NAME: ………………………………………………………. CLASS: …………….……………..

SECOND TERM E-LEARNING NOTES

SUBJECT: BUSINESS STUDIES

CLASS: JS1 (BASIC 7)

SCHEME OF WORK

WEEK TOPIC

1.Types of occupation: (i) meaning of occupation (ii) Divisions – industrial, commercial

and service occupation (iii) factors which affect occupations (iv) Differences between
direct and indirect services

2. Honesty in business: (a) meaning of truthfulness (b) attributes of truthfulness (c)

factors that causes people to lie (d) reward for being truthful (e)
consequences of not being truthful (f) meaning of fair play (g)
attributes of fair play
3.Ethics in Sourcing Chemicals (i) meaning of ethics (ii) Ethics sourcing chemicals. From
licensed chemicals vendors, good handling techniques, good
distribution, and proper disposal.

4.Entrepreneurship (i) meaning of Entrepreneurship, Enterprise, Self-employment (ii)

facilities available for self-employment (iii)successful
entrepreneurship in your locality, Nigeria, International (iv)
importance of entrepreneurship.

5. Forms of business organization: Types of business organization - Sole Trade/sole

proprietorship, partnership, limited liability companies, cooperative
society, advantages and disadvantages of each forms of business
organization

6. Consumer, Market and society: (a) meaning of consumer, market, society. (b) Need
for consumer education (c) Importance of consumer education (d)
Consequences of lack of consumer education.

7. Needs for monitoring and Control of Chemicals: (a) meaning of chemicals (b)
chemicals suitable and not suitable for use (c) needs for monitoring
and controlling: food, drug, chemicals. Source document and
special journals: meaning of journal, types of journals: general,
special journals – sales, purchases, return inward and return
outward
8. Introduction to Book-keeping: (a) meaning of Book-keeping (b) Importance of Book-
keeping (c) Essentials qualities of Book-keeping (d) common book-
keeping practices.

9, Source Documents: (a)meaning of source document (b) uses of source document (c)
types of source document, invoice – sales invoice and purchase
invoice, receipt for payment made, cash registered tapes, credit
note, debit notes, Cheques; Books of original entry.

10. Journals: Meaning, types and forms of a journals.

11-13 Revision and Examination

WEEK 1

Date:………………..
Activity: Revision of first term’s work/ TYPES OF OCCUPATION: – MEANING AND
CLASSIFICATION OF OCCUPATION

CONTENT

- MEANING AND FACTORS THAT DETERMINE THE CHOICE OF OCCUPATION

- CLASSIFICATION OF OCCUPATION

MEANING OF OCCUPATION

Occupation is any legitimate activity one engages in order to earn a living. For example
some people work in industries that extract raw materials from land or sea, some work in
manufacturing industries which change the extracted raw materials into finished goods or
semi-finished goods. Some others provide services for others such as Nursing, Teaching,
Hairdressing, carpentry etc. Also others provide commercial services by helping to sell
the finished goods to those that need them, as well as engaged some of those auxiliary
services that help commerce to function properly such as banking, insurance, advertising
etc.

FACTORS THAT DETERMINE OCCUPATION

1 Climatic and Weather Condition: Because of climate and weather differences

from place to place, people engage themselves in one form of occupation or the
other to earn a living.
2. Natural Resources: Natural resources endowment is also a determinant of one’s
occupation. The presence of mineral resources in a particular place will attract
the presence of miners and also determines the location of different types of
industries. The availability of seaports and large bodies of water like ocean which
are part of natural resources has accounted for people’s engagement in different
activities and occupation.

3. Health Factor: There are some occupations which people who are not physically
fit cannot engage themselves e.g. Nursing, Teaching etc.

4. Skill and Training: People engaged themselves in occupation in which they have
acquired skill and training.

5. Interest and Aptitude: People engaged in occupation they have interest in.

6. Salary and Wages: The salary and wages attached to a particular occupation
determines the number of people that will be interested in such occupation

EVALUATION

1. Define Occupation

2. State 3 factors that could determine occupation.

SUB-TOPIC: CLASSIFICATION/DIVISION OF OCCUPATION

CONTENT:

The different occupation in which people engage themselves can be classified into four
main division namely; primary or extractive occupation, Industrial or secondary
Occupation, Commercial or tertiary Occupation and Service

(a) Primary/Extraction Occupation: This occupation is concerned with the removal of raw
materials from air, land or sea for the purpose of being worked upon by the
manufacturing and construction industries. For example Agriculture, Mining and
Quarrying, Fishing and Forestry etc.

(b) Industrial Occupation: This form of occupation involves obtaining raw materials and
free gifts of nature, changing them into finished products and assembling the finished
products into different forms usable by man. This industrial work includes extraction,
manufacturing and construction.

(i) Manufacturing: This form of Industrial occupation involves the process of changing
raw materials obtained by workers in the extractive industry into finished goods. Some of
the manufacturing industries are:
 (i) Plastics-making industries which produce plastic plates, spoons, cups etc.
(ii) Food industries which produce various types of items like flour. Sugar,
beverages etc.
(iii) Textile industries that produce various types of clothing for man.
(iv) Mechanical engineering industries that produce all types and sizes of
machineries such as equipment, industrial engines, mechanical tools etc.
(v) Hardware industries that produce metal, major items of military
equipment electronic and electrical devices, etc.
(vi) Cosmetic industries that produce various body creams, pomades, soap,
detergent etc.
(ii)Construction: Construction industry is concerned with the process of putting
together or assembling of manufactured products into usable forms. Those engaged
in construction industries are building contractors, architects, surveyors, bricklayers,
plumbers, decorators, civil engineers, water engineers etc.

(c) Commercial/tertiary Occupation

These are the occupation which are directly concerned with making the product/ goods
produced by the manufacturing companies available to their final consumers. It involved
trade i.e buying , selling , distribution and other activities that facilitate trade, such as
banking, advertising, insurance warehousing transportation advertising and
communication. In order to complete the process of production, the services of
commercial workers are necessary. People who are engaged in commercial industries are
responsible for getting the finished products to the consumers who want them, when
they want them. It is commercial occupation that links up the producer with the supplier
of the raw materials. It in turn links up the various processes of manufacture; and finally
distributes the finished products to consumers through ancillary services that facilitate
trading activities such as advertising, insurance, banking, transporting, warehousing and
communication.

(d)Service Occupation/Service Workers , The service

workers are those who are not employed to work in industry and commerce, yet they
still earn a living. Those in this category are known as service workers. They are referred
to as service workers because they render personal and direct services to people who
need their services on payment directly or indirectly. Services may be direct or indirect.

(i) Direct Services: These are services render personally and directly to those who
employed them and who are ready to pay for their service. Those engaged in direct
services includes tailor, fashion designers, hairdressers, lawyers, private teachers, doctors
etc.

(ii) Indirect Services: These are services render to the public and are paid by the
government. Indirect service providers are directly not paid by the public. The
government pays them from the taxes paid by the public. Those who provide indirect
service include the Policeman, Soldiers, Civil servants, Lawmakers, government hospital
doctors. Etc.

EVALUATION

1. The form of occupation that involves extraction, manufacturing and construction

industry is termed _________________

2. Give five examples of Manufacturing Industry

3 Give two differences between direct and indirect services

READING ASSIGNMENT

Business Studies for Junior Secondary School Book 1 produced by Cross River State
Government Chapter 6 pages 42-43

WEEKEND ASSIGNMENT

1. One of this is not a factor that could determine occupation.

(a) Salary and Wages (b) Skill and Training (c) Friend’s choice

2. Mining, Agriculture, Fishing are examples of --------form of occupation

(a) Extractive (b) Service (c) Construction

3. Assembling of manufactured products into usable forms are the responsibility of

------- industry.(a) Extractive (b) Manufacturing (c) Construction

4. Those who render personal or direct services to people who need their services
and they are paid directly or indirectly are called ------ (a) Commercial occupation
(b) Service workers (b) Industrial worker

5. The removal of the raw material from the air, land and sea is the responsibility of
-------- industry. (a) Industrial worker (b) Extraction (c) Services

ESSAY

1. What do you understand by the term occupation?

2. Name four divisions of occupation.

WEEK 2
TOPIC: HONESTY IN BUSINESS

CONTENT:
a. Meaning of truthfulness,
b. Attributes of truthfulness, steadfastness and straight forward.
c. Factors that causes people to lie
d. Rewards for being truthful.
e. Consequences of not being truthful.
f. Meaning of fair play.
g. Attributes of fair play.

Meaning and characteristics of truthfulness.

Honesty is the quality of being truthful and trustworthy. To be honest is to

tell the truth at all times even at personal risk to oneself. Whether in
business or at individual level reputations are made or broken over issues of
honesty or trustworthiness. Honesty is the opposite of lying. It is important
to be honest trustworthy with the people. Lying, stealing and cheating are
wrong. Honesty in business is the most important thing .This is also known
as ethical behavior in business.

Truthfulness means: making true statement about something or somebody.

It is very important for developing trust and building lasting relationships
among people both in and outside of business .It helps people to objective
and lead to confidence and trust between/among business associates.

ATTRIBUTES AND CHARACTERISTICS OF TRUTHFULNESS

1. Consistence behavior: it is being able to maintain a particular standard

that one has been known for. It means one is reliable and can
therefore be trusted in all circumstances and by everyone concerned.
2. Steadfastness: This means, the quality of being firm in one’s dealing
with people. Those who are steadfast are loyal, they can be depended
in all situation.
3. Straightforwardness: it is the ability to be honest and frank.
4. Integrity: is the quality of being honest and having strong moral and
ethical principles.
5. Other attributes of truthfulness include responsibility, courage and
accountability.

FACTORS THAT CAUSES PEOPLE TO LIE

A lie is a false statement deliberately told to be true in order to give a wrong

impression about something. It is therefore an untruth or a deviation from
what is real. People lie:

1. To escape punishment
2. To make gain
3. To get other people’s attention or sympathy or boost one’s ego
4. To make themselves look more interesting to others by
exaggerating, bragging or boasting.
5. To cover up their past
6. To cover up lies
7. To cover up the truth
8. To avoid hurting other people’s feeling
9. Out of ignorance
10. To avoid embarrassment
11. To avoid work or taking part in an assignment
12. To keep secrets
13. To keep themselves safe
14. To keep a friend from trouble
SUB-TOPIC
TOPIC: HONESTY IN BUSINESS (Contd.)

REWARD OF BEING TRUTHFUL

1. Widespread respect from people

2. A feeing of liberation and self – worth
3. Peace of mind
4. Additional responsibility
5. Happiness

CONSEQUENCES OF NOT BEING TRUTHFUL

 1. Misery: A life of lie lead to misery. It leads to discomfort guilt and
worthiness in the mind of the person.
2. Damage reputation: People become unkind to you even when you tell
the truth, they find it difficult to believe you.
3. Loss of respect: Nobody respect a liar no matter your position in the
society
4. Loss of peace
5. Withdrawal of responsibility

MEANING OF FAIR PLAY

Fair play in business means fair treatment of people without cheating them
or being dishonest to them. It also means respect for other people’s right
and view.

QUALITIES OF FAIR PLAY

1. Equity: this is the ability to be fair to all, that is, equal treatment of
everyone at all times.
2. Openness: being straightforward and truthful, so that people will
easily understand what you do or say.
3. Responsibility: ability to carry out the job given to you properly and
not passing it to other when they have theirs to do.
4. Play by the rules: always keep to the rules and regulation of the
organization.
5. Admitting when you are wrong: it is always good to admit when you
are wrong and apologize. Do not claim to be right when you know that
you are wrong.

SIX PILLARS OF CHARACTER

1. Trustworthiness
2. Respect
3. Responsibility
4. Fairness
5. Caring
6. Citizenship
WEEKEND ASSIGNMENT
1. Explain the meaning of honesty in business
2. List five attributes of truthfulness
3. State four reasons why people lie
4. Identify four rewards for truthfulness
5. Explain five consequence of untruthfulness
6. What is fair play?

WEEK 3

Date:……………………

Topic: Factors of Production

The term factor of production is defined as all the visible and invisible resources

that are combined together for the purpose of production of goods and services.
There are four factors of production.

(a) Land: Land refers to gift of nature or all the natural resources available, applied
and used for production without the help of a man. It includes the fixed natural
land and other natural resources such as water, forest, mineral deposits etc. The
reward for land is rent.

(b) Labour: Labour means all human efforts physical or mental, skilled or unskilled
directed toward the production of economic goods and services. The reward of
labour is wages and salaries.

(c) Capital: These are wealth used for the production of further wealth. Capital
consists of machinery and equipment, buildings, motor vehicles, tools, raw
materials and money. The reward for capital is interest.

(d) Entrepreneur: This is a factor that organizes and coordinates the human and
material resources in the production of goods and services. The entrepreneur is
the initiator, innovator, risk-bearer, and decision-maker. These functions
distinguish entrepreneurship from routine managerial activities. The
entrepreneur gets profit as a reward for his services.

EVALUATION:

1. Explain the term factors of production

2. Explain the four factors of production.

READING ASSIGNMENT:

Business Studies for Junior Secondary School Book 1 produced by Cross River State
Government Chapter 5 pages 26-27

WEEKEND ASSIGNMENT:

Objective Test:

1. The first form of production usually referred to as primary production consists of

(a) manufacturing industry (b) extractive industry (c) commercial services

2. There are ------- forms of production (a) 2 (b) 5 (c) 3

3. ---------- as a factor of production is a free gift of nature.

(a) land (b) capital (c) labour

4. The reward for capital is (a) rent (b) interest (c) profit

5. The factor of production that organizes or coordinates other factors is

(a) Entrepreneur (b) capital (c) labour

Essay Questions:

1. What is production?

2. Explain the factors of production.

WEEK 3

DATE:____________________________
ETHICS IN SOURCING CHEMICALS

Preview
a. Meaning of Ethics
b. Ethics in sourcing chemicals
i. From Licensed Chemical Vendors,
ii. Good Handling Techniques,
iii. Good Distribution.
iv. Proper Disposal.
Full Content

A. ETHICS
This is the codes of conduct or standards guiding the operation of a certain profession.
They are the guiding principles guiding a particular profession.
B. ETHICS OF SOURCING CHEMICALS:
This is the act of ensuring that chemicals being sourced are created in safe facilities by
workers who are treated well and are paid for wages to work legal hours.
It implies that the supplier is respecting the environment during the production and
manufacturer of chemicals. The ethics are as follows;
i. ENVIRONMENTAL CRITERIA:
Questions are being asked when sources the chemicals as regards to
environmental impact of the material and process used to make the product.
Such questions include;
1. Are toxins released into the environment during manufacturing?
2. What is the quality of the material and final product?
3. Do the independent test results meet our quality standards of the chemicals
being sourced?
4. Does the supplier follow all applicable environmental regulations in the
country of operations?
5. Can the supplier meet the requirements for environmentally – friendly
product packaging?
6. What environmental measures does the supplier have in place?
7. Does the supplier have an environmental management or quail management
in system?
ii. LABOUR CRITERIA:
Several questions are asked to verify whether or not to source a chemical from a
particular supplier. Such questions include;
1. Does the supplier employ children to work at any of its facilities?
2. Is the workers’ freedom of movement unreasonably constrained by the
supplier?
3. Do employees have reasonable work hours?
4. Are there safety precautions in place for workers or not?
5. What are the supplier’s health and safety records?

HANDLING TECHNIQUES OF CHEMICALS

1. Assess the hazards of the chemical

2. Have sufficient knowledge to recognize the request of others for non-essential chemicals.
3. Provide proper and adequate storage facilities for the chemical
4. Appropriate personal protective equipment be made available for safe use of the
chemical or its end product.
5. Indicate the hazard of each chemical

GUIDELINES/TECHNIQUES FOR STORAGE OF CHEMICALS.

 a. Secure storage areas against unauthorized removal of chemicals by others.
b. Protect the environment by restricting emission from stored chemicals
c. Create two separate exits for storage areas.
d. Maintain clear access to and from the storage areas.
e. Do not store chemicals in aisles or stairwells, on desks or laboratory benches, on floors or
in hallways.
f. Use approved storage cabinets for flammable chemicals.
g. Use an appropriate “Acid Cabinet” for any acid solution. Nitric acid needs to be isolated.
h. Do not use standard refrigerators to store flammable chemicals.
i. Label storage areas with a general hazard symbol to identify hazardous chemicals and
indicate correct fire fighting procedures.
j. Check chemical containers periodically for rust, corrosion and leakage etc.

DISPOSING OF CHEMICALS:

1. Make disposal options a part of all laboratory instructions for the workers.
2. For each chemical waste produced, instruct the workers as to the appropriate disposal.
3. Place all laboratory waste in properly labelled container which should contain the date
and type of waste.
4. Place the waste containers in a secure location until the containers can be removed to
the central storage area.
5. For drain disposal, any substance from a laboratory should be flushed with at least 100
times its own volume of tap water.

EVALUATION:

OBJECTIVE:

1. The codes of conduct guiding the operation of a profession is known as ............. a.

Principles b. Standards c. Ethics d. None of the above.
2. The act of ensuring that chemicals being sourced are created in safe facilities by workers
is called ................ a. Ethical sourcing b. Sourcing of chemicals c. Chemicals d. Ethics.
3. In handling chemical, you should not do one of the followings
a. Assess the hazards of the chemical
b. Have sufficient knowledge to recognize the request of others for non-essential
chemicals.
c. Provide proper and adequate storage facilities for the chemical
d. Always taste the chemical before using them.
4. One of these is a way of storing chemicals
a. Use standard refrigerators to store flammable chemicals
b. Secure storage areas against unauthorized removal of chemicals by others
c. Protect the environment by restricting emission from stored chemicals
d. Create two separate exits for storage areas.
5. Proper disposal of chemical includes all expect
a. Make disposal options a part of all laboratory instructions for the workers.
b. Dispose the powdered waste chemicals into the tin air.
 c. For each chemical waste produced, instruct the workers as to the appropriate
disposal.
d. Place all laboratory waste in properly labelled container which should contain the
date and type of waste.

ESSAY:

1. State two ethics guiding sourcing of chemicals.

2. Explain the meaning of ethics
3. Mention four techniques of handling chemicals.

FOOT NOTE: The information on this topic for week 3 was got from the net since there are no
text book for it as at when the E-note was written.

WEEK 4

Date:……………………………

Topic: ENTREPRENEURSHIP

CONTENT (I) meaning of entrepreneurship, enterprise, self-employment

ENTREPRENEURSHIP

Entrepreneurship is the process of starting a business or other organization. The entrepreneur

develops a business models, acquires the human and other required resources, and is fully
responsible for its success or failure. it is defined as an individuals who organizes or operates a
business or businesses.

ENTERPRISE

Enterprise may be refers to economic and business, nonprofit and government agencies
responsible for production and distribution of goods and services. It can also be defined as effort
made by people to achieve something. For example people have the initiative to start project to
face challenges and to take risk in order to achieve their goals.

SELF- EMPLOYMENT

Self-employment is the act of generating one’s income directly from customers, clients or other
organization as opposed to being an employee of a business or person. Self-employed people
generally find their own work rather than being provided with work by an employer.

There are encouragements from the government to people to become self-employed rather than
seeking for white collar job.

FACILITIES AVAILABLE FOR SELF EMPLOYMENT

The following facilities are available for self-employed people;

1. Tax facilities and subsidies

2. Micro credit facilities is available to start-up business in need of loan
3. Social facilities e.g. Social amenities, security
4. Educational facilities; in schools and colleges, (NDE) National Directorate of Employment.

SUCCESFUL ENTERPRENEURS:
An entrepreneur is an individual who organizes or operates a business or businesses.
He has the ability to lead a business in a positive direction by proper planning, to adapt to
changing environment and understand their own strengths and weakness. The entrepreneur. is
commonly seen as an innovator-a generator of new ideas and business processes. Management
skill and strong team building abilities are often perceived as essentials leadership attributes of
successful entrepreneurs.

The following are the successful entrepreneurs

INTERNATIONAL
1734 RICHARD CANTILLON

1808 JEAN BAPTISTE SAY

1934 JOSEPH SCHUMPETER

1961 DAVID MCCLELLAND

1964 PETER DRUCKER

1975 HOWARD H STEVENSON

2013 RONALD MAY

BILL GATE.ETC.

NATIONAL (NIGERIA)

ALHAJI ALIKO DANGOTE

MR MICHAEL ADENUGA

LATE CHIEF M.K.O ABIOLA. Etc.

YOUR LOCALITY

(Educator should give names of successful entrepreneurs in their locality)

IMPORTANCE OR FUNCTIONS OF THE ENTREPRENEURSHIP

1. Entrepreneurship create job opportunities: He hires people to work with him

2. Entrepreneurship cause economic growth: By creating wealth to the people
3. They provide new and best product at low prices
 4. They provide strength to small businesses: most of the time, entrepreneurs prefer to
invest their money in small businesses.
5. Entrepreneurship pay taxes: tax paid by Entrepreneurs further contributes to state
income.
6. Entrepreneurship creates demand for products which in turn create job for other
business i.e. buying raw materials will in turn more jobs.
7. Entrepreneurship introduces new technologies in the market: they create new products
and provide new services.
8. Entrepreneurship stimulates the economy by instilling confidence in people.
9. Entrepreneurship contributes positively to the growth of G.D.P.

EVALUATION

1. Define the following terms (i) entrepreneurship (ii) self-employment (iii)

enterprise

2. Give three facilities available for self-employment.

3. State any four importance of entrepreneurship.

WEEKEND ASSIGNMENT

OBJECTIVE:

1. ………………….. is commonly seen as an innovator-a generator of new ideas and business

processes. (a) entrepreneur (b) business educator (c) police officer

2. The process of starting a business or other organization is refers to as …………………

(a) starting (b) entrepreneurship (c) teaching

3. Entrepreneurship contributes positively to the growth of G.D.P. TRUE or FALSE

ESSAY:

1. Name any three successful entrepreneurs each in your (i) locality (ii) country (iii)
international

FOOT NOTE: The information on this topic for week 4 was got from the net since there are no
text book for it as at when the E-note was written.

WEEK 5

Date:………………………….
FORMS OF BUSINESS ORGANIZATION

CONTENT: 1. Types of Business Organisations

2. Advantages and Disadvantages of each of the Business Organisation

Sub-Topic 1: Meaning of Sole Trade

Meaning: Sole Trade is a business owned by one person. The size of the business may be
large or small but it is important to note that it is owned by one man. Examples are
restaurants supermarkets, Filing Station, Schools etc. The owner of the business is called
a sole trader or a sole proprietor. Another name for sole trade is sole proprietorship.

Advantages and Disadvantages of Sole Trade

Advantages of Sole Trade:

1. It is easy to start.

2. The sole proprietor has a close contact with his customers and attends to them
personally.

3. He takes all decisions affecting his business alone.

Disadvantages of Sole Trade:

1. The provision of capital and ability is limited.

2. The business ends when a sole trader dies.

3. He suffers and bears risks alone

4. If business fails, he may have to sell his personal property to pay the debt.

Evaluation:

1. State at least three advantages of Sole Trade

2. Identify at least three disadvantages of Sole Trade.

Reading Assignment:

Business Studies for Junior Secondary School Book 1 produced by Cross River State
Chapter 7 pages 38-39

Partnership
CONTENT: 1. Meaning of Partnership

2. Advantages and Disadvantage of Partnership

Sub-Topic 1: Meaning of Partnership

Meaning of Partnership: A Partnership is a business owned and managed by two or

more persons who become partners by written agreement. The partnership act of 1890
and the companies Act of 1958 state that the maximum number of people who can form
a Partnership is restricted to 20 persons while the minimum should be 2 persons. These
partners share the profit or losses and the responsibilities of their business.

Types of Partnership: There are various types of partnerships as stated below:

(a) Ordinary Partnership: This is a partnership in which all members are held liable
for the debts of the business. Partnership may be dissolved if one partner dies.

(b) Limited Partnership: This is a partnership with limited liability in that members
will not be asked to contribute more money that the one used to start the
business in case the business fails. For Partnership to become limited, it must be
registered with the Registrar of Companies otherwise it will be treated as ordinary
partnership.

(c) Active and Sleeping Partners: Partners who take part in running the business are
active partners while those who do not take part in the running of the business
are sleeping partners.

(d) Quasi or Nominal Partners: A quasi partner is not really a partner but may
conduct himself in such a way as to make himself liable for the debts of the firm,
even though he does not take part in sharing the profit of the business.

Advantages of Partnership:

(i) It has more capital than sole trading

ii Partners have different ability and talents therefore, each partner specializes in an
aspect of business which he is best suited.

(iii) Partners meet to discuss matters relating to the firm

Disadvantages of Partnership:

(i) Partners have unlimited liability for debts in case of business failure.

(ii) If one partner takes a wrong decision, it affects other partners.

(iii) Disagreement among partners causes confusion in the business.

(iv) Partnership comes to an end with the death or resignation of a partner.

Evaluation

Objective:

1. Another name for Sole Trade is -------- (a) Sole Proprietorship (b) Partnership (c)
Restaurant

2. Sole Trade is the business of ---------- (a) two people (b) two men (c) one person

3. The simplest and most common form of business organization is (a) Partnership
(b) Sole trade (c) Filing station

4. One of the disadvantages of Sole trade is ---------- (a) He takes all decisions
affecting his business (b) He bears and suffers risk alone (c) he enjoys his profits
alone

5. One of the source of capital to a sole trader is (a) easy to start (b) personal
savings (c) members’ contribution

6. The minimum number of Partners in Partnership is (a) 5 (b) 2 (c) 4

7. The type of partnership in which all the members are held liable for debts of the
business is ------ (a) quasi partnership (b) Ordinary partnership (c) limited
partnership

8. One of the sources of capital for partnership is ------ (a) contribution of capital by
members (b) personal saving (c) limited partners

9. The disadvantage of partnership is ---------- (a) Wrong decision of one partners

affect others (b) Losses are shared among partners (c) it has more capital than
sole trading

10. All are advantages of Partnership except (a) Death of one partner may end the
business (b) Responsibilities are shared among partners (c) It has more capital
than sole trading.

Essay

1. What is Sole Proprietorship?

2. Mention all the sources of capital of sole trade.

3. What is Partnership?

4. Outline two advantages and two disadvantages of Partnership

5. Define Partnership.

6. Explain the following types of partnership: (a) ordinary Partnership (b) Quasi
Partnership.

READING ASSIGNMENT:

Business Studies for Junior Secondary School Book 1 produced by Cross River State
Government Chapter 7 pages 39-41

Cooperative Societies

Meaning of Cooperative Societies

A cooperative Society exists when groups of workers, individuals, organizations, farmers

or

Communities pull their resources together towards a common goal. The main purpose of
the cooperative society is to:

(i) Sell goods and services to members at a cheap rate.

(ii) to do business together for profit purpose and share the profits among the
members.

Types of Cooperative Society:

The common types of cooperative societies are:

(a) Producers Cooperative

(b) Consumers Cooperative

(a) Producers Cooperative:

Producers form a common association in order to sell their products in a uniform

price instead of selling individually, e.g. producers of yam, garri, cocoa etc may
form a cooperative society for the selling of their products.

(b) Consumers Cooperative:

 In consumers’ cooperative, the members are consumers who contribute funds
and buy goods in large quantities from the producers and sell in retail prices to
members at a reduced and cheaper rate.

Advantages of Cooperative Society:

1. Members have equal rights and votes.

2. Prices are lower as they buy in bulk.

3. Benefits of repayment of capital to any member who withdraws.

Disadvantages of Cooperative Society:

1. Election of committee members may not lead to efficient business.

2. Calculation of dividends to members is always a problem.

3. Non-members may be reluctant to engage in marketing activities with the

cooperative.

EVALUATION:

1. What do you understand by the term Cooperative Society?

2. Mention three advantages of Cooperative society.

READING ASSIGNMENT:

Business Studies for Junior Secondary School Book 1 produced by Cross River State
Chapter 7 pages 42-43.

WEEKEND ASSIGNMENT:

Objective Test:

1. What is the maximum of number of persons that can be admitted into the
society? (a) No maximum (b) 20 (c) 30

2. Cooperative Society is managed by (a) Board of Directors (b) Committee of

management (c) shareholders

3. The common types of cooperative societies are

(a) Sole Proprietorship and partnership (b) Young and old cooperative (c)
Producer and Consumer Cooperative

4. In cooperative Society every members have equal rights and votes. True/False
5. The main purpose of cooperative society is to (a)buy goods for everybody (b)
provide essentials services at cheaper rate (c) sell goods and services to members
at a cheap rate.

6. --------------- type of business organization is democratic in nature (a) sole

proprietorship (b) partnership (c) cooperative society.

Limited Liability Company (Public Limited Liability Company)

Limited Liability Company:

A Limited Liability Company is a company in which the responsibility or liability of

members for debts of the company is limited to the capital they have contributed or
agreed to contribute. The private property of members are excluded, and all that
members lose if the company fails is the money they have contributed. It is formed and
registered under the law known as the Company Act. When a company is formed and
registered with the Registrar of Companies, it is said to be incorporated.

There are two types of Limited Liability Company namely, Private and Public Companies.

Public Limited Liability Company:

A Public Limited Liability Company is a business unit that carries on business to make
profit

for its owners. Examples are Nigerian bottling company Ltd., Total Nigeria Limited, First
Bank of

Nigeria Plc. It is owned by Shareholders and managed and control by Board of

management.

Advantages of Public Limited Liability Company

1. It can raise money from the public through issuing of shares and debentures. This
enhances the company expansion.

2. It is a legal entity because it can sue and can be sued.

3. The company’s properties are different from that of its owners.

4. It enjoys continuity because it has perpetual life. The company can only be
wounded voluntarily or on the order of a law court.

5. Share holders cannot lose more than the value of their shares. This is because the
company enjoys limited liability.

Disadvantages of Public Limited Liability Company:

 1. Shareholders have little say in the running of the company

2. It does not enjoy privacy. It annual account must be published in the Newspaper
for the public to see.

3. It suffers from double taxation. The net profit of the company is taxed and the
dividends of the shareholders are also taxed.

EVALUATION

1. What is a limited liability company?

2. State 3 advantages of public limited liability company

READING ASSIGNMENT

Business studies for junior secondary schools, new edition book 1 by O. A. Lawal Chapter
5 pages 23-24

Limited Liability Company (Private Limited Liability Company)

CONTENT

1. Private Limited Liability Company (Meaning)

2. Advantages, Disadvantages and Comparison between Public and Private

companies

Meaning of Private Limited Liability Company:

A private limited liability company is a profitable making business with few shareholders
and no open market for its shares. Examples of private limited liability company are
Newswatch Communication Ltd., Ekene Dili Chukwu Transport service Ltd., JIMBAZ
Construction Company Ltd. etc.

Advantages of Private Limited Liability Company

(i) They enjoy privacy.

(ii) Their annual report and accounts are not required by law to be published,
except for

Taxation.

(iii) Management and control is less complex than in public limited company. Its

management structure is simple.

Disadvantages of Private Limited Liability Company

 (i) Shares cannot be issued to the public.

(ii) Capacity to raise external finance to expand business is limited.

(iii) Transfer of shares to others is made difficult.

1. Comparison between the Private and Public Limited Liability Companies.

S/N PUBLIC LIMITED COMPANY PRIVATE LIMITED COMPANY

1. Minimum number of members Minimum number of members is two while

is seven and has no maximum the maximum is fifty.

2. Shares are offered to the public. Shares may not be offered to the public.

3. Shares are easily transferable. Shares are not transferable.

4. Account is publish to the public Account is publish for the information of

Registrar of companies.

EVALUATION

1. Define Private Limited Liability Company

2. State the comparison between the public and private companies.

3. Outline the 4 advantages and the 4 disadvantages of Private companies.

READING ASSIGNMENT

Business studies for junior secondary schools, new edition book 1 by O. A. Lawal chapter
5 pages 24-25

WEEKEND ASSIGNMENT

1. The maximum number of members in a private limited liability company (a) 50

(b) 100 (c) 10

2. Private liability company enjoys. (a ) enough capital (b) privacy (c) non-Payment of
tax (d) transfer of shares to others.
3. The following are disadvantages of private limited liability company except (a) not
listed in the stock exchange (b) cannot sell shares (c) management structure is
simple.

4. The minimum number of owners needed to form a public limited company

Is (a) seven ( b)two (c) fifty (d) eight

5. Which of this can sell shares to the public (a) Sole proprietor (b) Private
Limited company (c) Public limited company

6. The maximum number of owners a public Limited liability company is (a) twenty
(b) two (c) no maximum.

7. Public Limited Liability Company is owned by ------------------ (a) government (b)

politicians (c) Shareholders

8. The major source of capital for Public Limited Liability Company is

(a) selling of shares (b) personal savings (c) partnership contribution

ESSAY

1. State 3 advantages of private limited liability company

2. Enumerate 3 disadvantages of private limited liability company

WEEK 6.

Date:………………..
TOPIC: CONSUMER MARKET AND SOCIETY

CONTENT

a. Meaning of Consumer, Market, Society.

b. Need for consumer education
c. Importance of consumer education
d. Consequences of lack of consumer education

Meaning of consumer: A consumer can be defined as any person or corporate individual that
purchases a product for immediate personal use.

Meaning of market: This can be defined as any arrangement either personal or impersonal,
former or informer which facilitate with the exchange of goods and services whereby buyer and
sell are contact with one another and agree on price.
Meaning of society: is the total/aggregate of people living together in a more or less ordered
community. It is an organization or club formed for a particular purpose or activities. It is also a
situation of being in the company of other people.

Meaning of consumer education: it is the preparation of an individual through skills, concepts

and understanding that are required for everyday living to achieve maximum satisfaction and
utilization of its resources. It is also defined as education given to the consumers about various
consumers goods and services , covering price, what the consumers can expect and standard
trade practice.

Need for consumer education

1. Standard goods are sold to the consumer

2. The need to reduce high price
3. To make sure that high quality of goods are sold to consumers
4. To make sure that there is a constant supply of goods
5. To make sure that there is no false advertisement claim
6. To make sure that goods have accurate measures and weights before selling
7. To protect consumer against dangerous and harmful goods
8. For dispute resolution office
9. The education program should provide for coordination between federal, state and local
agencies involved in regulating that aspect of the market
10. distribute the message throughout the market place , including the use of public service
announcements.

Importance of consumer education

The education program should include ongoing coordination with media, consumer
advocates and trade organizations to amplify and

1. It helps consumers to make wise buying decision

2. To provide the public with information it needs on products and services
3. It helps consumers understand their right and become active participant in buying
process
4. To ensure that company are held accountable by governing agencies and the consumers
who use their products and services.
5. It gives consumers control over their purchases
6. It motivates consumers to provide feedback that can be used to improve the quality of
products and services.
Consequences of lack of consumers’ education
1. Lack of coordination
2. They can be cheated in the area of price, brand and labeling
3. Wrong consumption of product
4. Goods that are of low quality can be sold to the consumers.

ESSAY TYPE

1. What do you understand by the word market?

 2. Define consumer education
3. List four relevance of consumers education
4. Name two consequences of lack of consumers education.

Objective test should be given to students as weekend assignment

OBJECTIVE TYPE

1. Which of the following explain the meaning of consumer? (a) as any person or corporate
individual that purchases a product for immediate personal use (b) it is the preparation of
an individual through skills, concepts and understanding that are required for everyday
living to achieve maximum satisfaction and utilization of its resources.(c) as any
arrangement either personal or impersonal, former or informer which facilitate with the
exchange of goods and services whereby buyer and sell are contact with one another and
agree on price.
2. All are the need for consumers education except (a)peaceful resolution of office(b) It
helps consumers to make wise buying decision (c)To provide the public with information
it needs on products and services
3. All the following explain the meaning of market except (a) as any person or corporate
individual that purchases a product for immediate personal use (b) it is the preparation of
an individual through skills, concepts and understanding that are required for everyday
living to achieve maximum satisfaction and utilization of its resources.(c) as any
arrangement either personal or impersonal, former or informer which facilitate with the
exchange of goods and
services whereby buyer and sell are contact with one another and agree on price
4. Which of the following is the consequence of lack of consumers education? (a) It gives
consumers control over their purchases (b) inability to coordinate (c) To provide the
public with information it needs on products and services
5. The education program should provide for coordination between federal, state and local
agencies involved in regulating that aspect of the market is known as (a) need for
consumer education (b) consumers education (c) relevance of consumer

REFERENCE MATERIAL: The information on Week 6 Topic was obtained from internet because
of lack of textbook.

WEEK 7
DATE:____________________________
NEED FOR MONITORING AND CONTROL OF CHEMICALS

Preview
A. Meaning of chemicals
B. Chemicals suitable for use and not suitable for use
C. Need for monitoring and controlling: food, drugs, and chemicals.

Full Content
MEANING OF A CHEMICAL:

A. Chemicals are compounds or substances that are artificially prepared or

purified. Any substance used in or resulting from a reaction involving changes to atoms
or molecules, especially one derived artificially for practical use.

B. CHEMICALS SUITABLE FOR USE AND NOT SUITABLE FOR USE

C. NEED FOR MONITORING AND CONTROL: FOOD, DRUGS, CHEMICALS

Maintaining chemical safety requires care in ordering, storing, using and disposing of chemicals.
Chemical safety is the responsibility of everyone who uses the classroom/industrial laboratory,
but safe management of chemicals begins with the teacher who orders and uses these products.

Safe management of chemicals requires the following

1. Adequate knowledge of the chemicals to be used and their interactions.

2. The relative hazard level of the chemical.
3. The educational value of using the chemical
1. Experience in using the substance.
2. The degree to which the laboratory is equipped for the safe use of the chemical.
3. Have correct inventory of existing chemicals
4. Storage areas should be kept clear and clean.

EVALUATION:

OBJECTIVE:

1. .................... is a compound or substance that is artificially prepared a. Reaction b.

Chemical reaction c. Chemical d. All of the above.
2. Maintaining chemical safety requires care in .................. and ............... of chemicals a.
Mixing and using b. Storing and disposing c. Ordering and mixing d. Producing and
disposing.
3. Safe management of chemicals requires the following except;
a. Adequate knowledge of the chemicals to be used and their interactions.
b. No provision for correct inventory for existing chemicals.
c. The relative hazard level of the chemical.
d. Experience in using the substance.

ESSAY

1. What are chemicals?

2. Mention four ways of safe management of chemicals

FOOT NOTE: The information on this topic for week 7 was got from the net since there were no
text book for it as at when the e-note was written..
WEEK 8

Date:……………………….
Topic: Introduction to Book Keeping

CONTENT: 1. Meaning, Concepts of Book keeping

2. Importance and Parties interested in Book keeping

3. Essential qualities of book keeper.
4. Common book keeper practices.

Meaning of Book Keeping:

Book-keeping may be defined as the art of recording business transactions in a systematic

manner so that the books of account will reveal at any time the financial position of the

business to the owner and other stakeholders in the business

Importance of Book Keeping:

Every business organization keeps daily records of their financial transactions. Therefore,

the importance of bookkeeping becomes necessary for the following reasons:

(i) It is for easy reference of business financial records.

(ii) It shows an accurate standing position of business in relation to its customers i.e.
what is owed and what is owed by the firm

(iii) It reveals profits and losses position to the company through trading profit and
loss account.

(iv) It provides information to members of the public who are interested in the
business through the balance sheet.

(v) Auditors use the books to issue their audit reports.

(vi) The records kept help in management decision-making.

(vii) The records project the image of the business to the public.

ESSENTIAL QUALITIES OF BOOK-KEEPING OR A BOOK-KEEPER

 He or she must be honest

  False entries should not be made into the book
 He or she must be hardworking, punctual to work and must show interest in the
job
 He or she must be able to keep records
 He or she must have a legible handwriting
 He or she must have retentive memory

COMMON BOOK-KEEPING PRACTICES

 A single line ruled beneath an amount by the bookkeeper is an indication that a

remainder or a total will follow
 The use of ruler when drawing single or double rulings make for neat accounting
work.
 The Naira and Kobo signs are usually written on top and not in a ruled column.
 Two zeros are written in the kobo column when an amount to be written does
not have the aspect. The kobo column must not be left blank. It should be filled
with two zeros
 When a bookkeeper applies a double ruling across an amount column, this
indicates that the work above has been completed and accurate.
BOOK-KEEPING ETHICS

 Accountability
 Probity
 Transparency
 Objectivity
 Fairness

Evaluation:

1. State five importance of Book-keeping.

2. Explain the term book-keeping

3. State five qualities of book keeper

WEEK 9
Date:…………………………..
Topic: Source Documents and Journals

PREVIEW: 1.Meaning and Importance of Source Document

2. Types of Source Document

Meaning of Source Document

Source Document may be defined as original documents on which monetary transactions

are
recorded, which provide necessary information for the preparation of books of original
entry.
Transactions are the major feature of any business. The business transactions take place
when goods and services are transferred from one person to another. There are two
types of transaction namely cash and credit transaction. Cash transaction means that
money is paid immediately the transaction occurs. Credit transaction means that
payment for what is bought or sold is made at a later date.

Importance of Source Document:

1. To originate data for accounting records.

2. They act as working evidence or as a proof of occurrence of such transactions.

3. They enable various books of accounts to be opened.

4. They serve as a source of information.

Evaluation:

1. Explain the types of transaction

2. State three importance of source document.

Sub-Topic 2: Types of Source Document

Types of Source Documents:

The major types of Source documents are:

(a) Invoice: This document is usually issued by the seller to the buyer immediately
goods are dispatch or services rendered on credit. It shows description of goods
bought or sold, quantity, unit price, total cost.

(b) Receipt: This document serves as an evidence of payment for goods bought or
sold and services rendered. Receipts are given or received whenever cash is paid
or collected for goods bought or sold or services rendered. It shows the following
particulars:

(i) The reason for payment

(ii) The amount of money received

(iii) The person who made the payment and to whom the payment was made
to.

(iv) The date of payment

(c) Cheque: A cheque is defined as a written order or instruction made upon a bank
to pay a specific sum of money to a named person at a specific date. A cheque is
a source document used as a means of receipts and payments instead of the
physical cash.

Parties to a cheque

There are three parties to a cheque namely – the drawer, the drawee and the payee

(i) The drawer is the owner of the account who issues out or draws the
cheque.
(ii) The drawee is the bank to whom instruction is given to pay.
(iii) The payee is the person to whom the money will be paid.

(d) Debit Note: This is sent by the seller to the buyer when there is an undercharge in
the original invoice. A debit note can also be sent when there is an omission or
return of goods.

(e) Credit Note: This is normally printed in red to distinguish it from an invoice. It is
used when an invoice is overcharged, that is when the buyer is wrongly
overcharged.

(f) Petty Cash Voucher: This is a written authorization to pay small amounts in cash.
Usually the Petty cashier fills out the voucher and ensures that the person
requesting the cash signs it. The petty cashier then disburses the money and files
the voucher in the petty cash container.
g. Cash registered tape: A cash registered tape is a machine for quick and accurate
recording. This helps when recording volume of transaction. The machine
automatically prints receipt on the tape for the customers each time a sale is
made.

EVALUATION:

1. Source document provides information for (a) preparation of books of original

entry

(b) debiting account (c) directors and managers

2. The two types of transaction are ------------ and ------------

(a) cash and credit (b) payment and credit (c) credit and debit

3. A source document used as a means of receipt and payments instead of cash is

(a) Invoice (b) cheque (c) Debit note

4. A debit note is used when there is -------- (a)overcharged (b) undercharged

(c) credit sales

5. An evidence for payment is ------------- (a) invoice (b) credit note (c) receipt

Essay:

1. Explain the term invoice

2. Differentiate between Credit note and Debit note

2. Differentiate between Receipt and Invoice

WEEK 10
JOURNALS

Journal is a document which contains the daily records of business transactions. Each

record in a journal is called an entry. The journal is called a book of original entry

because the entries the entries are transferred to a second book.

Types of Journal
We have two major division of Journals: General Journal and Special Journal

a. General Journal: this is a book that records all transactions (both sales and
purchases). It is used when no special journal exists.
b. Special Journal: these are separate journals that are kept for credit transactions
concerning sales and purchases. Types of Special Journals are listed below:
a. Purchases Journal
b. Sales Journal
c. Return Inward Journal
d. Return Outward Journal

Let’s take each of them one after the other.

Purchase Day Book or Purchases Journal

Purchase Day Book: This is also known as Purchase Journal. It is used to record all daily
particulars of goods bought for resale on credit while the cash purchase is entered into
the credit side of the cashbook. It is maintained exclusively for credit purchases of goods
meant for resale. The particulars of the goods in the purchase journal include the date
that of purchase, the seller’s name, the gross amount, the amount of trade discount if
given (subtracted from gross amount), the net amount owed to each seller and the total
amount of purchases for a given period. Entries are made in the purchase journal from
the purchase invoices issued by the sellers.

PREPARATION OF PURCHASE JOURNAL

Debit purchase account with the total amount of purchases for the period. Credit
individual seller (creditor) account with the net amount.

Example

Enter these transactions in the purchase journal of Oke & sons for the month of June
2000, and post this to the ledger, June 15 Ekpe & Co.: Invoice No. 102

15 Dozen Eraser at 250k a dozen

30 Rulers at 50k each

40 Writing pad at 10k each

200 Envelopes at 15k per 25

Invoice subject to 10% trade discount

June 16 Bought from Ayi Effiom Bookshop invoice No. 37

10 Reams of foolscap at N350 per ream

 6 Dozen Exercise books at N12 a dozen

21 B. Allegro, invoice No. ACP 134 N6,500

Subject to 20% trade discount

Oke & Sons

Purchases Journal for the month of June, 2000

Invoice Folio Detail Total

June 5 EKPE & Co. 102 L8 N N

15 dozen erasers @ 25k a dozen 37.50

15.00
30 rulers @ 50ok each 4.00
120.00
40 writing pads @ 10k each 176.50
17.65
200 envelopes @ 15k per 24

Less 10% trade discount

158.85

June 10 Ayi Effiom Bookshop 37 L9

3,500.00
10 reams of foolscap @ N350 a ream 720.00

6 dozen exercise books @ N120 a dozen 4,220.00

June 21 B. Alogbo ACP 134 L10

6,500.00
Purchase of goods 1,300.00

Less 20% trade discount 5,200.00

June 30 Purchase Accounts Dr L12 9,578.85

SALES JOURNAL: This is one of the books of original entry. It is used to record daily sales
of goods on credits. The recording of transactions into sales journals is the same as
purchase journal except in posting to the ledger. In the ledger, debtors (customers)
personal accounts are debited and sales accounts credited in the general ledger with the
total amount of credits sales for the period.

Example
Aneke venture is a dealer is cloth materials. Enter the transaction below in his sales day
book.

November 2, 2000 Sold to Ibete $ Sons and issued invoice No. 163

200 Meters of Nylon material at N150 a meter

180 Meters of Silk material at N120 a meter

160 Meters of Travara material at N170 a meter

Invoice is subject to 5% trade discount

iNovember 18, 2000 Sold to Ada & Sons invoice No. 46

7 Nylon shirts at N550 each

11 Singlets at N140 each

2 Dozens handkerchiefs at N115 each

Anieke Venture

Sales Day Book for the Month

Invoice Folio Detail Total

Nov. 2 IBETE & SONS 102 L8 N N

200 meters of Nylon @ N150 a meter 30,000

21,600
180 meters of silk @ N120 a meter 27,200
78,800
180 meters of Travara @ N1790 a meter 3,940

Less 10% trade discount

74,860

Nov. 18 ADA & SONS 45 L4 3,850

1,540
7 Nylon shirts @N550 each 360

11 Singlets @ N140 each 5,750

2 Dozens Handkerchiefs @ N15

 Sales Accounts Cr 80,610

EVALUATION

1. What do you understand by the term Purchase day book and Sales day book?

2. What is the purpose of each journal?

Sub-Topic 2: Returns Outward Day Book and Returns Inward Day Book:

Returns Outward Day Book:

This day book is also called Returns outward Journal. It is used for used for recording all
goods returned to the sellers and allowances granted by them. Entries are made from
the credits notes received from the seller. The total amount of the returns and
allowances for a period are credited to the returns outwards account in one figure in the
ledger while individual items are debited to the personal accounts sellers in the purchase
ledger.

Example:

The following returns were made to sellers on the dates shown. Record them in the
returns outwards journal.

Oct. 5 Returned 1 carbon of biscuit at N250 to B. Ekpe, Credit Note No. 02/13

Oct. 6 Returned to R. Igwe Note No. 02/44 N500

Oct. 8 Received a note from Obongha & Sons on goods returned, Note No.27 N450

Date Supplier/Seller Note No. Folio Amount

Oct. 5 B. Ekpe 02/13 7 N250

6 R. Igwe 02/24 8 N500

8 Obongha & Sons 27 29 N450

8 Returns Outwards A/C CR N1,200

Returns Inward Day Book:

This day book is also called Returns inward Journal. It is used for recording the particulars
of all goods returned by customers and the allowance granted to them. The source
document for returns inwards journals is the credit note prepared by the seller who is
accepting the goods returned.

Example

The following returns were made by Ibete & Co customer on the date specified. Record
the transactions into the returns inwards journal.

Feb.10 Eko & Sons, Note No. 17 N100

Feb.12 Upla Enterprises Note No. 18 N280

Feb.16 Ethothi Ventures Note No. 20 N350

Date Name of Customer Note No. Folio Amount

Feb. 10 Eko & Sons 17 3 N100

Feb. 12 Upla Enterprises 18 7 N280

Feb. 16 Ethothi Venture 20 10 N350

Feb. 16 Retuns Inward A/C DR N730

EVALUATION

1. Explain the term Return Outward Day Book

2. What is the purpose of Returns Inward Journal?

READING ASSIGNMENT

Business Studies for Junior Secondary School Book 2 produced by Cross River State
Government Chapter 12 pages 62-67

WEEKEND ASSIGNMENT

1. From the following particulars, prepare purchases day book of Eteng & Co.

Jan. 5 Bought goods from Arikpo and Sons

3 Cartons of Biscuit at N450 a carton

2 cartons of Jumbo matches at N350 a carton

The invoice is subject to 5% discount

Jan. 8 Received invoice No. 11 from Abuo Enterprises.

 4 dozens of 40 leaves exercise books at N600 a dozen

100 erasers at 5 for N2

20 rulers at N4 each

2. Credit sales were made to the under mentioned customers. Record the
transaction in the sales journals.

April 5 Okoro Enterprises, invoice No. 02/8 N1,020

April 7 Otan & Co., invoice No. 02/12 N2,500

April 9 Ogbodin, A.A. invoice No. 02/16 N1,350

April 10 Agbo & Sons, invoice No. 02/20 N3,150

April 15 Peterson invoice No. 02/21 N1,235

3. A Credit note was received from Onete Ukam by E. Ina. Below is the credit note
No. 102:

1 Carton of biscuit at N350 N350

25 Empty cases returned at N15 each N375

N725

You are required to prepare returns outward journal

4. Record the following transactions into the returns inward journal

June 6 O. Etim, Note No. 41 275

June 8 A. O. Aduquo, Note No. 43 330

June 9 Onda Enterprises, Note No. 44 250

June 11 Owal & Sons, Note No. 46 315

EVALUATION:

1. Define the term cheque.

2. State three types of source document

Reading Assignment:
Business Studies for Junior Secondary School Book 1 produced by Cross River State
Government, Chapter 8 & 9 pages47-54

WEEK 11 – 13 Revision and Examination.