SUBJECT BUSINESS ACCOUNTING you are kindly requested to apply basic accounting l

Question

SUBJECT BUSINESS ACCOUNTING
you are kindly requested to apply basic accounting logic to start and develop your own business idea. For this reason, you will have to cover the following:
1.Unique business description
2.What are your main objectives?
3.What is the proposed name of the business/idea?
4.What is the form of your business organization?
5.Why did you choose the business form in part 4?
6.How much cash you the business need? And why?
7.If you do not have the sufficient cash, where will you raise the needed funds to start your business?
8.Name 10 factors you would be considering for the start of your business (challenges, needs, regulatory constraints, market study, etc.)
9.Step-by-Step, mention the major activities (actual transactions) you have undertaken during one month/one year of starting the business
10.List down what information you will be requiring at the end of the month? And what is the purpose for getting that information
11.Present a basic income statement and balance sheet at the end of the month (or year).

Explanation / Answer

1. Busines description-- to manufacture and sell double & triple foldable umbrellas

1. Busines description-- to manufacture and sell double & triple foldable umbrellas

2. Main objective is to produce & sell quality umbrellas 3. Proposed name of the unit will be World Under One Roof 4.Sole Proprietorship 5. To begin with , we can be the master as well as the worker ,so that finances will be one man's control ,till the business expands 6. A maximum of $ 1550 - $ 2000 to buy raw materials --like steel ribs & tubes, plastic handles,water-proof cloth to pay for preliminary items like rent for hired-location of factory area, to buy other assets like furniture ,cutting tables,small hand- tools 7. Loans can be raised from friends, banks that give loans for start-up purposes. 8....Factors to consider before starting the business Existence of demand in the area of opaertion--likelihood of people buying umbrellas Existence or otherwise of competitors ,already operating in the area Local rules & regulations fro setting up a factory-type of work-place in an area Availability of labor & its costs ,if necseeary,in future Retailers/whole-salers who will buy the finished umbrellas Availability of all good -quality raw materials & their costs (including transportation) that are needed 9…Major activities in the last one year: Exploring 2 or 3 probable areas where the umbrellas can be sold--that is studying the demand Studied the pattern of demand in those areas Area to set-up manufacturing location--taking into account the areas from where raw materials can be bought--so as to minimise on time & cost of production Testing the quality of cloth & steel rods & other ancillary items that make up an umbrella--so that it gets good remarks from the market Pricing pattern ,to decide on the selling price Finally,fixing a location, acquiring the sewing machine & other hand-tools, selecting a location & getting ready to start on a particular day & time 10.List of information at the end of the month All expenses All incomes so as to assess the profitability or otherwise of operations

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