It is summer of 2021, you have not been able to find work, however a vaccine for COVID 19 is now in widespread use, yourself included. As a clever forward-looking business student, you have decided to get experience by starting and operating your own business, a lemonade stand you have named bora bora. In your planning you have identified that there is potential to build a sustaining company, and as such you set up an accounting system and formal business structure. You have no business partners.

You decide the first tasks are as follows.

Set up all the required Financial Statements, with proper formatting, so they can be used later

Clearly show the equation structure for each,

Give examples of items (Accounts) that will likely be included on each statement.

Discuss the different types of business structures Bora bora could adopt. Pick an option for the business and support your reasoning for why it is most appropriate.

Identify if you will have to follow IFRS or ASPE, explain why.