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Showing posts from May, 2020

Mentor Monday - Episode 4 : Nwayo Nwayo

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Nwayo Nwayo is a popular phrase used by the Ibo people from Nigeria in West Africa which means "Gently" or " Sofree Sofree " for those who understand the slang. The spirit behind this is to take like gently so as to ensure we do not rob ourselves of happiness in a bid to chasing achievements. One quote which has stood out for me over the years was from my Dad's repertoire of thought provoking wisdom. As I begin to fuss over certain things which I cannot achieve at the moment and start getting worked up, he would say: There are some things we cannot afford when they are cheap. However, when they become very expensive, that is the time we would now be able to afford them and in multiples.

AYTP 2014 Test

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A company into the production of record type in korea. Their current sales is at about 69% with a poor relation with the community. The company's employees are non-local because of the community lack of skilled workers. This has increased the cost of living in that community because of the high salary being paid to the foreign workers thereby increasing the product's price. The chairman has been given three schemes which are as follows: 1) the company's plan to build an health centre that will cost £300000 so as to serve the community.                2) the company is to pay for an orchestra who are to do some concert in france that will cost £200000.                   3) the company is to pay for an advertisement that will last for 2yrs on a TV where the champion club plays. This will cost £250000.               The tax implication for the three schemes are: 1) no tax save;  2) the tax to pay £50000,  3) the tax save is £100000.    Also the three schemes wi

Asset Replacement

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After my university hustle days which I have attempted to chronicle here , I started an accounting practice in 2013 and needless to say, very few of the computers, furniture etc I acquired at the start are still in good working condition. The harsh reality is that nothing lasts forever. Not even your favorite macbook pro which you used to launch your digital marketing agency. 😃 The challenge with most business assets is that they lose value (depreciate) over time. When this happens, they eventually get to a state where they are no longer in usable state. Thus, there is a need to repair, overhaul or replace. If one does not manage this very well, the capital outlay required to replace this assets might be as significant as what was required at startup if not more. I have seen many businesses who have made good returns only to die or start operating poorly because their assets stopped functioning optimally and they couldn't replace them. A couple of ideas: 1. Have