CREDIT MANAGEMENT & COLLECTION OF RECEIVABLES DR. RICHARD MAYUNGBE LAGOS‚ NIGERIA 26TH – 27TH OF JULY‚ 2010 INTRODUCTION Nearly every writer on the subject has worked out his own definition of credit. The following writers are examples: John Stuart in his Political Economy defines credit as the permission to use another’s capital. Joseph French Johnson in Money and Currency calls credit the power to obtain goods and services by giving a promise
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(strictly‚ put into administration) in the United Kingdom Bankruptcy is a legal status of a person or other entity that cannot repay the debts it owes to creditors. In most jurisdictions‚ bankruptcy is imposed by a court order‚ often initiated by the debtor. Bankruptcy is not the only legal status that an insolvent person or other entity may have‚ and the term bankruptcy is therefore not a synonym for insolvency. In some countries‚ including the United Kingdom‚ bankruptcy is limited to individuals‚ and
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INTRODUCTION WORKING CAPITAL MANAGEMENT 1. Introduction 2. Need of working capital 3. Gross working capital 4. Net working capital 5. Determinants of working capital Working capital management Working capital management is concerned with the problems arise in attempting to manage the current assets‚the current liabilities and the inter relationship that exist between them. The term current assets refers to those assets which inordinary course of business can be‚or
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INDEX Sn.No Topics Page No. 1. Cover Page……………………………………………………………………1 2. Contents. ………………………………………………………………….2 3. Computing the Amounts……………..……………………………3 4. Trading‚ Profit & Loss Account and Balance Sheet….9 5. Comments on the Performance of the Business…….10 6. Explaining the Limitation of Comparison…………...….12 7. References………………………………………………..……………..13 (A) Compute the following amounts: (I)
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BUSINESS LAW FINAL * Article 2 governs sales of goods- True * Delivering of a title- Sale * A warehouse receipt is a document that provides proof of ownership of commodities that are stored in a warehouse * Shipment contract- the seller is required or authorized to ship goods by carrier‚ such as a trucking company. The title passes to the buyer at the time and place of shipment * The risk of loss in a shipment contract passes to the buyer or lessee when the goods are delivered
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student audience but as a refresher to those of you in practice that may be required to deal with this concept. In most businesses debtor balances represent an important element of working capital. Accounting principles dictate that the supply of goods or services is accounted for as sales‚ at the point at which the buyer has a legal obligation to pay for them. Total debtors represent the value of credit sales for which payment has yet to be received. An obligation and certainly of payment differ
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q BANKING LAW 1. Rights of a Banker; Banker’:- * Right of lien * Right to set off * Right of appropriation of payments. 2. Banker Regarded As A Favoured Debtor lll A CONTENT 1. Right of lien………………………………………………………………………pages 3-9 a. Introduction -what is lien? b. Types of lien c. Circumstances for exercising banker’s general lien d. Lien - an implied pledge e. Case laws f. Principles governing banker’s lien g. When is lien not permissible
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or Possession offered as security for a debt so that the debt will be taken from them in case the debtor fails to pay back the due money. Rahn is classified as a contract under the category contract of security or contracts pertaining to authentication The purpose of Rahn is to convince the creditor that the debt will not simply disappear or vanish in case of default payment on part of the debtor. The verse begins with {And as for those who have attained to faith and whose offspring will have
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Tutor note: It is preferable that this is filled in electronically. This form is available on the staff intranet: Click on the ‘Quality’ tab and then the ‘Curriculum Quality Link’ to the right and then ‘Curriculum Quality Procedures’ from the table of contents. Department: ISC- Business | Course Code: SL3BUSFND118 | Course Name: BTEC Level 3 Certificate ate in Business | Unit Number: Unit 2 | Unit Name: Business Resources | Candidate Name: I certify that this is all my own work
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