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Education is an ornament in prosperity and a refuge in adversity.

It is as impossible to withhold education from the receptive mind as it is impossible to force it upon the unreasoning. - Agnes Repplierg

Education aims to give you a boost up the ladder of knowledge.

Educating the mind without educating the heart is no education at all. - Aristotle

He who opens a school door, closes a prison.

If a man empties his purse into his head, no man can take it away from him. An investment in knowledge always pays the best interest. - Ben Franklin

To the uneducated, an A is just three sticks.

To teach a man how he may learn to grow independently, and for himself, is perhaps the greatest service that one man can do another.

If you think education is expensive, try ignorance.

Education is what remains after one has forgotten what one has learned in school.

ECONS 101



LIMITED LIABILITY COMPANIES

Hello Readers, How are you all today? It's Beautiful to be here with y'all doing this now and being a source of help to you all. I thank God everyday for meeting you all and being able to write to you and generally interact with you all. HAPPY DEMOCRACY DAY FOR NIGERIA !!!. Let's Get Started.....
A Company can be defined as a Legal Person or Entity created by the Association of a Number of People in accordance with the Law for the Purpose of Pooling their Capital together in order to set up a Business Venture. Examples of Limited Liability Companies are: Julius Berger Nigeria Plc, Dunlop Nigeria Plc etc. A Company is an artificial person and is more than a mere association of individuals. It is a legal person with a personality of its own.

Types of Companies:
1. UNLIMITED LIABILITY COMPANY- The Liability of a member is limitless and he may be liable to the full amount of the company's debts in the event of liquidation. The Members will contribute more money, including their capital, to settle the debt of the company.
2. LIMITED LIABILITY COMPANY- The Liability or Burden of Debt in the company is limited to the amount of share capital the shareholders had agreed to contribute individually in the event of liquidation. A Shareholder cannot suffer the liability of the company up to his/her

FINANCIAL ACC 101



BALANCING OF LEDGER ACCOUNT

Hello Readers, How are you all today? It's Beautiful to be here with y'all doing this now and being a source of help to you all. I thank God everyday for meeting you all and being able to write to you and generally interact with you all. HAPPY CHILDREN'S DAY Y'ALL. Let's Get Started.....
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.

COMMERCE 101



QUOTING PRICE IN INTERNATIONAL TRADE

Hey Guyz, Happy Monday.  Hows your week so far, great right???. lolz- God has been Faithful and We are grateful. So let's get started....
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

ECONS 101



PARTNERSHIP

Hello Readers, How are you all today? It's Beautiful to be here with y'all doing this now and being a source of help to you all. I thank God everyday for meeting you all and being able to write to you and generally interact with you all. Let's Get Started.....

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

FINANCIAL ACC 101


LEDGER

Hey Guys, Happy New Week. This month is soon over, well 2015 has been a FAST year wouldn't you say? Well All to the Glory of God. How was your weekend, mine was splendid. Alright, straight to Business...
It is a book that contains a permanent record of all transactions of a business in a classified and summarised form. The Ledger Book is the Final Destination of all Transactions on the subsidiary books. All the transactions must be recorded using the principle of double entries.  The entries in the cash book and other original books of account are posted to the ledger.

Classification of Ledger:
1. Personal Ledger- These comprises of the supplier's personal account and customer's personal account. it can be divided into the following:
a. Sales Ledger- This is a record of the sales of books made by the organisation to various individuals and enterprises.
b. Purchases Ledger- It is a book for suppliers personal account. it contains account of creditors.
2. General Ledger- These are ledgers for real and nominal accounts. Example Expenses A/c, Income A/c, Sales A/c, etc as well as all other assets.

Nature of Ledger:
1. It is divided into two parts by a central line.
2. The right side is the credit side which is entitled CR.
3. The left side is the debit side which is entitled DR.
4. The Ledger has columns for Date, Particulars, Folio, Amount on the debit and credit sides.
5. The right side is the side that gives value.
6. The left side is the side that receives value.

Double Entry Principle
The Double Entry System of the Book Keeping will be used for recording Transaction in the Ledger. The Summary; Debit the Receiver & Credit the Giver.

Procedures:
* Every Transaction must affect 2 accounts.
* Give names to the 2 accounts by using the name of other account in the account you are posting.
* Credit all the giving account.
* Debit all the receiving account.

ILLUSTRATION 1:
Complete the Transactions by showing account to the credit and account to the debit.
1. Started Business with Money in Cash.
ANSWER: Cash a/c- Debit
Capital a/c- Credit

2. Paid Part of the Opening cash into the Bank.
ANSWER: Bank a/c- Debit
Cash a/c- Credit

3. Bought Goods on Credit from Ayo.
ANSWER: Ayo a/c- Credit
Purchases a/c- Debit

4. Sold Goods on Credit to Olotu.
ANSWER: Olotu's a/c- Debit
Sales a/c- Credit

5. Cash Purchases.
ANSWER: Cash a/c- Credit
Purchases a/c- Debit

6. Olotu returned goods to us.
ANSWER: Olotu's a/c- Credit
Returns Inward's a/c- Debit

7. We returned goods to Ayo.
ANSWER: Ayo's a/c- Debit
Returns Outward's a/c- Credit

8. Dapo lent us cash.
ANSWER: Dapo's a/c- Credit
Cash a/c- Debit

9. Received Commission in cash.
ANSWER: Cash a/c- Debit
Commission a/c- Credit

10. Sold goods for cash N6, 000.
ANSWER: Sales a/c- Credit
Cash a/c- Debit

11. Purchased Goods on credit from Mallam Abiodun N15, 000.
ANSWER: Abiodun's a/c- Credit
Purchases a/c- Debit

12. Purchased Stationery N3, 500 Cash.
ANSWER: Stationery a/c- Debit
Cash a/c- Credit
13. Purchased Furniture by cash N2, 400.
ANSWER: Furniture a/c- Debit
Cash a/c- Credit

14. Paid Mallam Abiodun N3, 500 Cash, being part of settlement of goods purchased.
ANSWER: Mallam Abiodun's a/c- Debit
Purchases a/c- Credit

15. Paid rent in cash N300.
ANSWER: Rent a/c- Debit
Cash a/c- Credit

16. Paid salaries and wages N600 Cash.
ANSWER: Payment a/c- Debit
Cash a/c- Credit

17. Paid Advertisement expenses N200 Cash.
ANSWER: Advertisement a/c- Debit
Cash a/c-Credit

18. Sold goods to Charles on credit N2, 400
ANSWER: Sales a/c- Credit
Charles a/c- Debit

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 You.


COMMERCE 101



DIFFERENCE BETWEEN BALANCE OF PAYMENT AND TRADE

Hey Guyz, Happy New Week to Everyone, Hope your weekend was great and restful. Mine was indeed restful, don't you just love the weekend???. lolz. well its Monday again but not to worry God is here to make it has blessed as possible for us. May the rest of your day and week be awesome and full of love. So Let's get straight to the Point...
Balance of Trade is the relationship between the values of a country's import and export of visible items within a particular period of time. If visible Exports are more than Visible Imports, the balance of trade is said to be favourable. On the other hand, if the visible import exceeds the visible exports, the country is said to have unfavourable balance of Trade.
Balance of Payment is a statement/record showing the relation between a country's total payment to other countries and its total receipt from other countries in a year. In other words, It is the comparism of the sum total of a country's receipt from export and the total payment made for import. The Balance of Payment of a Country shows yearly statement of income and expenditure from visible and invisible export, and visible and invisible import respectively.
A Country's Balance of Payment can be divided into three parts:
#Current Account- are the expenditure and incomes of a country on both visible and

ECONS 101



SOLE PROPRIETORSHIP

Hello Readers, How are you all today? It's Beautiful to be here with y'all doing this now and being a source of help to you all. I thank God everyday for meeting you all and being able to write to you and generally interact with you all. Let's Get Started.....
Sole Proprietorship may be defined as a form of business enterprise owned, financed and managed by one person with the primary aim of maximising profits. The Sole Proprietorship, also popularly referred to as one-man business, is the oldest and the most common type of business organisation. It is an unincorporated business unit owned by one person who provides the capital, runs the business and undertakes the risks and profits of the business alone. For Example- Farming, Fishing etc.

 Features of Sole Proprietorship:
1. Ownership is by one person.
2. The Main Objective of the one man business is to make profit.
3. Life Span depends on the owner and the business can fold up at any time.
4. The Business is controlled and managed by the owner himself.
5. The Sole Proprietor has unlimited liability.

FINANCIAL ACC 101



ANOTHER PETTY CASHBOOK ILLUSTRATION

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. Let's get started....

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

COMMERCE 101



DIVISION OF FOREIGN TRADE

Hey Guyz, Happy New Week. Hurray!!!!. Am just over the Moon because God kept me ALIVE and You!!!! yes you. I thank God for your Life today and I know he has an amazing plan for you today. Therefore CONGRATULATIONS in advance!!!!. Let's get Started.
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.

ECONS 101



BUSINESS ORGANISATION CONTD

Hey Guyz, Happy New Week hope the weekend was wonderful for you and your loved ones. I had a Blast myself. I Pray that this new week brings all kinds of happiness and joy your way in Jesus name- Amen. We are continuing from where we stopped last time, so let's get started.....
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.

FINANCIAL ACC 101



PETTY CASH BOOK

Hey Guys, It's a New Day again, hope your day yesterday was awesome cos mine was.  Well for today we are beginning this course afresh like the others we are revisiting what we have treated in order to better digest it.
Petty Cashbook is the book for recording small expenses. The rational behind the system is to reduce the numerous cash payments for small expenses. Example- Postage, Stationery, etc. The System for recording petty cash transactions is called Imprest 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 documents for petty cash book are involved receipts and vouchers. At frequent intervals he must be reimbursed for the cash disbursed for the period concerned thus bringing the cash balance to the formal amount.

COMMERCE 101



FOREIGN TRADE

Hey Guyz, Alot has happened let me gist you. Lolz. So it's been a while since I posted and thats because I was concluding plans to launch my second blog, this one would be a personally-run blog no other Authors and it's so exciting. I will release more info when its ready. That aside, well we know some of you would like to have other subjects/courses covered on this site so we have been searching for the right Candidates for these Positions and GOOD NEWS!!!, we found someone. She has been a friend for a while now and she would be taking ENGLISH LANGUAGE, CRK & GOVERNMENT watch out for her posts she would soon be posting on this blog. Just check out the tabs on the top of the page with the names of the subjects- plans are still on the way to get more Authors to take other Subjects especially for my Science Peepz. You are special and we are working hard at finding suitable Authors for your Courses, pls exercise a little more patience which we know you have already been doing but still a little more.  To crown our gist, we are now a .com site no longer a .blogspot.com- did you notice, even though you type the .blogspot.com address on your browser it redirects you to our new site name which is- edu-made-easy.com. Hurray!!!!. it has been a desire that we reduce the stress of typing in our long name -lolz so we made it shorter without losing the essence and

ECONS 101

BUSINESS ORGANISATIONS

Hey Everyone, Happy New Week. Happy FRIDAY to you all. Hope this weekend brings you happiness and joy beyond your expectation. Let's get started!!!!
Business Organisation can be defined as an enterprise set up by an individual/group of individuals, government or its agencies for the main purpose of making profit and providing goods and services for the satisfaction of human wants. All firms irrespective of their size is there to provide goods & services to the customers.

TYPES OF BUSINESS ORGANISATIONS:

1. PRIVATE ENTERPRISES are the enterprises owned and managed by private individuals. This type of business organisation is usually classified as a private sector enterprises and examples are- Sole Proprietorship, Partnership, Private & Public Limited Liability Company and Co-operative Societies. Their Major Aim is to Maximise Profits.

CHARACTERISITICS OF PRIVATE ENTERPRISES:
# Private Individuals provide the capital- Private Individuals that owned the enterprises are the people