SECTION A 1) INTRODUCTION After graduating from MMU, you intend to set up your own business. You are required to establish a replica of a small & medium enterprise (SME) business which focus on MERCHANDISING business only. You are required to describe the details of business information as follows:- o The name of business and location. o Detail information of business product. Organization chart and other relevant information about the business 2) FINANCIAL INFORMATIONS a) Assuming your business operation already established for few months back. (Begin your transactions with the beginning balance of the previous account) iii. iv. i. Opening balance Create the beginning balance of the previous month account (ie: Balance of asset, liabilities & equity) ii. Transactions Create your own business transactions for one month. The transactions must comprise of: . . . Contribution of capital by the owner of the business (cash and other non-current assets) 3 credit purchase 2 cash purchase 4 credit sales 2 cash sales 2 purchases of non-current assets 2 payments to supplier plus discount 2 payments by receivables plus discount 4 transactions on payment of expenses 2 transactions on revenue received 2 transactions on non-current liabilities Drawings of goods and cash by the owner 2 transactions of sales return 2 transactions of purchase return Journal Record the transactions in the general journal. Ledger Posting of transactions to the relevant ledger. V. Trial Balance vi. Prepare trial balance at the end of the month. Prepare Financial Statement Prepare the financial statements at the end of the month. (Statements of Comprehensive Income and Statement of Financial Position) 3) CONCLUSION Students are required to write a summary of financial performance of the company for the month.