Financial Account ANSWERS
(3a)
the journal is used for the purpose of recording transactions, which because of their nature cannot be entered in any other book of prime entry. it is also used for opening and closing entries, transfer of items or correction of errors
(3b)
-sales day book
-purchase day book
-sales returns or retuns inwards
-Purchase Returns
(3c)
Sales day book:
-particulars
-detail
Purchases day book:
-date
-folio
Sales returns:
-particulars
-folio
Purchase Returns:
-Particular
-date
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(4a)
-Private limited liability companies;-This is defined by section 28 of the company’s act 1948 as a company which by its articles restrict the right to transfer its shares,limit the numbers of its members to fifty,prohibit any invitation to the public to subscribe to its shares and also ends the of their names with limited e.g Vigeo ltd
-Public limited liability companies;-These are companies which invite the public to subscribe to its shares.The minimum number of shareholders requires to form a public limited company is seven.There is no restriction on the maximum number of share holders.The shares are transferable to the other person without informing other shareholders.The name of the company must end with public liability company e.g lever brothers PLC
(4b)
-Authorized capital;-This sis the total amount stated int the memorandum of the association and approved by the registrar of companies which a company can issue out
-Issued capital;-This is the total amount that the directors decide to issue to the public for subscription
-Loan capital;-This sis the alternative name for debenture
-Called up capital;-This is the total amount asked for on al shares
-Paidup capital;-This is the total amount paid up or credited as paid up on the issued share capital
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