101.

    REVISION OF FINANCIAL ACCOUNT 101 SO FAR.

Hey Guyz, Happy Monday. Easter is fast approaching when Jesus was crucified for our sins upon the cross of Calvary…. I pray God opens our eyes to see just how much he loves us…..

Okay so today we face Account and we are revising all we have done so far, in order to remind ourselves of the foundation of Account.

BOOK-KEEPING we said is the act of receiving and classifying financial transactions in a systematic way, in order to show the financial position of a business at anytime. It is carried out by using the Double Entry System.

ACCOUNTING is the recording, classifying, creating, summarizing and communicating of financial information to interested parties to help in making specific business decision.

It includes the design of the financial information system, preparation of financial statements, development of forecast and analysis, and interpretation of

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NOTICE

Hey Guys, I just got my hands on this New App that helps students study for exams- WAEC, NECO, JAMB etc.. Here is a link to getting it. http://www.ogbongeblog.com/2014/04/walkieprep-nigerian-app-for-jamb-questions-answers.html?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+SecretInfos-Ogbongeblog+%28Secret+Infos+-+Ogbongeblog+%29
I sincerely suggest it to those preparing for exams right now. Peace

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COMMERCE 101.

                      WHOLESALE TRADE.

Hey Guys, Happy Friday. It’s a New Day to learn and have FUN doing so. Let’s get straight to the point at hand.

Wholesaling is a business activity which involves buying of goods and services from the producer in bulk, and selling in small quantities to the retailers and other merchants.  In other words, A Wholesaler is a trader who buys goods in large quantity and sells in small quantity to retailers.

FUNCTIONS OF THE WHOLESALER TO THE PRODUCER:

1.      The Wholesaler purchases goods in large quantities and sell in small quantity to the retailer.

2.     He makes spaces available for further production by buying and clearing the goods from the producer’s warehouse and storing them in his own warehouse (This is especially when the Producer has limited space in his warehouse).

3.     He makes money available to the manufacturer by buying goods and paying promptly.

4.     He keeps the manufacturer informed about the market situation from information he gathered from retailers and consumers.

5.     He relieves the manufacturer from the problem of transportation and distribution of goods.

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COMMERCE 101.

               MODERN TREND IN RETAILING.

Hey Guys, it’s a lovely Thursday, a new day to Learn and have Fun. So let’s get started on our Topic for today.

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. These include: Branding, Self-Service, After-Service, Vending Machine & Repackaging.

1.     BRANDING- It is a Name, Term, Sign, Symbol, or Design or the combination of all of them that an Organization uses to distinguish its goods from that of other organizations. It is used to prevent product Adulteration.

  Advantages of Branding:

a.     It ensures High Quality Goods.

b.     It Prevents Product Adulteration.

c.      It saves the cost of Advertising.

d.     Branded Goods are easily recognized.

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COMMERCE 101.

 LARGE SCALE RETAILING.

Hey Guys, It’s been long I know, and I missed you loads….   Anyways, I had to work on balancing my education with this my passion to help people educationally on this blog. So by Gods Grace it’s sorted out and I will be around more often.

So today we are discussing the above mentioned Topic, so let’s relax, learn and have FUN. 

Large Scale Retailing is a system of trading with large scope of operation. As the name implies it involves trading that is large in nature. It exists in the following:

1.     CHAIN/ MULTIPLE STORE- It is a large retail store that has the same or identical store designs, layout and stock display. It has branches which is scattered all over the country while the Head office supplies the goods to the outlet. For example- Leventis Store, UTC Store, ShopRite etc.

Features of Chain Stores:

a.     They Sell Similar Range of Goods.

b.     They are found in Towns and Urban Area.

c.      They Have Identical Store Designs.

d.     They have similar Stock display.

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COMMERCE 101.

        REVISION OF ALL TOPICS IN COMMERCE 101.

Hey Guys, Today we begin with a recap of all we have ever discussed in COMMERCE 101. Just to remind ourselves and to be sure we understood them well.

So we begin with INTRODUCTION TO COMMERCE. Here we defined Commerce as all that concerns Production, Distribution, Exchange of Goods & Services, and the activities that makes trade possible. In other words, we defined commerce as an activity that deals with Trade and the Aids-to-Trade.

SCOPES OF COMMERCE, we said are divided into 2: Trade & Aids-to-Trade.

TRADE is the buying and selling of goods and services and can be divided into 2: Home Trade & Foreign Trade.

Home Trade is the buying and selling of goods and services that takes place within a country, and is divided into: Wholesale & Retail Trade.

Foreign Trade is the buying and selling of goods and services between two or more countries. Under it we have- Bilateral Trade and Multilateral Trade.

Remember we defined Wholesale Trade as the trading that involves the exchange of

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