Recording Business: Steps for Starting a New Business as Decorator, Decision Makers in Accounting, and Predicating Profitability

RECORDING BUSINESS

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................1
MAIN BODY..................................................................................................................................1
PART A.......................................................................................................................................1
1) Providing steps for starting a new business as Decorator.......................................................1
2) Identifying who are the decision makers referred to in the pro definition..............................2
PART B.......................................................................................................................................4
1) Journal entries for the transactions of September 2021 are below..........................................4
2) Journal entries for the transactions of August 2021 in the books of ABC enterprises are as
follows:........................................................................................................................................5
a) Ledgers of Maurice & brothers...............................................................................................5
PART C.......................................................................................................................................8
a) Income Statement for B Moore for the year ending 30th September 2021..............................8
b) Predicating B More's profitability for the year 2022...............................................................8
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................11

INTRODUCTION
Recording business transaction is concerned with a particular procedure in which all the
conducting practices are taken into consideration so that sound decision can be made. In the
present working environment there is requirement to make sound decision in turn higher
profitability & sustainability can be derived. The current report is based on providing the basic
knowledge regarding operating, functioning & managing so that appropriate level of profitability
to sustain in sector can be derived. Recent study will give emphasis on having information
regarding the steps for starting a new business as decorator. It will concentrate on identifying
who are decision maker of using information provided by accounting. This will include journal
entries, general ledger and trial balance. This will concentrate on formulating income statement
and predicting profit or loss for the upcoming year.
MAIN BODY
PART A
1) Providing steps for starting a new business as Decorator
There are several factors which are required to be assessed by individual in order to have
successful operating of business. Each industry has different kinds of processing which are
needed to be taken into consideration so that higher stability & profitability can be derived. To
meet the objectives of successfully operating in industry business is need to emphasize on
getting competitive advantages through avoiding irrelevant aspects. In the event industry there h
is need to focus on the following steps for operating business (How to start a business: a 9-step
guide, 2020)
The one of the significant factors which are required to be followed for starting the
business as decorator is research that chosen option is legal or not. It is as well concerned with
having new business name so that different entity can be maintained. It can help in gaining
appropriate level of ability to maintain proper functioning so that recording, analyzing,
controlling financial transaction can become easily.
In addition to this, choosing legal structure in which the decorator has decided as
operating as sole proprietor. It aids in getting information regarding rules, regulation, law, etc. so
that having appropriate ability to implement the strategies & approaches for accomplishing roles
& responsibilities (Neeraj and et.al., 201). This is largely helpful in getting competitive
environment which can lead specified firm to be meet requirements business.
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Making business plan for strategic goals, sources of finance, conducting for market
research, potential obstacles, formulation of budget, etc in turn having proper evaluation. This
can be helpful in having proper level of business plan so that carrying forward operational
activities can become possible.
Structuring funding & finance can be wrathful in checking several options available for
getting funds in turn better security of funds can be derived. There are several types of options
available that can contribute in achieving ability to fulfill the requirement of all objectives in
turn having competitive edge can become possible.
For starting business as decorator as conducting advertising strategy which can be highly
effective and efficient in meeting overall objectives can become possible. Advertising a new
business becomes important as awareness regarding the types of services that can be offered by
David Green. It will help in gaining higher number of customers by overcoming competition
prevailing due to competitors. He can create website, establishing network of industry, email,
etc.
Buying business insurance so that protecting overall activities can become possible. It is
helpful in declining possibilities of inclining irrelevant expenditure, declining chances of arising
risk, m damage, accidents, legal fees, etc.
Registering with HMRC and submitting annual self-assessment tax return for working
out regarding the particular management of legal liability (Cai, 2021). It can contribute in
overcoming prevailing irrelevant possibilities of arising legal complications.
Creating system for recording business transaction is another step. In addition to this,
having appropriate level of information for making sound decision in turn achieving higher level
of stability can become possible.
The last step is to maintain business with support guides through having proper guidance
regarding turnover calculating turnover, self-assessment, etc. these are the steps which are
required to be taken into practice for starting business a decorator.
2) Identifying who are the decision makers referred to in the pro definition
ASDA is one of the successful company operating in UK which is listed on London
Stock Exchange. In order to operate successfully in the prevailing business environment there is
requirement to pay attention on having relevant level of recording, analyzing a summarizing
transaction so that proper information for making decision. There are some accounting
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