starting point
BeforePSA class started last 2 days, one of our senior has came to our class to tell and introduce to us about SIFE program. At first, we didn't show our interested towards this program. But after she told us how to relate what we had learned and relate it to this program, we agreed to join the competition. For us, it is a base for us to apply what we had gone through out our diploma program.
After we discussed among us, we decided to form a group of four members. However, we haven't decided which business that we would like to choose. So, gonna see you in the next entry.
Before
After we discussed among us, we decided to form a group of four members. However, we haven't decided which business that we would like to choose. So, gonna see you in the next entry.
-lisma-
Members are extremely important in a team. They are the core of a team. Hence, I would like to introduce my wonderful team members. We have the IT genius Lisma, the 'brainiac' Intan, the rather dandy Syafiqah, and the talkative Aini.
After about a few days we were cramming our heads with ideas of a group name, we've come up with a simple, yet brilliant name. KARCHINGG!... See, it sticks in your head already. Catchy, simple, yet meaningful. No, it does not mean we are insane. The opposite really. We're not insane mentally, but we are crazy about money. besedes, that's why most of us took accountancy anyway. Money, money, money....Karching!!..
With that, we can now begin finding our 'victim', or the lucky business that we are going to help....go, go, go!
After about a few days we were cramming our heads with ideas of a group name, we've come up with a simple, yet brilliant name. KARCHINGG!... See, it sticks in your head already. Catchy, simple, yet meaningful. No, it does not mean we are insane. The opposite really. We're not insane mentally, but we are crazy about money. besedes, that's why most of us took accountancy anyway. Money, money, money....Karching!!..
With that, we can now begin finding our 'victim', or the lucky business that we are going to help....go, go, go!
-aini-
Today, we have decided to help a small burger kiosk located right opposite Mydin Section 18 in Shah Alam.
Here we go!
-lisma-
On the first day, we approached the owners’ of the kiosk to ask for permission and brief them on what we will do and how we will help them. We also managed to gather several information regarding the burger kiosk.
Business name: Unnamed burger stall
Nature of business: Selling burgers
Contact detail: Section 18, opposite MYDIN
According to accounting standard, a partnership should be registered as to comply with regulations.
However, since they are only a small burger stall operating in the corner of the road, it seems rather insignificant for them to register. Besides, to register a partnership, a certain amount of income need to be reached first and they assume, the income that the business made each day don’t even add up to such amount. It is much easier for them to obtain a simple license to start and keep the business operating. The less the hassle, the easier they can sell burgers.
They operate everyday from 6pm and will close at about 11pm , depending on the weather and availability of customers. We choose this kiosk because they use daily raw materials such as, bread, eggs and vegetables which are all easily expired materials. This therefore means that they will need to purchased them everyday, hence they do not keep any receipt when purchasing as they think it is insignificant and won’t
have effect on their daily transaction. This is where we come in and explain to them that keeping receipt is one of the most important elements in managing business.
The owners explained to us that the kiosk or stall (PPE ) cost them around RM2300 and their starting costs for raw materials are about RM75 per day.
According to them, selling burger is a very simple business as burgers do not need a storage space and they can straight away sell them as they do not have to cook them at home.
-aini-
We have given the owners blank ledgers that they will need to fill in, in order to help them establish their business properly. We have of course teach them first on how to fill them in. We altered some of the information on the ledgers as sum of them are irrelevant, such as we deleted the cash in bank ledger as they do not keep their money in bank. They distributed their profit made at the end of each day evenly. We helped them to understand more about the ledgers by teaching them what those ledgers mean and give some examples to give a better understanding.
We’ve explained about the basic principle of accounting that we had learned before such double entry, separate entity, matching concept etc. We tried our best to explain to them all these accounting terms so that they can easily understand what they were going to record.
-intan-
Cik Lisma and Cik Intan went for a visit to the burger stall. They just want to make sure the owners are doing their part. Well, I wonder....are they? Of course they are. It’s not that we doubt them; it’s just that we want to know whether they take us seriously. They owners are however, seem to forget or didn’t manage to acquire some of receipts of the purchased they have made. That’s alright. We are not humans that eat humans. That’s insane! At least, they did keep records of what they are purchasing.
We are very thankful to them because they willing to participate and take seriously with what we have told them. Furthermore, they also seem to have interest with some of the accounting information that we give to them.
We are very thankful to them because they willing to participate and take seriously with what we have told them. Furthermore, they also seem to have interest with some of the accounting information that we give to them.
-intan-
The burger stall’s owner still in progression in keeping and recording all the items and transaction occurred throughout these past few days. Our members are there to merely remind those kind owners that our due date for completing this ‘humble’ competition. We are not trying to push or stress them into finishing. We are not that type of person. No...the opposite really. They have the right to do their part in their own time but please do comprehend with our schedule. There you go. Everyone’s happy. No rush at all.
-lisma-
DOOMS day?!!! Freaking hell. Will we make it? Many ridiculous and petty thoughts come and go into our precious members head. Calm dowm people! Its not the end of the world. Its simply SIFE. Its how university’s students live through life.
Anyway, Cik Lisma and Cik Intan went to gather information or rather ‘pick up’ all the information we need from the owners. Sadly, but true, this is going to be the last time we’re going to see those rather charming ‘abangs and pak cik’. What can we do? We are girls after all. . .Good girls gone bad?! Joke.
After that, all KARCHINGG!!... Team members gather at night? You might wonder, are we OWLS? Don’t worry, we wonder that ourselves sometimes...with all the assignments we have to do, there are barely time for us to sleep or pamper ourselves. It’s a disaster life, but we just have to cope with it. Have to accept what we have anyway. UNIVERSITY life.....
We put together our brilliant brains and struggle our ‘already’ red eyes to analyse the information we got. Where? Well, somewhere that opens 24 hours a day, of course, and not to forget all access to HIGH-speed internet...MC DONALDS!!! Yay...We can’t afford any luxury place. Mc Donalds will do.
Cik Intan and Cik Syafiqah are in charge of analysing the data and both Cik Aini and Cik Lisma are applying their magic fingers on the Asus and Dell laptops.
Wait.. there still more information that we want to share here.
As we had taught them on how to write their business transactions in the proper way, we discover that several expenses transaction had been done in their daily business. The expenses include raw materials, indirect expenses and also miscellaneous expenses. Before they start their business at 5.30 pm, they will spend on average of RM 70.32 on raw materials such as eggs, beef and chicken burger, vegetables, sauces, burger’s bun, hot dogs, hot dog’s bun, oblong and also oblong’s bun.
This small stall is operating in front of restaurant, so they just get power supply and water from the restaurant with a condition that they need to pay RM 3.00 to the restaurant daily. This expense will be included under the miscellaneous expenses.
Furthermore, there will be not complete when the burger is not wrapping with a nice wrapping paper. Every day, they will incur cost under indirect cost in average of RM 6.00 to buy wrapping papers, tissues and also plastics bag.
One of the accounting principle, matching concept (still remember??..) of course after we discover their daily expenses we also want to know their revenue right. After we analyse the information that we got from the stall’s owner, we make some calculation on the profit that they get. Sounds interest right. (kachinggg...*money sounds*).
From the average day to day sales, the stall make approximately RM 50 net profit per day. This is basically after we minus all the expenses. Emm.. a day net profit RM 50, a month RM 1500 and a year maybe they can get approximately RM 18,000. Wow.. quite a big number.. now we seem to feel more interest into this business.
Basically this business sells five types of burger which are:
Original burger (chicken/ beef) RM2.20
Special burger (chicken/beef) RM2.70
Hot dog RM2.40
Oblong RM4.00
Benjo RM1.60
Yummy... Doesn’t this make you want to try this burger. Approximately for a month the average sales for the original burger are 690 pieces, special for 570 pieces, hot dog and oblong for 90 pieces and banjo for 120 pieces.
-pikah-
