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Accounting 1

William Tell started a sole proprietorship coffee shop in Pampanga after saving money working in Las Vegas. He then partnered with Jean, a teacher, to open a culinary school. They recruited Beth Salvador, a business graduate, to invest and help with marketing/financing. Beth contributed additional funds and created a business plan. The partners formed a partnership for the school. Other options for additional investors include incorporating to limit liability and facilitate ownership transfers.

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Andrea Mae P. Palmero
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453 views3 pages

Accounting 1

William Tell started a sole proprietorship coffee shop in Pampanga after saving money working in Las Vegas. He then partnered with Jean, a teacher, to open a culinary school. They recruited Beth Salvador, a business graduate, to invest and help with marketing/financing. Beth contributed additional funds and created a business plan. The partners formed a partnership for the school. Other options for additional investors include incorporating to limit liability and facilitate ownership transfers.

Uploaded by

Andrea Mae P. Palmero
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Andrea Mae P.

Palmero BSTM – 1B

Basic Accounting 1

1. William Tell is a graduate of and Restaurant Management. After working for ten
years as a front desk officer in Las Vegas, he was able to save $25,000. Armed With this
he back to Angeles Pampanga and put up own TCP, TeIl's Coffee and Pastries?

A. What form of business did he put up?


- Sole Proprietorship

B. What is the type of operation?


- Service Business

2. Not contented with this venture, William invited his friend Jean. a teacher in New
York, to put up a school in Pampanga. He loves to cook but teaching culinary arts is
also one of his passions. Jean agreed to come home and together they decided to put
up a culinary school Unfortunately they need about P4,000,000 to start the business
and both their savings amount to about P2,000.000 only. Likewise, they know little
about marketing and finance. Beth Salvador is a business graduate and knows
about marketing and finance. They asked to Join them and Beth agreed to invest
another P 1,000,000. She prepared a business plan which they used to set up the
business.

A. What form of business organization did they put up and its type of operation?
- The form of business that they use is Partnership and the type of operation is
Service Business

B. Where can they go for added financing? Name as many possible sources.
-
C. Five more friends wants to join them. Aside from a partnership, mention another
form of business that they can put up. Discuss the advantages of this against the
partnership.
- CORPORATION
  It is limited liability.
 In regards to transfer of ownership, shareholders can sell their shares.
 Capital is easier to raise through the sale of stock.
 The company pays fringe benefits.
 There are tax benefits.

3. Given the following identify the form of organization that fits the description by putting a
chek, you may chek more than one organization.
Sole Partnership Corporation
Proprietorship
Does not have to share the profits earned by the
business /
Owned and manage by two or more investor
/
Withdrawal of owner will result to the closure of
business /
The business may terminated anytime by the
owner(s) / /
In case of insolvency, creditor can ran after the
personal properties of the owner /
in case of insolvency,  owner’s no longer liable to
the creditor /
The owner may contribute only skills
/
Investor may sell his interest freely to others
/ /

4. Given the following identify the types of organization that fits the description by putting a
check, .
Service  Merchandisin Manufacturing
g
Travel agency business
/
A sari-sari store 
/
Shell Gas Station
/
Mercury Drug
/
Nestle Philippines
/
Vulcanizing Shop
/
Philippine Long Distance Telephone Co.(PLDT)
/
Vulcanizing Shop
/

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