All Junior Cert Business Studies posts
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    Business notes available SryanBruen

    Any particular chapter(s) you would like?

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      Can I please have the following chapters:

      - Money

      - Personal Banking

      - Savings and Investment

      - Borrowing

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      Money is anything of value that is widely accepted as payment for goods and services. There are many different currencies, money is divided into.

      *Tip: Always for definitions, include at least TWO sentences. One sentence will NOT get you full marks.

      Bartering meant swapping goods or services one person has for goods or services another person has. Bartering very rarely exists in modern times except between friends.

      Disadvantages of bartering:

      *Both people involved in the barter must have a good or service that the other person needs and wants.

      *Both items involved in the barter would have to be of equal value.

      *The goods have to be carried around, which would be difficult if they are bulky.

      Ireland along with 16 other European countries that use the currency, Euro is part of an Economic and Monetary Union (EMU).

      Advantages of a single currency to Ireland

      *Firms that import or export goods between eurozone (EMU) don't have to worry about exchange rate changes.

      *Irish firms that trade with other eurozone countries save money as they no longer have to pay commission for changing currency.

      *Ireland has lower interest rates than it had in the past.

      *Ireland can expect to have lower inflation rates than it had in the past.

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      When do you need these Ciara? I will give others soon.

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      Not very soon, whenever you can. My teacher won't give us proper notes, so whenever you can send them that will be grand. Thanks.

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      Notes on people at work

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      Would you have any notes on introduction to bookkeeping

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      Oh I'm very sorry, I do have the People At Work notes currently. I will have Introduction to Bookkeeping typed up as soon as possible Katrina - I have to type them up first and I also have plenty of homework DAILY to content with also. Ciara I am still trynna get Personal Banking typed as well as shortened.

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      Don't worry :) Whenever you can will be fine :)

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      People At Work


      Work - is when a person does something productive. You work when you do homework, study or help at home. Therefore, you get nothing in return as in payment.

      Employment - is when a person gets paid to work. If you have a job in a shop, you are employed.

      Unemployment - if a person is looking for employment but cannot find a job, they are said to be unemployed. To be counted as unemployed, you must be between the ages of 16 and 66, available for work and not in full-time education. A person must be looking for work to be counted as unemployed.

      The Labour Force - consists of everybody who is available to work. This includes the employed, unemployed and self-employed.

      Types of employees

      Unskilled - work which does not require any special training. It often involves physical labour and the rate of pay tends to be low, e.g. bin collector.

      Semi-skilled - work which requires some training. Most semi-skilled workers are trained to use one machine or do one job, e.g. a person trained to use a sewing machine.

      Skilled - work which requires specialist training to do a particular job. E.g. carpenters and hairdressers are skilled.

      Professional - workers that have a professional qualification(s), usually from a university. They need this particular qualification to do particular work. E.g. teachers, solicitors and doctors are professional.

      Natures of work

      Manual - involves physical work, e.g. gardening.

      Clerical - involves typing, filing etc, e.g. receptionist.

      Creative - requires imagination, e.g. writer.

      Administrative - involves supervising or managing the work of others, e.g. manager.

      The employee's rights and responsibilities


      Fair day's pay

      To be treated equally to other employees

      Fair number of paid holidays per year

      To join a union

      To work in a healthy, safe environment


      Good punctuation (be on time)

      Obey all rules and regulations

      Not to give away company secrets

      Co-operate with other workers

      To look after your employer's property

      Rewards & risks of self-employment


      You are your own boss

      You make all the decisions

      You keep all the profits

      Your own suitable working times

      Decide what product or service to sell


      Unlimited liability - If the business fails, you risked losing everything

      May have to work long hours

      Have to provide the capital to set up and run the business

      You make all the decisions

      Organisational Structure

      Typical organisational chart (comes up nearly every year)


      Board of directors

      Managing director

      Department managers (e.g. of departments: Sales department, finance department, production department)


      Staff workers

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      when you have the time, could you explain how to do a ledger account question and a club account question? thank you

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      Yes can you do club account, ledgers and bookkeeping. Thx

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      I will explain how to do a ledger account question probably on Friday evening Sarah and Sasha. I will try and plan the others for you.

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      thank you so much

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      Economics notes thanks

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      notes on p&l and b/s please

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      What is p&i and b/s sorry?

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      Economics is the study of how people and businesses with limited income make decisions about what they spend their money on.

      Factors of Production

      Land is the natural resources available in a country that can be used to produce goods and services. The payment for land is rent.

      Labour is a human effort that helps to produce goods and services. The payment for labour is wages.

      Capital is anything that is made by humans that is then used to help to produce other goods and services. The payment for capital is interest.

      Enterprise is using all the factors of production and taking a risk to set up a business. People who supply enterprise are called entrepreneurs. The payment for enterprise is profit.

      Types of Economic Systems

      Centrally planned economy – Here the government of the economy makes all the decisions about the production of goods and services. E.g. Cuba.

      Free enterprise economy – Here the citizens of the country are free to make all the decisions about the production of goods and services with little interference from the government. E.g. USA.

      Mixed economy – This is a combination of the two other economies and sees a sharing approach to the production of goods and services. E.g. Ireland.


      Opportunity cost is the item we do without when we have to make a choice between two or more actions. It is impossible to satisfy everybody’s needs and wants.

      Inflation is the increase in the general level of the price of goods and services over a period of time.

      Deflation is the decrease in the general level of the price of goods and services over a period of time.

      Rate of Inflation

      (The increase in prices in year 2) / (divide) (The level of prices in year 1) X 100

      The official measurement of inflation is called the consumer price index.

      Causes of Inflation

      An increase in the cost of producing goods is passed onto the consumer so that the manufacturer can maintain profits.

      The demand for goods is greater than the supply of goods. Consumers will compete with each other, thus pushing up the prices.

      The cost of importing goods increases.

      Increases in indirect taxes.

      Effects of Inflation

      Increases the cost of living.

      It causes demands for wage increases to compensate for the inflation.

      It discourages saving because people decide to spend their money before its value decreases any further.


      Economic growth occurs when more goods are produced in a country one year than were produced the previous year. It creates employment and improves standard of living.

      Gross domestic product is a total amount of goods and services produced in an economy in one period.

      Gross national product is the GDP – profits sent out of the country by foreign owned companies located in the country, plus profits returned to the local firms based abroad. i.e. it is the amount of money left in the country for spending or saving.

      Recession is if less goods and services are produced in two consecutive quarters then the national economy is officially in a recession.

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      Okay Sarah firstly, is there any particular ledger account question you want me to help you with or ALL of the types, this includes debtors & creditors control accounts, general books, trading, profit & loss accounts, balance sheets etc.

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      trading profit and loss accounts and balance sheets??

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      Oh sorry, yes I will try and put that into my planner

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      thank you very much!!

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      Well Sarah... and yes Cathal I can do it today

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      sorry Sryan I don't understand any of the book ledger accounts

      like I understand the balance sheet but I don't know what goes in it

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      Ok firstly,

      The Ledger Accounts (Trade / Trial Balances in long questions which is way too hard in long questions - so do not do this one! but remember there are short questions on it and you have to do them ones but they're not as hard once ya learn)

      All you have to read is the first line of the question. For example, in the 2015 paper it said:

      On 5 June 2015, S. Lally, a shopkeeper, purchased goods for 1,700 (euro) by cheque.

      The thing you have to look out for is what the person is receiving! In this case, it is PURCHASES (never say goods!!). If they said something like purchased machinery, you would put in machinery instead of purchases but whenever it says "PURCHASED GOODS" you put in PURCHASES!

      So (i) = Purchases

      And then you read the question again to see what he is giving away. In this case, it is cash or bank (never say cheque either).

      So (ii) = Bank

      Then, here's the easy part. You just swap them around!

      So (iii) = Bank

      (iv) = Purchases

      I will do another example in a minute. Hope this is straightforward here?

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      On 8 June 2014, D. Kelly, a restaurant owner, sold equipment for 3,300 (euro) cash.

      Again, ask yourself what is D. Kelly receiving? In this case, it is CASH OR BANK (you can call it either when it is cash).

      So (i) = CASH / BANK

      And then read the question again to see what he is giving away. In this case, it is equipment.

      So (ii) = Equipment

      Then, the easy part again, just swap them around.

      So (iii) = Equipment

      (iv) = Cash / Bank

      I will do another (as there are a few different forms of these if ya know what I mean)

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      On 1 June 2009, C. Allen sold goods on credit to K. Davoren for 1,500 (euro).

      This one is very different. This time it says "on credit" which means he hasn't received his thing yet. So, you put down the name of who is supposed to give him (C. Allen) the cash (in this case).

      So (i) = K. Davoren

      Now, you say what he is supposed to receive. (In this case, it is NOT cash!).

      So (ii) = Sales

      ^ Remember this

      (iii) = Sales

      (iv) = K. Davoren

      ^ the easy part again

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      General journals

      These are exceptionally easy!

      Good things (things that you own) go on the Dr. (debit) side whilst bad things go on the Cr. (credit) side.

      The easy clue to these is that you know if you're wrong or right! If both sides equal, you're right. If they don't, you did something wrong.

      Question from 2015:

      Enter the following balances in the partially completed General Journal of O'Driscoll Ltd.

      (Make sure to fill in the date given too!)

      In this case, 1 January 2015.

      Buildings is already filled in for you with 812,000 (euro) on the debit side ('cause you own them, they are a fixed asset of yours, see it's like the balance sheet here)

      Bank overdraft - 22,500

      Creditors - 26,600

      Ordinary share capital - 762,900

      You must ask yourself, are any of these good or bad? They are ALL BAD! So they go on the Cr. (credit) side. Then you add your totals,

      Dr. - 812,000

      Cr. - 812,000

      ^ They're both equal, so there you got the question correct. Very easy! Sometimes they don't give you the ordinary share capital, however, but remember the clue is that both sides have to equal! So you add the Dr. side and then take away the Cr. side (of what you have so far) from the Dr. side - then you have your ordinary share capital. Do a final check by adding up both sides (individually) and if both equal, you're correct!

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      could you do one of the creditor questions like the 2009 one again please it is just a bit confusing and thanks very much for your help

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      Sales / Sales Returns Book / Purchases / Purchases Returns Book (it's the same for both)

      Example of a question in 2014

      Enter the following transaction in the Sales Returns Book of Macy Ltd:

      On 9 May 2014, Dolly Ltd returned goods 5,200 to Macy Ltd. (Credit Note No. 5). The VAT rate on these goods is 23%.

      Firstly, you put in the date given in the box below "Date".

      Secondly, you look at the title of the book, in this case, Macy Ltd - Sales Returns Book. The other company (Dolly Ltd. in this question) goes in the details box.

      In the CN No. (Or In. No. etc), you put in the number of the document given in the question. In this case, it is 5 (so just put in 5).

      For the F (Folio) box, you ask yourself, is this Sales or Purchases? If Sales, you put in DL1. If it's Purchases, you put in CL1. - This just has to be learnt off by heart. The "Returns" doesn't matter. Like if it's Sales Returns, it's still DL1. If it's Purchases Returns, it's still CL1.

      Then in the Net box, you put down your given figure (5,200 in this case).

      You find the VAT (23% in this case) of the given figure on your calculator then you put that figure into the VAT box.

      In the last box, Total, you add the Net figure AND the VAT.

      Now ain't that easy?

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      Debtors Control Account (I will do Creditors after this).

      Firstly, always choose the second format (under OR (Alternative Format). Never choose the first format. This goes for both Debtors and Creditors Control Accounts.

      The first figure, Debtors balance in this case goes straight out to Balance.

      The second figure, CREDIT sales (so sales to be paid) goes out to the Dr. side (do not get confused with Cr. side because of "Credit" sales).

      You add the CREDIT sales with your balance, then put your new figure out into the balance (second box under the first one).

      The third figure, CASH received from debtors in this case goes to the Cr. side (this is because it is cash paid from debtors and therefore, you take it away from your previous balance. Remember "Credit sales" was the previous figure and therefore had to be paid but now you received cash, so you must take away from your previous balance.)

      There ya go now, you have your final figure (OR balance).

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      The one in 2009 I checked Sarah was the exact same as this ^.

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      Trading, Profit & Loss Account short questions.


      (i) = Purchases (you should know this off by heart)

      (iii) = Gross profit (well taxes haven't been deducted from the figure, so it can't be anything else other than Gross profit)

      (ii) = Cost of goods available for sale (figure above less closing stock (stock 31 / 12 / 13) - 350,000 (purchases + carriage inwards)

      Your answer to (ii) then is 40,000

      ^ I know this one can be very confusing

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      thank you :)

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      Another Trading, Profit & Loss Account short question


      Firstly, you should find out the figure for Less Dividends. To work out this, you find the percentage given (Dividends declared) in the question and multiply it by the issued share capital. The AUTHORISED SHARE CAPITAL is there just to confuse you.


      (ii) Reserves / Retained profit

      (iii) 150,000 - 40,000 = 110,000

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      Balance Sheet short questions now


      (i) From your general knowledge of a balance sheet, you should know that this is FIXED ASSETS

      Now to work out (ii) which is your current assets, you add your less current liabilities and your working capital. In the question, working capital is blank and is labelled (iii) so make sure you fill that in. Then when you add the less current liabilities and your working capital, you should get 129,000 which is your answer to your current assets.

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      thanks so much

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      Thank You so much for economics notes

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      Would you be able to go over club accounts

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      Hi SryanBruen do you have insurance notes i lost all my insurance notes.

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      Hi do you have any insurance notes?

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      notes on the marketing mix??

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      • Insurance is protection against a loss you hope will not happen.

      • Assurance is protection against a loss you know will happen.

      Reasons for Adequate Insurance

      • You must cover all possible risks.

      • You must insure enough to cover full amount of loss.


      • Exclusion clause is situations that cannot be insured.

      • Policy excess/excess clause is that the insured person may have to pay the first €100 of the compensation themselves.

      • Compensation is the money you get when you make a claim.

      Principles of Insurance

      • Insurable interest is when in order to insure something you must benefit from its existence and suffer from its loss.

      • Utmost good faith is when you must tell all relevant information when filling out an application for insurance.

      • Indemnity is when you cannot make a profit from insurance.

      • Contribution is if a risk is insurance with two insurance companies, each will pay half of the compensation.

      • Subrogation passes the legal right of the insured over to the insurer to claim from a third party who caused the loss.

      Average Clause

      • If you only insure an item for a fraction of the value, you only get the same fraction compensation.

      • Formula: Sum insured X claim = compensation


      • Proposal form: Application form for insurance

      • Policy: Contract of insurance

      • Cover note: Temporary policy

      • Certificate of insurance: Proof of insurance

      • Claim form: A form you fill out when a loss occurs and you want compensation.

      People in Insurance

      • Broker: Gives advice on insurance and sells insurance on behalf of lots of companies

      • Agent: Sells insurance for only one company

      • Actuary: Calculates insurance premiums

      • Loss adjuster: Calculates the value of the loss and works for the insurance company

      • Loss assessor: Calculates the value of the loss and represents the insured

      Steps Involved in Taking Out Insurance

      1. Decide what risks you want covered.

      2. Fill out proposal form.

      3. Pay your premium.

      4. File your policy in a safe place.

      Steps Involved in Making a Claim

      1. Contact guards and insurance company.

      2. Obtain estimates of lost/stolen items.

      3. Fill out claim form.

      4. Talk to assessor and agree on compensation.

      Premium Calculation Terms

      • Premium is the cost of insurance.

      • Risk effects are things that cause premiums to be high or low.

      • Loading is extra premium for a higher risk.

      • Discount is money taken off premium for a lower risk.

      • No claims bonus is when you get a discount if you did not claim for any accidents the previous year.

      • Renewal date is the date you must have your premium paid by.

      • Days of grace may be given to you. They are a few extra days to pay your premium.

      Types of Personal Insurance

      • PRSI (Pay Related Social Insurance) is the statutory deduction from your salary.

      • Medical insurance is used in case you get sick or need an operation immediately.

      • Personal accident insurance covers people who are injured due to an accident.

      • Salary protection provides an income in case you can’t work due to illness.

      • Pension plan provides you with lump sum and income for your retirement.

      • Holiday insurance provides you with health care if you get sick on holidays.

      Types of Business Insurance

      • Theft insurance: Theft of equipment and stock

      • Fire insurance: Damage to premises, equipment and stock

      • Consequential loss: Covers the firm for loss of profits while a business is closed as a result of fire or flood

      • Fidelity guarantee: Compensates an employer for loss of cash arising from dishonest workers

      • Cash in transit: Covers theft of cash while in transit between the business and back

      • Goods in transit: Covers theft or damage to goods while been transported

      • Motor insurance: Compulsory covers damage or injury caused by motor vehicles

      • Employers liability: Employees injured at work

      • Public liability: Customers injured while visiting the business

      • Product liability: Injury to customers using the product

      • Bad debts: Loss due to customers not paying their debts

      Reasons for Business Insurance

      • Protection of assets against fire and theft

      • Protection against legal action as a result of accidents to the public or staff

      • Legal reasons – motor insurance

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      hi could you try explain break even chart please :)

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      Sorry Charlotte what do you mean by "break even chart"?

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      By the way Ciara, I've nearly got all the notes for those chapters typed

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      Thanks for the insurance notes

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      Oh sorry forgot about this. Which club account type do you need help with?

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      Banking (inc. Saving & Investing) notes

      Reasons why to save money

      - To pay for something you can't afford right now (e.g. A car)

      - To provide an income for the future (e.g. Pension)

      - In case of unforeseen events (e.g. Illness)


      - Investing refers to where you put your savings to work to earn an income called interest. People invest to make a profit.

      Simple Interest

      The formula for Simple Interest is

      Principal (Sum saved) x Time (years) x Rate of interest ÷ 100

      Compound Interest

      - With compound interest, the interest is added to the principal so that you get interest on the interest. This means you get more interest in the long run. The CAR (Compound Annual Rate) is the rate you get when taking this into account. It is higher than the simple interest rate.


      - DIRT (Deposit Interest Retention Tax) is a tax paid on the interest that you receive on your savings.

      Methods of investing

      - Commercial banks

      - Building societies

      - Credit unions

      - Insurance companies

      - An Post

      - Prize bonds

      - Stock markets

      (This is continued in the post below)

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      Commercial banks

      - A commercial bank consists of two different types of accounts where the person can invest in.

      Deposit account (also known as a Savings account)

      - Money is deposited and can be withdrawn on demand

      - Interest is paid

      - You pay DIRT

      Current account

      - Chequebook

      - Debit (Laser) card

      - Overdraft (i.e. borrowing money) (You will pay interest on this)

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      Building societies

      Deposit account

      - Limit on how much you can withdraw on demand

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      Credit unions

      Savings account

      - When you save money, you become a member.

      - You get a share of any profit the Credit Union makes.

      - You do not pay DIRT on interest received.

      - If a member dies, insurance will double the value of the deposit.


      - Loans up to three times the value of shares held (i.e. savings).

      - If a member dies, insurance pays off the loan.

      - The interest rate may be lower than the commercial banks.

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      Insurance companies

      Endowment policy

      - Fixed regular payments are made.

      - After an agreed period, a tax free lump sum is paid out.

      - Used to save for a pension or to pay off a mortgage.

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      An Post

      Deposit account

      National Instalment Savings Scheme (NISS)

      - Save a fixed sum each month for a year.

      - The money is left on deposit for one to five years.

      - The longer you leave the money in the account, the higher the interest rate paid.

      - The interest is tax free.

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      Prize bonds

      - Sold in units of 10 euro.

      - No interest is paid.

      - Each bond is entered in a weekly prize draw.

      - Can be cashed in at any time for the original cost.

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      Stock markets (Buy shares in a company)

      - If you sell the shares, you may make a capital gains profit.

      - The company may pay a dividend.

      - Capital Gains Tax (CGT) is payable on any profit you earn.

      - Income Tax is payable on dividends.

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      How to open a current account

      - Fill in an application form

      You must show the following:

      *Photo identification

      *Proof of address

      *Specimen signature

      Operating a current account

      - Current accounts are used to make day-to-day payments.

      - Paypath gives the account holder the advantage to have their money directly lodged into their account.

      - The employer does not need to have large amounts of cash on the premises and does not need to take time to fill in cheques for each employee. Plus he / she does not have to take time off work to go to the bank.

      Making payments from a current account can be done by

      - Cheque

      - Credit transfer

      - Bank draft

      - Standing order

      - Direct debit

      Difference between Standing Order and Direct Debit

      - Standing order is an instruction to pay a FIXED sum into a bank account at regular intervals.

      - Direct debit is the permission given to a company to take money directly from the customer's account and the sum VARIES.

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      Methods of making payments (those ones above are only current account methods)

      - Cash

      - Credit card

      - Charge card

      - Debit card

      - Store card

      - Postal money order

      - Traveller's cheques

      Factors to consider when choosing a method of payment

      - The cost to you and the recipient

      - Security: Will your payment be safe from theft until the right person cashes it?

      - Convenience to you and to the payee

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      Payee - The person receiving payment. Their name follows the word 'Pay' on the cheque.

      Drawer - The person writing the cheque.

      Drawee - The bank on which the cheque is drawn.

      Negotiating a cheque - Bringing the cheque to a bank to get money for it.

      Stale cheque - A cheque presented to the bank more than six months after it was written. The bank will not accept it.

      Blank cheque - A signed cheque which has at least one piece of information left out.

      Endorsed cheque - The payee has signed the back of the cheque so someone else can negotiate it.

      Post-dated cheque - A cheque with a date in the future on it. It cannot be negotiated before that date.

      Receipt cheque - A cheque that must be signed by the payee before it can be negotiated.

      Dishonoured cheque - The drawee bank has refused to pay out on the cheque. Perhaps the drawer doesn't have enough money in their account.

      Stopped cheque - The drawer has instructed the bank to dishonour the cheque.

      Crossed cheque - Two parallel lines on the face of the cheque means the cheque must be paid into a bank account. Further instructions may be written between the lines. A cheque is crossed to make it as safe as possible (A/C Payee only must be written in between these parallel lines to make it as safe as possible).

      Open cheque - A cheque that is not crossed.

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      Do You've by any chance a list of all the abbreviations?? Thanks

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      Have a look at this thread KxngOfDeezNuts

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      Inflation/foreign trade notes please @SryanBruen !

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      Inflation notes are already posted ^ (I will see what I can do about Foreign Trade)

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      Luckily for you, I have Foreign Trade notes already typed

      Imports and Exports

      • Foreign trade is the sale of products and services from one country to another.

      • Importing is the purchase of goods and services from other countries for sale in Ireland.

      • Exporting is when Irish goods and services are sold to other countries.

      Invisible and Visible Trade

      • Visible trade is the import or export of physical goods.

      • Invisible trade is the import or export of services.

      Reasons for Importing Goods

      • Ireland does not have natural resources that are necessary for everyday living.

      • Ireland’s climate is not suitable for growing certain products.

      • Skills and traditions that are needed to produce some goods are only available in certain countries.

      • Certain goods are not produced in Ireland, so if we want to have them, we must import them,

      Reasons for Exporting Goods

      • Some courtiers are not able to produce large quantities of food products because their land or climate is unsuitable.

      • Some goods can only be manufactured in a certain country because the skills and traditions are only available here.

      • Countries do this to increase their sales and profits.

      The Balance of Trade

      • The balance of trade is the difference between the visible exports and the visible imports of a country.

      • The formula is: Visible exports – visible imports.

      The Balance of Payments

      • The balance of payments is the difference between the total exports and the total imports of a country.

      • The formula is: Visible exports + invisible exports; visible imports + invisible imports; total exports – total imports.

      Exchange Rate

      • An exchange rate is the quantity of a foreign currency that can be bought or sold for one euro.

      • Foreign currencies can be bought or sold in banks.

      Import Substitution

      • Trying to reduce imports by encouraging Irish people and firms to buy Irish goods instead of imported goods.

      The European Union

      • Ireland joined the EU in 1973.

      • There were 9 countries in it at that time.

      • Today there are 28 members.

      • The business of the EU is carried out by EU and the European Commission.

      • Croatia is the newest member.

      Benefits of EU Membership

      • Irish firms can sell their products/services in a huge market and this has increased their sales and profits.

      • Irish people are allowed to live or work in any of the other member states.

      • Ireland has received large amounts of money in the form of grants from the EU.

      • Many firms have located in Ireland because we are a member of the EU.

      Enterprise Ireland

      • Enterprise Ireland is the state agency that offers advice, information and support to firms that are or wish to get involved in foreign trade.

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      And is there any chance u could post notes on club accounts ??

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      The thing is though that there aren't really notes on Club Accounts. It's just a matter of knowing what a Treasurer is and how to do the accounts.

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      Simple explanation of Collateral please

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      ok n problesm what do you have to know for inflation as above the only term in the thread is INFLATION IS ?

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      These notes

      Rate of Inflation

      (The increase in prices in year 2) / (divide) (The level of prices in year 1) X 100

      The official measurement of inflation is called the consumer price index.

      Causes of Inflation

      An increase in the cost of producing goods is passed onto the consumer so that the manufacturer can maintain profits.

      The demand for goods is greater than the supply of goods. Consumers will compete with each other, thus pushing up the prices.

      The cost of importing goods increases.

      Increases in indirect taxes.

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      Collateral is a security in the form of an asset or property offered against a loan.

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      Reasons why a business monitors it's overheads? Marketing and delivery and analysed cash book notes pleaseeeeeeeee

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      You absolute saint

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      Marketing (I had to type these now)


      A market is all the people and places involved in the buying and selling of a product / service.

      Marketing means identifying customers' requirements and making a profit.

      Marketing mix

      The marketing mix is a combination of marketing techniques that can be used to successfully satisfy consumers' requirements profitably. This includes the 4 p's:

      - Place

      - Product

      - Price

      - Promotion

      Product development means create a new product or update or change a current product. It is in other words the process of creating a new product or altering an existing one.

      USP = Unique Selling Point

      Promotion involves a range of activities by which the firm tries to influence the target market to purchases its product. Examples of promotion include:

      - Sales promotion

      - Public relations

      - Advertising

      Sales promotion: All activities other than direct advertising, that firms use to promote their products and increase their sales. For example, free samples, sponsorship, discounts, competitions and joint selling.

      Public relations means establishing and maintaining a good company image in the mind of the public. For example, Donations and sponsorship.

      A good advertising campaign should have:

      1. Attention - Get the attention of the customer.

      2. Interest - Create an interest in the product.

      3. Desire - Should create a desire to have the product.

      4. Action - You should go out then and buy the product.


      When choosing a price, you have to consider the cost of production and then making a profit from it. You also have to know what your competitors are charging.


      When considering where to sell the product(s), you have to think of a suitable channel of distribution.


      Target market - Group of consumers identified as being the people most likely to buy the product.

      Market segmentation - Means subdividing the market into specific groups of people who have common characteristics.

      Market research is the collecting, recording and analysing of information about a product and the market for the product.

      Aims of market research

      1. To find out what products customers want.

      2. To get a name for your product.

      3. To see what type of advertising you can use.

      4. To see what would be a good price.

      5. To see what type of competition there is in the market.

      Types of market research

      - Desk research: Use info that has already been collected or published. E.g. statistics, internet and reports.

      - Field research: Gathering new info by going out into the market. E.g. questionnaires, observation, consumer panels.

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      Paper 2 predictions? Apart from book of first entry nd analysed cash book and trading and profit loss account

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      day books

      business documents

      and final a/c's

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      Delivery & Transport Systems (I have had to type these tonight also for you....)

      Delivery systems are facilities used to transport people and goods from one place to another.

      Factors to consider when choosing a delivery system:

      - Cost

      - Reliability

      - Convenience

      - Speed

      - Types of goods

      - Destination

      Road Transport


      - Fast over short distances

      - Relatively cheap

      - Not subject to timetables


      - Subject to traffic congestion

      - Bad weather

      - Slow over long distances

      - Not suitable for bulky goods

      Rail Transport


      - Fast over long distances

      - Suitable and cheap for bulky goods

      - Not subject to traffic congestion

      - Reliable and safe


      - Usually subject to timetable

      - Fixed routes only

      - Must be used in conjunction with another means of transport

      - Expensive over short distances

      Sea Transport


      - Suitable for bulky goods

      - Cheap over long distances

      - Suitable for containers


      - Slow over long distances

      - Must be used in conjunction with another means of transport

      - Subject to weather conditions

      - Usually subject to timetable

      Air Transport


      - Fast over long distances

      - Suitable for small expensive goods

      - Safe


      - Expensive for short distances

      - Subject to weather conditions

      - Not suitable for bulky goods

      - Must be used in conjunction with another means of transport

      - Fixed routes only



      - Cheap to operate

      - Very good safety record


      - Expensive to set up

      - Suitable only for gases and liquids


      - A person or company used to deliver documents and small, value packages by hand.

      Pallets and forklifts

      - A pallet is a platform, usually wooden, onto which goods are loaded to make it easy to move them.

      - A forklift is an easy manoeuvrable transport device used to load pallets on and off trucks.

      Transport developments in Ireland

      - The Dublin Port Tunnel

      - Terminal 2 at Dublin Airport

      - An Luas

      State involvement in transport

      - Iarnród Éireann

      - Bus Éireann

      - Dublin Bus

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      Business Documents

      Letter of enquiry (Buyer to seller)

      Quotation (Seller to buyer)

      Order (Buyer to seller)

      Delivery docket (Seller to buyer)

      Invoice (Seller to buyer)

      Credit note (Seller to buyer)

      Debit note (Seller to buyer)

      Statement (Seller to buyer)

      Cheque (Buyer to seller)

      Receipt (Seller to buyer)

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      thanks a bunch

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      Can I buy these answers on amazon or ebay

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      'Em excuse me SlimShady420?

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      On final accounts and club accounts

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      any important tips on getting an A in the jc thanks. been a while btw :)

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      Any notes on the forms of business chapter??

      Thank you sm !!

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      Balance Sheet please and trading account and profit and loss

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      Forms of Business notes

      Sole Trader

      • A person that owns and runs their own business.

      • Characteristics: one person provides all the money, makes all the decisions and keeps all the profit.

      • Advantages: Easy to set up, keep all the profits, make all the decisions, personal contact with customers.

      • Disadvantages: Unlimited liability (if your business fails you could lose all your own personal wealth), suffer all losses yourself, business ends when the owner dies.

      Private Limited Company (Ltd.)

      • A business that is owned by 1-99 people.

      • Characteristics: 1-99 owners called shareholders, shares cannot be bought by the general public, shareholders receive a vote for every share they own, must have ltd. after its name, shareholders receive a share of the profits called a dividend and is usually owned by solicitors and accountants.

      • Advantages: Limited liability (If the business fails, you can only lose the money that you invested in the company. Your own personal wealth cannot be touched), business continues even when an owner dies, easier to raise finance as you have up to 99 shareholders.

      • Disadvantages: Legal documents are needed to set up a company, more costly to set up, decision making and profits are shared.


      • A business owned and run by its members.

      • Each member has an equal say in the running of the business.

      • Characteristics: Each member must buy at least one share and each member has only one vote.

      • Advantages: Democratic as each member has an equal say, the members of the co-operatives have limited liability.

      • Disadvantages: For members who own a lot of shares, they only get one vote and profits are shared in the form of dividends.

      Types of Co-Operatives

      • Producer co-op > Owned and run by the customers of the co-op.

      • Retail co-ops > A group of retails join together.

      • Worker co-ops > Owned by the workers in the business.

      State Owned Business

      • A business which is set up, financed and controlled by the government.

      • Another name for this is a semi-state body.

      • Characteristics: A government minister is responsible for each state company, they appoint a board of directors and the government keeps the profits or re-invests it in the company.

      • Advantages: Ensure that essential services are provided for all people in the country and provide employment to a large number of people.

      • Disadvantages: Some are in a monopoly position which means that they have no competition and this can lead to in-efficiency and higher prices and some make losses which are covered by the tax payer.

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      Adam, Business Studies does not a require large amount of study especially if ya know a lot of basic stuff that does be going on in the economics and industries. Accounts can be quite hard to understand at first, especially the Final Accounts (and stay away from those long Ledger account questions) BUT with a lot of practice, they will become much easier. Like even if you get stressed out by doing so much accounts, just remember that you're doing all that hard work for your JC Business exam. I'd advise to go over a chapter like each night OR even week - because your exam isn't 'til June 13th (yes I know the exact date because JC Business always takes place on the Tuesday in June at this time of the month). After you look over some theory, why not test yourself? And then see how you did after. It was easier for me if somebody asked me questions or tested me whilst I did not look at the book, so I would think it's better to ask somebody to do it for you. If doing accounts, then get the exam papers out and do an exam question WITHOUT looking at your book.

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      ok thanks! can i also ask what questions i should answer for the jc

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      Particular chapters such as :

      Household Income

      Household Expenditure

      Household Budgeting (OL/HL)

      Household Accounts and Filing

      Household and Business Insurance

      Insurance Premiums and Claims

      Chain of Production

      People at Work

      The Employer


      Business Documents

      Final Accounts

      Can you send me the notes here please, I dont want a link


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      All of the chapters and dont do just some

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      All those except the household budget and accounts & filing are already posted. There aren't notes on the budget and household account because all you can do is practice questions, same with the final accounts and business documents. I think I've given all the appropriate "theory" notes in the thread.

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      It's a matter of looking at those accounts' layout or practicing past questions to learn them, NO THEORY.

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      SryanBruen, you sir are a god!!!

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      I don't know if this thread is still running but if it is it'd be amazing if you could give me a hand. Wondering what goes where In the final accounts question...

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      Trading, Profit & Loss Appropriation Account

      Firstly, these are normally three separate accounts on their own, so it might be handy for you to learn them off as their separate account layouts before putting them together and forming a full account layout.

      Secondly, let's start off with the Trading account.

      The first figure you always put in is the Sales figure. If there is no Sales Returns in the question then put Sales in the third small column. If there is Sales Returns then put Sales and Sales Returns in the second small column. After you have taken away the Sales Returns from the Sales figure then put your answer out into the third small column directly beside the Sales Returns figure.

      Next on your Trading account is the Less Cost of Sales. Under Sales, place down the title "Less Cost of Sales" in a different coloured pen preferably any pen because you should not be doing your accounts in pen anyway as you might make mistakes. There are five different possibilities of Less Cost of Sales which would be Purchases, Purchases Returns, Opening Stock, Import Duty(ies) or Carriage Inwards. Remember that Opening Stock will not be named Opening Stock in the question if you're doing HL, it will be something like Stock (01/01/2015). Place all the figures in the second small column unless there is Purchases Returns. If there is Purchases Returns place all the figures except Purchases and Purchases Returns in the second small column. Meanwhile, place the Purchases and Purchases Returns in the first small column and take away the Purchases Returns from the Purchases. After you have done so, place your answer into the second small column directly beside the Purchases Returns figure. Add up all the figures and place your answer in the second small column so directly below them all. Title that figure in the big column as "Cost of goods available for sale". Now, you will take away the Closing Stock from the cost of goods available for sale. Remember that Closing Stock will be in the additional information given in the question and not in the Trial Balance. The answer after you have done this goes into the third small column beside the Closing Stock figure. Take away this figure from the Sales and under the figure, put your answer which you title as Gross Profit. Remember to draw a line whenever you're doing a sum like the Sales minus Less Cost of Sales.

      If there is any Add Gains like Rent Receivable then place them under Gross Profit. If there is only one Add Gain then place it into the third small column and add it to Gross Profit. Place your answer into the third small column also. If there is any additional like Rent Receivable prepaid then place them in the second small column. Take away the prepaid from the Rent Receivable and place your answer in the third small column.

      That is the Trading account.

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      Now this is the Profit & Loss account.

      On a new line in the big column, write the title Less Expenses and underline it.

      The expenses are pretty straightforward as your common sense would know what goes here. Expenses are things like Light and Heat or Wages. If there is anything like prepaid, take the prepaid figure away from the original total. If there is anything like due, add the due figure to the original total. Carriage Outwards also goes here. If there is additional information like prepaid or due, remember to add the original and the prepaid or due figures into the first small column and your answer after you have calculated the actual expense total goes into the second small column. Use the % percentage button on your Calculator to calculate the Depreciation for the given things in the question. Add all the expenses and place the answer beside the last expense but in the third small column. Now write the title Net Profit. This is calculated by taking away the expenses from the Gross Profit of the Trading account (with Add Gains included if there are any).

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      That's brilliant. Thank you so much. I know I'm asking a lot but could you do a bit on the balance sheet part of final accounts? Thanks

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      hi I was just wondering if you could help me with the different ratios?Thanks

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      Thanks for the notes. Do you have any notes on marketing and channels of distribution ect.

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      Sorry I haven't gotten around to it Michael, I've been busy.

      Ronan what's your email?

      Cmurphy98 already posted.

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      If anybody wants the Ratios notes, please give me your email.

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      Sryan bribe , do you have a PDF file or something that you could send me by email with all relevant notes on business higher level , it would really help if you can,thanks .my email is ,

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      Here is the notes for anybody else who wants them. I sent them to you Jonathan in your email.

      attachment Business Studies Notes.pdf

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      Unfortunately, I don't have Chain of Production and Communications notes but they're very easy chapters, I don't think you'd need them anyway.

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      hiya! do you have any tips on calculating inflation and that sort of stuff. I'm hopelesssssss

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      Can you send all of your jc business notes possible to

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      Finding business very hard! Teacher is new and unexperienced

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      Actually I found notes on Chain of Production and Communications! Along with other chapters I forgot to put in the notes, so expect an edit of the document I just shared soon. I will answer any questions when I'm finished.

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      Here is the edited version

      attachment Business Studies Notes.pdf

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      Could I have buisness document notes please?

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      Could I have buisness documents notes please

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      Could I have buisness documents notes please

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      Sridevi.g first of all Business theory related notes are in the document above your comments. Secondly, Business Documents does not really have notes, it's more of a practical chapter than theory.

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      Great thanks!👍

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      Any chance you could post the notes as a word document so I could print a certain topic please

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      Can you please send notes on household purchases like hire purchase and all that

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      You do realise you could easily do that yourself cmurphy98 by using an online PDF to word converter.

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      I did that but there are few things wrong, but its fine thanks

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      MKhan, Business Finance is already included in the theory notes PDF file posted here.

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      Could I please have notes for:

      Double entry bookkeeping

      ( including - analysed cash book, sales and purchases day books and the ledgers )

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      How can I give you notes on that jmaddenathy as it's not theory based? Any accounting based questions are learned from practice, not notes.

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      Any pointers would be appreciated or a step by step example

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      any pointers or a step by step example would be appreciated

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