Assignment 2 budgeting deadline as indicated on the vle learning

Assignment 2

Budgeting

Deadline

As indicated on the VLE

Learning Objectives for Course.

1.      Develop quantitative skills necessary to read, interpret and perform the calculations for the accounting reports involved in cost control and profit planning.

2.      Evaluate and identify financial strengths and weaknesses of a business through appropriate conceptual analysis.

3.      Analyse information and knowledge effectively in order to develop meaning to solve complex problems and make decisions :

Guidelines for assignment

ü  This is an individual assignment

ü  Ground your answer in relevant theory

ü  Plagiarism and reproduction of someone else’s work as your own will be penalized

ü  Make use of references, where appropriate — Use Harvard or APA referencing method.

ü  Late submission are not accepted

ü  Structural elements should include an introduction, main body, and a conclusion

ü  Weight — 50%

ü  Word count guidance : question 1 1000, question 2 n/a

ü  Type of assignment: Excel Assessed Work Folder and Business Report

ü  Start / Finish : Week 5 – 6

ü  Learning Outcome Assessed: 3,4

Question 2 – Budget Preparation – Intellectual and Practical Skills

Application of learning:

Prepare the following budgets for the 6 months ending September 2013. You are required to use Excel spreadsheets, which can be copied into word once you finish, should you wish. A template is available for you to use as a basis.

a)   Sales budget

b)  Cash Budget

c)   Debtors Budget

d)   Creditors Budget

e)   Production Cost Budget

f)   Raw Materials and finished goods Budget

g)   Profit and Loss Account Budget

h)   Balance Sheet Budget

Draw conclusions from your budgets and prepare a short management report.

 

Text Box: Expenses run at £10,000 per month, paid in the month that they are incurred.Europe Ltd
Balance Sheet as at 31st March 2013

£

Fixed Assets

 

100,000

Current Assets

Debtors (Feb E10000, March E14000)24,003

Stock                            Raw Materials                              9,003

Finished Goods13,003

46,000

 

 

Current Liabilities

Creditors (Feb E8000, March £10000)                   (1s,cco)

Bank                                                                      (3,003)

(21,C00)

Net Current Assets / Working Capital                                                 25,000

NET ASSETS                                                                                                                                            125,000

Financed by:

Share Capital                                                                      100,030

Profit and Loss                                                                    25,030

TOTAL SHAREHOLDERS FUNDS                                                                125,000

Notes:

Fixed Assets are depreciated at 20% straight line method per year. Purchases will be £5,000 in April, increasing by £1000 per month and paid 2 months after purchase.

Sales in April will be £20,000, increasing by £2,000 per month and paid 2 months in arrears.

·      Production costs per unit will be:

o    Direct materials £15

o    Direct Labour £12

o    Production overheads £5

·      Direct Labour and production overheads are paid as they are incurred. Production units per month are 500 units

·      Sales units in April are 400 units, increasing by 40 units per month.

·       

Question 2 – Budget Preparation – Intellectual and Practical Skills

Application of learning:

 

Prepare the following budgets for the 6 months ending September 2013. You are required to use Excel spreadsheets, which can be copied into word once you finish, should you wish. A template is available for you to use as a basis.

a)   Sales budget

b)  Cash Budget

c)   Debtors Budget

d)   Creditors Budget

e)   Production Cost Budget

f)   Raw Materials and finished goods Budget

g)   Profit and Loss Account Budget

h)   Balance Sheet Budget

Draw conclusions from your budgets and prepare a short management report.

Text Box: Expenses run at £10,000 per month, paid in the month that they are incurred.Europe Ltd
Balance Sheet as at 31st March 2013

£

Fixed Assets

 

100,000

Current Assets

Debtors (Feb E10000, March E14000)24,003

Stock                            Raw Materials                              9,003

Finished Goods13,003

46,000

 

 

Current Liabilities

Creditors (Feb E8000, March £10000)                   (1s,cco)

Bank                                                                      (3,003)

(21,C00)

Net Current Assets / Working Capital                                                 25,000

NET ASSETS                                                                                                                                            125,000

Financed by:

Share Capital                                                                      100,030

Profit and Loss                                                                    25,030

TOTAL SHAREHOLDERS FUNDS                                                                125,000

Notes:

Fixed Assets are depreciated at 20% straight line method per year. Purchases will be £5,000 in April, increasing by £1000 per month and paid 2 months after purchase.

Sales in April will be £20,000, increasing by £2,000 per month and paid 2 months in arrears.

·      Production costs per unit will be:

o    Direct materials £15

o    Direct Labour £12

o    Production overheads £5

·      Direct Labour and production overheads are paid as they are incurred. Production units per month are 500 units

·      Sales units in April are 400 units, increasing by 40 units per month.

 

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