FINANCIAL ACC 101

BANK RECONCILIATION STATEMENT

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Bank Statement is a book prepared periodically and sent by a Bank to its Account holders, showing the transactions between the customer and the bank within a period of time. It shows a summary of the interactions between the Bank, its customer (the account holder) and others- it can be sent monthly or yearly or on any other agreed period to the customer.

Purpose of Bank Statement:

1. To inform the Customer of the transaction that takes place.

2. It helps the customer to know the position of his finance with the Bank.

3. It helps to provide customers with a continuous and permanent record of his account.

Bank Reconciliation Statement can be defined as a statement that is prepared to reconcile the disagreement of the cashbook and that of the bank statement. This is needed when a customer is dissatisfied with the bank statement sent by his/her bank and therefore wants to

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COMMERCE 101

SOLE PROPRIETORSHIP

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A Sole Proprietorship may be defined as a business organisation established, owned, financed and controlled by one person with the arms of making profit. This form of business unit is one of the oldest type of business organisation owned by individuals. In other words, it is a type of business unit in which one person provide the capital, bear the risk and takes full responsibilities of the business. For Example- Tailor, Carpenter etc.

Features/Aim of Sole Proprietorship:

* Owned, Managed and Controlled by One Person.

* Owner bears all the risk alone.

* Capital used in forming and running the business, comes from the Sole Owner.

* The motive of the formation of a business, is to make profit.

Source of Capital for Sole Proprietorship:

# A Sole Proprietor can obtain capitals from his personal savings, which can serve as Initial

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ECONS 101

PRIVATE LIMITED LIABILITY COMPANIES

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A Private Limited Liability Company is defined as one which by its articles restricts the rights to transfer its shares, limits the number of its shareholders from two to fifty, prohibits any invitation to the public to subscribe for its shares, and the name of the private liability company must end with the abbreviation of "Limited", e.g. Burberry Nigeria Limited, News watch Nigeria Limited etc.

FEATURES/CHARACTERISTICS OF PRIVATE LIMITED LIABILITY COMPANIES:

a.  Ownership- The business is owned by shareholders who may be between two and fifty persons in number.

b. Objective- The major aim of Private limited company is to make profit.

c. Source of Capital- The Capital required to set up and run the business is provided by the shareholders in form of shares. However, shares are not sold to the general public. They are sold privately.

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