Recording Business Transactions: Steps to Start a Business as a Decorator

Recording...

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................1
MAIN BODY..................................................................................................................................1
PART A...........................................................................................................................................1
1...................................................................................................................................................1
2...................................................................................................................................................2
PART B...........................................................................................................................................3
1...................................................................................................................................................3
2...................................................................................................................................................5
PART C...........................................................................................................................................8
a)..................................................................................................................................................8
b)..................................................................................................................................................8
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................10

INTRODUCTION
Recording business transaction is process of keeping information regarding all the financial
activities conducted or particular period of time. in the current era, there is requirement of
making strategic decision on the basis of analysing performance of company. The current study
will give emphasis on having information regarding steps of starting the business as decorator.
This will include insights related with decision making stakeholders on the basis of accounting
information. It will give focus on providing journal entries, ledger, trial balance and income
statement. The present report will include forecasting of 2022 profitability on the basis of
previous performance.
MAIN BODY
PART A
1
There are various kinds of activities which are required to be followed by an entrepreneur in
order to successfully operate in UK sector. In UK, there are several steps which are needed to be
accomplished in respect to function smoothly. David Green has objective of operating as
decorator in the sector so that higher efficiency to build strong position can be obtained. The
steps which are needed to be emphasize by mentioned person are as follows:
 Initial step that David Green is needed to be followed includes giving emphasis on
having an idea regarding the name of business. This can lead him to obtain ability to
create differentiation identity in the industry.
 Deciding the legal structure of organization by evaluating the options such as sole
proprietor, partnership and company so that clarity of following steps can become
possible (Barrow, 2021). In the current case, David green will has decided to operate as
the sole proprietor in turn accomplishing goal of functioning as decorator an effectively
without facing any interference can become possible.
 Formulating the business plan through evaluating the crucial aspects such as objectives,
approaches, strategies, etc. so that ability to deal with prevailing level of competition in
market can become possible.
 Planning for financial resource through ascertaining the crucial aspects that need much
focus in turn higher productiveness to coordinate with changing circumstances can
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become possible. It permits to get the information for diverse sources of finance to
reduce cost of capital.
 Developing advertising technique to spared the alter about forms of services offered by
firm in order to highlight competitiveness in market. Buying insurance policy to make
sure higher security with offering services in turn higher trustworthiness and credibility
in the market can be maintained.
 Working with tax related activities by compliance with requirement of registering with
HMRC and self-assessment annual submission so that proper capability to overcome
legal complications can become possible. On the basis of this, it can be mentioned that
carrying forward to next step becomes easy for David green with overcoming such legal
requirements.
 Formulating recoding transaction system in the book keeping manner by applying double
entry approach can help in gaining crucial information that is effective in making
decision making process. On the basis of this, it can be mentioned that these are the
crucial steps that are needed to be followed for operating as decorator.
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Tesco is listed on London Stock exchange which pay attention on operating in retail sector.
From the valuation it can be specified that there are number of stakeholders who are connected
with functioning of company and interested in evaluating performance so that strategic decision
can be made (Mukhtar and Bahormoz, 2021). Accounting is associated with recording,
analysing and summarizing performance of organization so that strategic decision requiring
information can be providing. There are various types of stakeholders who pay attention on
utilizing accounting information and considered to specialist that involves financial analyst,
manager & assistant of financial department, accountant, etc. This information can be useful for
having significant information that can allow to make strategic decision. The parties that are
interested in analysing information of TESCO involves internal and external stakeholders.
The internal stakeholders involve staff, management and owner pay attention on having
on having information that can incline effectiveness of particular decision making. Staff and
owner refer the data to evaluate how effective particular company is performing in turn better
decision for growth & development (Putra, 2019). Management use it to evaluate lacking areas
so that strategic approach of improvement can be obtained. On the other side, there are few
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