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    The document provides guidance for an assignment on a partnership business. It outlines topics to cover such as introducing the business name and location, describing the product or service, target customers, competition, and future plans. It also includes introducing the business partners, how they came up with the idea, capital contributions, skills they bring, and the partnership agreement. Students are instructed to write a narrative on when the business commenced and prepare an initial trial balance. They are also asked to describe 10 imaginary business transactions and prepare a balance sheet and profit and loss statement.

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    Assignment Task Details

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    aashuvo09
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    The document provides guidance for an assignment on a partnership business. It outlines topics to cover such as introducing the business name and location, describing the product or service, target customers, competition, and future plans. It also includes introducing the business partners, how they came up with the idea, capital contributions, skills they bring, and the partnership agreement. Students are instructed to write a narrative on when the business commenced and prepare an initial trial balance. They are also asked to describe 10 imaginary business transactions and prepare a balance sheet and profit and loss statement.

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    The document provides guidance for an assignment on a partnership business. It outlines topics to cover such as introducing the business name and location, describing the product or service, target customers, competition, and future plans. It also includes introducing the business partners, how they came up with the idea, capital contributions, skills they bring, and the partnership agreement. Students are instructed to write a narrative on when the business commenced and prepare an initial trial balance. They are also asked to describe 10 imaginary business transactions and prepare a balance sheet and profit and loss statement.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
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    3 views4 pages

    Assignment Task Details

    Uploaded by

    aashuvo09
    The document provides guidance for an assignment on a partnership business. It outlines topics to cover such as introducing the business name and location, describing the product or service, target customers, competition, and future plans. It also includes introducing the business partners, how they came up with the idea, capital contributions, skills they bring, and the partnership agreement. Students are instructed to write a narrative on when the business commenced and prepare an initial trial balance. They are also asked to describe 10 imaginary business transactions and prepare a balance sheet and profit and loss statement.

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    © All Rights Reserved
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    Assignment on partnership business

    Table of Contents
    PART A – Introducing the business and the partners
    You are required to write a great story to introduce about your business and your business
    partner.
    ABOUT BUSINESS
    • What is the name of the business & where is it located?
    • Describe the business in details. E.g.: What is the business engaged in? Are you selling a
    product or providing a service? What product/s or what services?
    • Who are its expected customers or clients? (Target market).
    • What strategies would you do to attract customers to your business?
    • What strengths do you have over your competition? Why would potential clients or
    customers choose your business instead of one of your competitors?
    • What are major plans for business development in future?
    ABOUT PARTNERS
    • Introduce the partner: Who are they? What were they doing before forming the
    partnership?
    • Why/How did you come up with this business idea?
    • What are partners’ capital contributions (Cash/Car/Equipment/etc...)? (using a table)
    • Recording Each partner’s capital contribution (a table for journal entries)
    • What else can they contribute into the business apart from their capital? How will they use
    their knowledge/background/experience etc. to help the business?
    • Partnership agreement. How are profits and losses to be shared etc.? (Partnership
    agreement template may be downloaded from the Internet. Just change names etc. and
    delete unwanted sections. Using Referencing & Keep it short with 1 page only.)
    Commencement of Business
    • Write a narrative: What date did business commence? (It will be at least a month after the
    partnership agreement is signed).
    • Prepare a trial balance showing all accounts & their beginning balance on the day of
    business commencement.
    PART B –BUSINESS DURING THE OPERATION PERIOD
    You will need to write some imaginary business transaction up to 10 transactions.

    PART C –RECORD TRANSACTIONS FROM PART B


    After the completion of recording, you are required to prepare
    • Standard Balance Sheet
    • Profit and Loss Statement

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