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Diraku Fashion commenced its business on 1 January 2017 with an objective to offer fashionable and up-to-date attires at an affordable price. The business belongs to Miss Dhia who has 10 years' background in fashion and also holds a diploma in fashion and design. The business also offers cosmetics and jewelries products to complement its clients in fashion.
Required:
problem a. Explain the following characteristics of Diraku Fashion business organization:
i. Capital contribution
ii. Liabilities
iii. Profit and Loss
problem b. Discuss the following accounting concepts:
i. Going concern concept
ii. Business entity concept
iii. Consistency concept
problem c. Find the total expenses of Diraku Fashion.
problem d. Illustrate the journal entries for depreciation and interest on loan of Diraku Fashion.
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