Assume that you have decided to launch your own business. Answer questions 1-8 below in the order presented. You need to undertake market research and specify the references that were required.
Question 1 –
Select a business that you would like to run (it should be a service business). Select a name and a
location for your business and explain the service you want to sell.
Explain what form of organisation your business will take (i.e. sole proprietorship, partnership or company). Provide at least two reasons for your selection and explain why you did not choose the other forms of business (150 words).
Question 3 –
Explain how your business will contribute towards sustainability aspects (150 words).
Assume you will start your business on the 1st of April 2021. Undertake market research and prepare a list of possible business transactions relevant to your business that will happen during April (undertake market research to include the transactions related to your business and reference properly). You should provide at least 20 transactions related to the activity of your business.
Question 5 -PLEASE FOCUS ON THIS QUESTION
Use the information from question 4 and record the transactions in the general journal and post them
to the ledger accounts; include narrations and dates. Then prepare the trial balance.
Question 6 –
Assuming it is the end of April, undertake at least 5 adjusting entries. The amounts and items recorded should be from the information you provided in questions 4 and 5. Record the adjusting entries in the general journal and post them to the ledger accounts and include narrations and dates. Then prepare the adjusted trial balance.
Question 7- PLEASE FOCUS ON THIS QUESTION
Prepare a Classified statement of financial position as at 30 April, Statement of changes in equity, Income statement (Profit or Loss) and Statement of cash flows for the month ending April. (The main components of the financial statements should be based on your business structure).
Evaluate and comment on your businesses financial performance by calculating and analysing 2 profitability, liquidity and solvency ratios based on the information from your financial statements prepared in question 7. Consider whether certain aspects (profitability, liquidity or solvency) can be improved and if so, how? (300 words)
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