P1 P2 P3 P4 P5

Topics: Generally Accepted Accounting Principles, Balance sheet, Income statement Pages: 7 (2797 words) Published: December 3, 2014
Unit 5 Accounting

Christian Charalambous

Telephone Number: 01454 265886
E-mail: HarveysPF@furnitureplus.com

We are proud to welcome you aboard
the team here at Harvey and Company
pine furniture business, you will be a
part of a leading company and as a
team we have high expectations to sell
good quality to members in the retail
market. The products that we offer is a
wide range of new furniture for the
members of the public which can be
only be purchased in pine wood. Many
of our products can be found in our
stores around the country.

Cash Forecast

Balance Sheet

Here is an example of one of our main
stocks sold across the United Kingdom.

Welcome to the team of Harvey and
Company.

Profit, Loss Account

Harvey’s Pine Furniture

Unit 5 Accounting

Christian Charalambous

Record Transaction

Management of the Business

When part of the
company we like
to record every financial transaction,
this includes the products we bring in,
the products we sale, wages, our rent
and any wholesale products. The
reason we do this is to see where we
are making the most profit and where
we are not doing as good.

Managing the business relies on
recording transaction and monitoring
the activity. The reason for this is
because when looking at bringing new
stock in then they need to know what
type as previous stock may not of sold
or sold at a profit.

Monitoring our Activities
Telephone Number: 01454 265886
E-mail: HarveysPF@furnitureplus.com

Here at
we have a well organised
accounting departure, which is a main
priority in the company. Your job will
have to be taken seriously as this is a
key job. We use accounting in
by
recording transaction, monitoring our
activity, controlling and managing the
business.

When monitoring our activities here
at
we like to see where
we make our profits and where we not
making profit. This means we monitor
what furniture we sell and the amount,
the reason we do this is because if a
product is not doing well we like to take
it of the market as it is not bringing any
sort of profit into the business. Also we
monitor the amount of money we pay
out on stocks and equipment per week
so that every week we see how the
business is doing.

The accounts use at
are used
mainly by the managers and the owner.
The reason why the owner uses
account is to see where the profit is
coming into the company and to see if
the business is getting bigger. The
reason why the managers use
accounting is because they want to
manage their departments by seeing
what product make most money and
where no money is made so they do
not need to invest in any more of that
stock. If we did not use the accounting
system then our business may be very
unorganised and it may set a bad
reputation on us as a team.

Harvey’s Pine Furniture

Unit 5 Accounting

Christian Charalambous

Income and
Expenditure

Capital Income

Capital Expenditure

Capital income is purchases that are
brought for the business which stay for
a long period of time, such as loan
banks and investment from the owner.
With the income from this we look to
invest on stores around the country so
more money is coming into the
balance.

Capital expenditure is money that is
invested into the business which helps
improve us here at Harvey’s. The way
this happens is by investing in building
or refurbishment which is for a long
term.

Income: Income is money that comes
into the business, which is known as
profit.
Such as rent received,
concession, selling stock and also
commission.

Revenue Income
Revenue income is money that comes
into the business from day to day, this
money comes from selling stocks and
also stocks sold in wholesale. At
Harvey’s in the future we are looking to
put concession in our shops as we are
looking to get some type of income
from rent from other owners.

Expenditure: Expenditure is money that
has been...
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