Bubblebee drink Information PDF

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The draft of assignment accounting before we are actually make completely perfect....

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1. INTRODUCTION 1.1.0 Company Background It is a Malaysia based chain founded in 2020.[CITATION BubbleBee \l 1033 ] The business, BubbleBee, was founded by a Malaysian celebrity couple namely, Shuib Sepahtu (Shahmira Muhammad) and Siti Sarah Raisuddin, who also acts as the board members of the business. The business is owned and operated by BubbleBee SDN. BHD., and the corporate headquarters is located in Puchong, Selangor. As in the present time, the business has over 27 self-owned store and celebrity shared-stores in 6 different states in Malaysia. The business was fully established in December 2019. It is a Private Partnership Business which includes Ismail Abdul Rahman as the CEO and the celebrity couple as the active board members in-charge.[CITATION Wikipedia \l 1033 ] The business started off with brainstorming of the four key person namely, Shuib himself, Dato’ Ismail, Sheikh Faiz and along with Madame Michelle Koh, which was held in September 2019. The drink was created from the innovation of honey. Although honey milk with Bona is new in Malaysia Market, they managed to launch the first outlet in Section 13, Shah Alam after 3 month of R&D. within a year, the business expanded to 27 outlets more in 6 states in Malaysia, and they would freely distribute about 200 to 300 free cups in the opening of new outlet. These have created the social media awareness about the business. People would line up for the milk tea in the store. [ CITATION BubbleBee \l 1033 ]

1.2.0 Mission and Vision Mission – To inspire and nurture human spirit- one person, one cup and one neighborhood at a time Vision – To become a national company with values and guiding principles that employees could be proud of.[ CITATION BubbleBee \l 1033 ]

With our partners, our bubblebee and our customers at our core, we live these values:

Creating a culture of warmth and belonging, where everyone is welcome. Acting with courage, challenging the status quo and finding new ways to grow our company and each other. Being present, connecting with transparency, dignity and respect. Delivering our very best in all we do, holding ourselves accountable for results. We are performance driven, through the lens of humanity. Sweet as your smile.!!! This is our tagline. Pure honey is the main ingredient which we have put in each of our product. Our best selling product is, Golden Series Ice Cream. You can feel the crispiness of the cornflakes, sweetness of pure honey and the chewy golden bubble and the honeycomb. This is owned by one of the famous celebrities in Malaysia, Shuib Sepahtu.[ CITATION BubbleBee \l 1033 ]

References [1] Wikipedia, E. B. (2021) BubbleBee , Ensiklopedia Bebas https://ms.wikipedia.org/wiki/Bubblebee [2] BubbleBee, S. B. (2019, December 19) BubbleBee Drink. BubbleBee Menu https://www.bubblebee.com.my/pages/about-us

2.0 Business Characteristics

Bubble bee is a partnership business, according to the interview we conducted with our chosen company. This is due to the fact that it is only owned by two people, Shuib Sepahtu and his wife Sarah Raisuddin, who run the company by delegating tasks to employees such as an operations manager who handles the purchasing of business items such as ingredients and raw materials. Furthermore, this company must register with the Companies Commission of Malaysia (CCM) as a Registrar of Business to avoid any future issues. This company also has full profit and loss rights, as well as unlimited liability.

This company is also categorized as a going concern concept company. The concept of a going concern can be defined as the final account of a business that is prepared on the assumption that the business will continue to operate indefinitely and will not be closed in the future. This is because the owner of the Bubble Bee Company expects their business to continue to operate indefinitely. This can be seen when their company still has a demand for their product, particularly for students who can keep their business running from time to time due to high demand from their loyal customers. As a result, the Bubble Bee is unlikely to close in the future because they plan to open over 100 outlets.

Lastly, this business is adapting customer satisfaction into their environmental economic activities. The business world has shifted from a traditional to a modern mindset. Nowadays, businesses take a customer-centric approach. The ultimate goal of all economic activities is customer satisfaction. Customers are satisfied by quality products at a reasonable price, according to modern business. Bubble Bee provided variety types of drinks with reasonable and affordable price. According to the review through on the internet, the customer really satisfies with the drinks and the services. Undoubtedly, this business could be more advanced in the future if they are continuously this momentum throughout in the business. On top of that, they could be one the company that equivalent to the other international business.

3.0 CLASSIFICATION OF BUSINESS ITEM The term "asset" refers to goods of value that a company owns. It can also be defined as an entity's economic resources that provide future economic rewards. There are two types of assets which is non-current assets and current assets. Non-current assets are retained and used in the long run. There are three types of assets which is tangible assets, intangible assets, and investments. A tangible asset is one that has a physical presence that can be seen and felt. The branch, seats, tables, and cars are the tangible assets for this business in this situation. An intangible asset is one that has no physical or tangible properties and cannot be seen or touched. The trademark and preliminary expenses are the intangible assets for this business in this case. A fund placed with the goal of obtaining income or keeping its value is referred to as an investment. In this case, the company's investment is in the form of shares. This firm is run by the owner's family and shared with certain celebrity in Malaysia. Cash or assets that are projected to be converted into cash within a year are considered current assets. The bank, cash, and prepaid expenses are the present assets for this business in this situation. Liability is defined as a company's financial obligations to third parties emerging from past transactions and demanding payment at a later period. These are the amounts owed to creditors for goods or services provided, or to the bank for money borrowed. And, in general, they are claims made by outsiders against the entire corporate community. There are two types of liability which is non-current liability and current liability. Non-current liabilities are business financial obligations that are not expected to be repaid within a year's time. They are usually the result of significant expenditures and frequently involve substantial sums of money. This business has a non-current liability in the form of a bank loan in this case. Financial obligations that are scheduled to be repaid within a year are classified as current liabilities. This business has no existing liabilities in this condition. The owner's claim on the business might be characterised as owner's equality. To put it another way, it illustrates how much the company owes its owners. It is made up of capital, which is the amount invested in the firm by the owner, as well as profit and loss accrued in the business after the owner has made certain withdrawals. In this case, the business's capital consists of a car, buildings, and furniture. When a company sells things or provides services to customers, it earns revenue. Sales are the source of revenue for this company in this case. The term "drawings" refers to the act of withdrawing an asset. There are no drawings in this business in this case. Expenses are the costs of running a business or the amount spent or incurred for the purpose of earning money. The expenses for this firm in this case are general expenses for purchasing beverage flavours, honey, ice cubes, cups, milk, vehicle gasoline, and other supplies. Because of its low pricing, this product stands out among other products from different companies. One cup of honey ice cream, for example, costs only RM8.70. Furthermore, their beverages are superior to those of other companies. They also sourced their beverage flavours from a Malaysian business. This company also offers Grabs or Foodpanda delivery services. Customers will be charged for delivery services based on how far away their location is from the company location. Every branch in Malaysia performs at least 30 delivery services for consumers every day.

4.0 RECORDING PROCESS OF THE BUBBLEBEE COMPANY -BOOKS OF ORIGINAL ENTRIES (JOURNAL) -LEDGERS -TRIAL BALANCE -FINANCIAL STATEMENTS -ADJUSTMENTS -ADJUSTED TRIAL BALANCED & FINANCIAL STATEMENTS

Figure above show the recording process of the Bubble bee Company use for their business record.

The Recording Process are entering transactions in the general journal and posting them to the correct general ledger accounts is time consuming. In the general journal, a simple transaction requires three lines—two to list the accounts and one to describe the transaction. The transaction must then be posted to each general ledger account. If the transaction affects a control account, the posting must be done twice—once to the subsidiary ledger account and once to the controlling general ledger account.

For the Bubble bee business, they has their accounting cycle for keeping their financial record in track. Even though the owner only shows us their purchase of inventories receipt, they do records other types of sources document from their business within their book of prime entries. In order to record the transaction that occurs within their business, they will identify each and every sources of document such as purchase invoice and many more that has been made within transaction. Every transaction that has been made and identified must be separated. For example, any purchase of their inventories in a form of receipts will be recorded within their book whereas their non-current assets such as car and property will not recorded will not record within their book of original entries.

Besides that, Bubble bee company will do the process of journalizing their own document accordingly in chronological order. After they are journalizing it within the book of original entry, the journal entries then will be posted to general ledger where all transaction that has been made within their business will be recorded for the future use. Apart from that, the trial balance for the Bubble bee will be settled at the end of accounting period in one month. The total balanced from their book of original entries and ledger will be calculated for their financial statement.

Strength:

1) Known by others: BUBBLEBEE are well-known to the entire Malaysian population. This is due to the fact that people who enjoy honey are considered to be loyal customers for the company, particularly when it comes to purchasing the company's flagship product, Golden Series Ice Cream and Caramelized Honey Golden Pearl. 2) Delivery services: The BUBBLEBEE firm also offers delivery services. They do this because it encourages customers, particularly those who live near BUBBLEBEE brunches, to buy their product. They employ Foodpanda and Grabfood, for example, to transport their products to their customers. 3) Have a social media to connect with their customer: Having a social media presence within a company might provide benefits in terms of increasing public awareness of the company's product. BUBBLEBEE, for example, uses a variety of social media platforms to promote their business, including Facebook and Instagram. It also makes it simple for customers to reach them, particularly when purchasing a product. As a result, social media allows them to communicate with their customers more regularly than before. 4) Use systematic accounting method and principles: The company uses a competent accounting system to record its transactions, allowing it to track revenues, losses, and its financial condition. As a result, BUBBLEBEE does not have to waste time calculating their business' profit or loss....