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The following are examples of records that can be maintained:
Process of keeping of records
An entrepreneur should entrust record keeping to a knowledgeable person. We will read the case below to understand the importance of record keeping.
John Enterprises
John operated a small scale business which dealt in selling fruits of all varieties, such as pineapples, oranges, passion fruit, bananas, watermelons, grapes and many others. He received his supplies directly from the farmers. To ensure good operation of the business he tried very hard to keep good records. He maintained a supplies book where he recorded all the supplies from each supplier. In the supplier book he recorded the quantities supplied and the amount of money the supplies were worth. He also maintained a cash book where he recorded the cash sales. He also recorded any credit given to his customers on small pieces of paper. He also recorded all the business expenses in a hard cover book.
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