Question No 1 Abbas and Rahim want to start a Furniture shop at Saham. How can you help them by explaining different forms of business and its benefits and limitations?
Question No 1
Abbas and Rahim want to start a Furniture shop at Saham. How can you help them by explaining
different forms of business and its benefits and limitations?
Question No 2
Assume that you are going to start a Business after graduation. Describe 10 transactions that the
business might undertake by using your own idea with the following assumptions:
• Started business with cash
• Goods purchase for cash
• Goods purchased on credit
• Any asset purchased and paid cash
• Any asset purchase on credit
• Sold goods for cash
• Sold goods on credit
• Paid any bill
• Paid salary to staff
• Cash withdraw from business for personal use
Based on your own 10 transactions, prepare:
1.
2. Journal
3. Ledger
4. Trail Balance
5. Financial statement
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