Assessment 1: Starting a new venture, decision-makers in a listed company, journal entries and income statement

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Table of Contents
INTRODUCTION ..........................................................................................................................3
ASSESSMENT 1 ............................................................................................................................3
PART A...........................................................................................................................................3
1. Give a consultation to David Green about the steps of starting a new venture of decorator.. 3
2. Consider an organisation which is listed on the London Stock Exchange and identify the
decision-makers...........................................................................................................................4
PART B............................................................................................................................................5
1. Record the Journal entries in the books of F Polk..................................................................5
2. Post Ledger accounts and Trial Balance in the books of Maurice & Brothers......................6
PART C............................................................................................................................................7
a) Make a income statement of B Moore....................................................................................7
b) Explain the increase or decrease of profit in the years from 2013 to 2020 will results in
loss or profit in 2022, due to coronavirus pandemic...................................................................8
CONCLUSION ...............................................................................................................................8
REFERENCES................................................................................................................................9

INTRODUCTION
Business transaction happens when the exchange of good or service and money is
performed in any organisation between two or more parties. It can be credit or cash purchase or
sales. But all the entries need to be recorded in the books of accounts in journal and then posted
to ledger. Considering the transaction made in the above accounts are entered into the financial
statement (Chan, 2017). The report describes the step of staring a new firm of a decorator as the
owner wants a consultation. Further, a listed company on London stock exchange is taken and in
the context of that organisation, the decision-makers of accounting are explained. Then, the
journal, ledger, income statement transaction was done relevant to the questions given.
ASSESSMENT 1
PART A
1. Give a consultation to David Green about the steps of starting a new venture of decorator.
David Green is a sole proprietor and wanting to commence a business of decorator for
which he wants a consultation of steps of staring a firm. About the responsibility, it is aware of
getting the bad debts which may arise to the organisation and have to be beared by him. But, he
is not aware of the responsibilities he will have as an owner. So, the steps of starting the business
is as follows:
1. Create a model: First and the foremost step in any start up is to make a model. It will
help to find out the activities which are to be performed and will also help in organising
those activities.
2. Make a strategy for the business: A business proposal is made for earning the profits
which can be realised just when the mission and vision is clear. For this, one should set
the upper hand and made the choices subject to current facts and plan a economic
development for the organization (Allen, Benefield and Rutherford, 2021).
3. Working of a business portfolio: It is a pamphlet, which has all the objectives,
initiatives and the capabilities of the firm mentioned. It will also specify the vision and
the modality which the company will take for completing the projects efficiently and
effectively in the future.

4. Preparing the list of the material required: The administration should decide the
substances which can be needed for the fulfilment of the business operations and make a
rundown of those things. For instance, in the business of decoration the needed material
can be – lights, curtains, flowers, balloons, drapes etc.
5. Create a technical roadmap: The business should determine first its short and long –
term goals. It will assists in understanding the problems, threats and opportunities and
prepared before these situation arises. It will aid in getting the projects done on time and
will create a good reputation in the market (Santosa and Palupi, 2017).
6. Social Media Presence: In the current days, individuals like to look for strategic
agreements online Consequently, it is very crucial for David to make accounts on
different web-based media stages such as Instagram, Facebook, you tube, LinkedIn etc.
The proprietor can likewise post a few pictures or recordings related with the proposals to
assist clients with more deeply perusing the organization's work.
7. Create a network: Every firm should be involved in the social work, it helps in creating
a community network. It will hike up the reputation of the company which will build the
network rapidly and people will get to know about the firm more. It will result in increase
in the number of customers.
2. Consider an organisation which is listed on the London Stock Exchange and identify the
decision-makers.
Accounting is a course of recording, assessing and closing of the books of accounts,
which gives the accounting information and helps in taking independent decisions. The point of
bookkeeping is to give the monetary data about the organization. It assists with knowing the
monetary well-being and execution that can be utilized in decision – making (Küster, Aoki and
Lambert‐Torres, 2020). The Sainsburry is recorded on the London Stock Exchange and have
numerous executives that are answerable for the organization's situation on the lookout. Exact
information is essential to guarantee that the association's business is helpful. Each choice made
inside the organization depends, straightforwardly or indirectly, on the users of Sainsburry.
Users of Accounting: