P

 

paid-up-capital

the total capital of a company. It comprises both shares issued for cash or for acquisition of assets and bonus shares.

partnership

a legal business relationship of two or more people who share responsibilities, resources, profits, and liabilities.

patent

the granting by a government of monopoly rights to the owner of an invention to manufacture and sell it for a certain number of years, conditional on the owner being willing to immediately reveal the ideas incorporated in the invention, so that they can be published for the advancement of knowledge of the general public.

Pay As You Go (PAYG) instalments

are the amounts you pay directly to the Commissioner of Taxation to meet your income tax and other liabilities and are usually paid each quarter.

payable

ready to be paid.

payee

person to whom money is paid

personal assets

the money you have in the bank, whatever is owed to you, any securities (shares) that you own, the property you own, whatever part of your home that you own, your furniture and appliances and all the miscellaneous things that you personally own.

personnel

persons collectively in the employ of a business.

petty cash

a small amount of money kept for minor purchases for the business, which do not warrant writing a cheque.

posting

making entries in an account system or book from original documents such as invoices and receipts.

power of attorney

power to act on behalf of another person for specified purposes.

premium

consideration paid for an insurance policy.

principal

in the case of a loan, refers to the actual amount borrowed and on which interest is paid.

pro rata

in proportion.

profit

total revenue less total expenses for a period of time calculated in accordance with generally accepted accounting principles.

profit and loss statement

statement of revenue and expenses showing the profit or loss for a certain period of time.

profit margin

the amount that the price of a product or service is raised above its cost in order to provide a gross profit.

projection

a forecast of future trends in the operation of a business.

proprietary company

a business which is owned by not less than two persons and not more than 50 persons and which restricts the right of the shareholders to transfer shares. Such a business is a separate legal entity and must use the words Proprietary Limited (Pty Ltd) after it name.

proprietorship

the value of the proprietor’s assets in a business less any external liabilities.

2018-04-26T09:56:28+00:00

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