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Your friend Rob is from WA and he wants to start a business of his own. He is thinking of buying a Bakery in Melbourne. The shop has been there for several years but has not been a great success. Rob does not have sufficient savings and he may have to borrow a large amount of money to finance the purchase.
As you are an accounting student, you have been asked to advise the following:
a. What are the options of the forms of organisation that Rob can adopt for the business? Analyse the advantages and disadvantages of each option for Rob.
b. Will the choice of organisation affect the availability of finance for his business? Explain.
c. How can he raise the required finance? What security do you think he will need to provide?
d. How and what accounting information will assist Rob in making decisions in purchasing the business? What non-financial information should he be requesting?
e. What skills and/or accounting knowledge will he need to manage the business?
Prepare a schedule that shows the operating cash flows for the year using the indirect method.
Explain how your choices in parts a and b are related to the opportunity cost concept.
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What would be the ideal funding source to consider in this case based on the advantages and disadvantages of funding sources?
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