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GCSE Business Studies Coursework - Balance sheet, Profit/Loss Account.

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Introduction

GCSE Business Studies Coursework Task one: Balance: Balance Sheet Cash: Both Bank: Both Capital: Profit/Loss Account Motor Vehicle: Both Equipment: Profit/Loss Account Debtors: Both Creditors: Both Drawings: Both Stationary: Profit/Loss Account Telephone: Both Electricity: Both Delivery: Both Rent: Balance Sheet Closing Stock: Both Sales: Balance Sheet Opening Stock: Both Cost of Goods Sold: Profit/Loss Account Gross Profit: Profit/Loss Account Task two: Profit/Loss Account for quarter ending 31/08/03 � � Turnover 4600 Less Cost Of Sales 2350 Gross Profit 2250 Less Expenses Stationary 125 Telephone 130 Electricity 135 Delivery 500 Rent 600 1490 Net Profit 760 Task 3 Balance Sheet for the quarter ending 31/08/03 � � Fixed Assets Motor Vehicle 6,500 Equipment 5,600 12,100 Current Assets Stocks 1,500 Debtors 1,050 Bank 333 Cash 110 2,993 Less Current Liabilities Creditors 883 Working Capital 2,978 Net Assets 15,078 Financed By Opening Capital 13,800 Plus Net Profit 760 14,560 Less Drawings 350 14,210 Task four: Gross Profit is sales turnover minus cost of sales. Net Profit is gross profit minus costs. Fixed Assets are assets to a business that is central to its operation and not traded. ...read more.

Middle

Findings:- I have done research into loans as I have outlined under Procedure and found out the following of what Natwest has to offer: Different periods of repayment; they say that they will be able to help Raph�l choose a repayment period most suitable for his business: this might be 6 months, or 5 years. The Interest rates; the rates can be fixed at the outset, for the term of the loan, or can be variable, in which case they will move in line with fluctuations in Base Rate. The option of having a Payment holiday of up to three years, they may be able to offer a repayment holiday for up to 3 years, when Raph�l's will only need to pay interest on the loan. They offer Optional loan insurance, they say that Business Loan Protector offers peace of mind in the event of accident, sickness or death. The Single Premium Option, available only to sole traders with loans of up to �15,000, offers immediate cover and requires no medical. The Monthly Premium Option offers the same benefits, but covers up to 4 lives and is payable by monthly direct debit. ...read more.

Conclusion

If you need a second vehicle you could take an overdraft from the bank. Overdrafts can be more expensive particularly for small businesses. You have unlimited liability which means if you do not pay back you're bills your personal possessions are at risk You could also think of having a partner so that you won't have to pay all the bills by yourself you could have financial support. Or you could have a sleeping partner who just invests in the business, a disadvantage to this though is that you would have to give the partner a share of you're profit if you make a profit. Raphael could let other business' borrow his van for money which could contribute to buying a second van, this would save him taking out a loan from the bank. Reccomendations:- Here are two recommendations: 1. I think that a new partner would be a good idea because it would improve the finance of the business, which could mean the business could buy a second vehicle due to more profit. 2. I think you should have limited liability because your personal possessions are at risk, it would only cost �40. GCSE Business Studies Coursework: Raphael's June 2003 Zetta Hayden 10FL ...read more.

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