You met a person who is an entrepreneur and operating some business in Dhaka city including

grocery, supply construction workers, a repair service workshop for fridges, washing machines,

and an air cooler since $2010.$ He has been doing good and changed his life with a nice car, big

flats, and settling his dependents in Canada. After hearing his story, you understand that he does

all the accounting works by himself and he is reluctant to hire an accountant to organize his

business. To have some insights into his accounting system, you asked him how much profit did

you make so far? He replied that I started the business with TK$\mathrm{.}100,000.$ Now I have $2250$

square feet flat at Aftab Nagar whose market value is Tk$\mathrm{.}110,000,000,$ a car costing Tk$.$

$22,50,000,$ I settled my dependence in Canada costing $40,00,000,$ and also I have $50,00,000$ cash

in the bank. Sum all these up and deduct $1,00,000$ of my initial investment and the difference is

my profit.

His success makes him blind and he believes that keeping an accountant is just wasting money!

Now, you asked him which business is more profitable and which one is the worst performer?

How do you pay tax to the government? And, how do you pay your employees$$ pension? He

kept silent and could not answer the questions. As an accounting student, how do you convince

him of the need for accounting for his business? If he requests you to design an accounting

system for his business, how do you do that?

Instruction:

$1.$ You should answer the questions from the view of accounting and must do some research on the uses of accounting.

$2.$ You should develop a chart of accounts assuming the necessary accounts that may be maintained by the business.

$3.$ You should develop a framework for the analysis of accounting information on

performance based on different financial statements.