Financial Accounting and Reporting Concepts

This assignment delves into fundamental concepts of financial accounting and reporting. Students will examine financial reporting quality across private and public firms, analyze the relationship between capital structure and leverage within a specific company (Tata Motors Limited), and explore capital budgeting practices in Europe. The analysis requires understanding key theories and their practical implications in diverse business settings.

MANAGEMENT OF FINANCIAL RESOURCES
STUDENT NAME:
STUDENT ID:
PROFESSOR NAME:
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Table of Contents
Introduction......................................................................................................................................3
Task 1...............................................................................................................................................3
1.1 Identification of the sources of finance to the incorporated and the unincorporated business.3
1.2 Assessing the implications of the sources of finance................................................................7
1.3 Identify the most suitable source of finance for the company Clariton Antiques Limited......11
Task 2.............................................................................................................................................11
2.1 Analysing the costs of the two sources of finance considering the factors of Tax, Dividends
and Interest.....................................................................................................................................11
2.2 Explaining the benefits of financial planning for the entity Clariton Antiques Limited.........12
2.3 Explain the financial impact on the firm if the takeover is financed by the Partners, Finance
Broker and the Venture Capitalists................................................................................................12
2.4 Explaining the impact of financial statement if the project is financed by the Venture
Capitalists and the Finance Broker................................................................................................13
Task 3.1 Preparing and analysing the cash budget for Clariton Antiques....................................13
Task 3.2 Select an appropriate costing method for the organisation Claritin Antiques Limited and
also draft a suitable pricing model for the entity...........................................................................14
Task 3.3 Based on the capital budgeting techniques make a selection between the projects based
on the given data............................................................................................................................15
Task 4.............................................................................................................................................16
4.1 Describe the components of financial statements....................................................................16
4.2 Comparison of the financial statements of Clariton Antiques Limited with the financial
statements of a sole proprietary concern and a partnership firm...................................................17
4.3 Facilitate a comparison of the financial statements of the company in the current year with
that of the previous year................................................................................................................18
Conclusion.....................................................................................................................................19
Reference List:...............................................................................................................................20
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Introduction
This assignment focuses on the importance of finance in the business. In this assignment, the
sources of finance have also been briefly described. Apart from this, it has been also shown in
this assignment how the business organisations use the various sources of finance for enhancing
their business level. The benefits of financial planning and the impact of financial sources have
also been critically analysed in this assignment. Apart from this, the key components of the
statement of the financial year have also been evaluated in order to provide a clear idea about the
necessity of financial statement.
Task 1
1.1 Identification of the sources of finance to the incorporated and the
unincorporated business.
The availability of the finance varies according to the form of the business entities. The available
sources of finance can be explained by taking into consideration two types of entities: These are
generally:
● Unincorporated Entities
● Incorporated entities.
Unincorporated Entities: Those entities which are not registered under any of the corporate law
in any of the existing territories of the globe can be referred to as the Unincorporated Entities
(Lay and Johnson, 2015, p.209).
Some of the unincorporated business can be discussed as under:
1. Sole Proprietary Firm: The sole proprietary firm is one of the oldest forms of business in the
globe and is the most simple and the common form of business in the world. The sole proprietor
is solely responsible for the activities of the business and therefore he is also called as the
entrepreneur of the business (Singh et al. 2014, p.16). This type of business is suitable for the
small outlets, shops, garment shops, and to the outlets where services like hairdressing,
beautician, photographers and the gardeners are made available.
In the commencing of a proprietary firm, the entrepreneur himself funds the business. Some of
the available sources of finance to this form of business can be classified as follows:
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1. Owner’s Fund: The owner’s fund is one of the most important sources of finance in the
sole proprietary business. Here the owner of the business himself provides capital to the
business for the purpose of commencement (Vanderveen et al. 2013, p.4).
2. Loan From Relative: The sole trader firm can also acquire funds from the relative of the
sole proprietor. This also helps the firm to raise the loan capital.
3. Bank Loan: The sole proprietor can also raise loans from the bank both long-term and the
short term. He can raise loan funds from the bank against the security of the assets.
4. Cash Credit Loan: Cash Credit Loan is available to the business of the sole proprietor in
order to meet the working capital requirement. Many banks offer cash credit loan to the
sole proprietary firms based on the position of the working capital.
2. Partnership Firms: Partnership Firms refers to that category of the firms which are formed
with the constitution of two or more people forwarding capital to the business for the purpose of
earning profits. All the profits earned by the business are shared among the partners of the
business and the partners of the firm are severally and jointly liable for the acts of the acts of the
firm and the action of each partner is binding upon the other partners of the firm irrespective of
the fact that whether the partner is an active partner or a non-acting partner (Caiazza and Stanton,
2016, p.208). The partnership form of business is mainly applicable to the firms offering the
services of accounting, services of auditors, doctors, solicitors, legal services and many of the
professional services. Many of the big business entities are also registered as a partnership firm.
Some of the sources of the fund that are available to a partnership firm can be discussed as
under:
● Partner’s Capital: The partnership firm can invite capital investment into the firm from its
related partners and the business can thereby be funded by the introduction of the
partner’s capital. More is the number of partners more is the amount of capital available
for commencement of the business.
● Loan from the relative of the partners: The partnership firm can invite the loan funds
from the relative of its partners. The partner’s relative can fund loan to the business
which can help the business in case of the emergencies.
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● Retained Earnings: The firm can transfer some amount of the profits of the business to
the reserves on the balance sheet instead of distributing it among the partners. It helps the
firm to meet future contingencies and obligations.
● Trade Loans: The partnership firms can gather the cash credit loans from the banks in
order to fund the working capital of the business. The banks offer the cash credit loan to
the partnership firms based on the status of the working capital of the firm.
● Bank Loan: The partnership firm can also borrow loans from the financial institutions
and the banks in order to facilitate the flow of the loan funds into the business. The
financial institutions offer long term and short term loan to the firms based on the value
of the fixed assets or upon creating a charge on the fixed assets.
Incorporated Entities: Those entities that are incorporated under any of the act of corporation in
any of the existing territories of the globe are referred to as the Incorporated Entities. Some of
the forms of business that comes under the category of the incorporated entities are as follows:
1. Registered Companies: Those entities that are registered as a Joint Stock Company can
be referred to as the registered companies. In a company, all the shareholders contribute
to the Joint stock of the company's' capital. The profits of the business are shared by the
shareholders of the business. The shareholders receive the share certificates in return of
the money invested in the business. The company is treated as a separate legal entity
separate from its owners. The company has a right to acquire property in its own name.
The company has the right to sue in its own name and also be sued in its own name. The
company also has the right to bear a common seal in its own name. The company has a
feature of perpetual succession which states that the life of the company is not affected by
the behaviour of its members. The members may come and the members may exit but the
life of the company will remain unaffected. In a company, the members also enjoy the
feature of limited liability which states that the members are not personally liable for the
dues of the company, except in the event of liquidation the members are liable only for
the unpaid value of the shares. There are generally two types of companies:
These are as follows:
● Private Companies: The private companies refer to those companies which are registered
as a private limited company and this type of companies can raise capital only from the
members. The private limited companies are not allowed to issue the shares to the public
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nor is allowed to raise loan funds in the form of debentures. These companies are not
listed in any of the stock markets.
● Public Companies: Public companies are registered as Public Limited Companies. Public
Limited Companies are generally larger in size and has a number of members as
compared to a private company. The public limited companies can raise capital from the
market by issuing of shares in the market and is also allowed to raise loan funds by
issuing of the securities to the public. The shares of a public limited can be transferred
easily in the market. The common stock of the public limited company can be traded in a
listed stock exchange.
2. Partnership Firms LLP: Those partnership firms which are registered as a Limited
Liability Partnership under any of the Corporate Law of any of the territories is called as
the Registered LLP Firms. Many of big auditing firms of the globe are registered as the
LLP firms of the globe.
3. Some of the co operative societies: Many of the cooperative societies are also registered
as a company under many of the corporate law of the countries.
4. Franchises: Franchises refers to those entities which use the other companies brand to
establish their own shop for facilitating the sale of the products of the other company.
Some of the available sources of finance to the incorporated business are as follows:
1) The issue of the equity shares: The company can easily raise funds by issuing of the
equity shares to the public at large which will constitute the owner's fund.
2) The issue of the preference shares: The companies can raise funds much easily as
compared to the equity shares as these shares have a preferential right to dividend and
these shares can also be redeemed before liquidation.
3) The issue of Debentures: By issuing of debentures the companies are able to raise the
loan funds much easily based on the financial structure of the company. The cost of the
debentures is lower than the cost of equity and the cost of preference as the interest on the
debentures is deductible from income of the company, so the entity can enjoy tax benefit.
4) Loan from financial institutions: The financial institutions also provides the long-term
loan to the companies, especially to those who are incapable of raising the loan through
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issuing of the debentures. The financial institutions keep a floating charge on the assets of
the company.
5) Trade Finance: The incorporated entities can raise the export loan through the
procurement of trade finance from the banks by issuing of the Letter of Credit.
6) Aid from Government: The government provides financial aid in the form of subsidies,
grants, and tax returns to many of the small scale companies in order to facilitate the
improvement of these companies and for the purpose of facilitating trade.
1.2 Assessing the implications of the sources of finance
According to Drori and Honig (2013, p. 345) it is essential for the entire business organisation to
maintain their economic capacity properly in order to run their business in a smooth way.
Therefore, in order to have the strong financial capacity, the organisations need to maintain the
sources of finance properly and the organisation also need to utilise the various sources of
finance in a strategic way. The sources of finance include two types of sources such as internal
sources of finance and external sources of finance. Internal sources of finance refer to the various
kinds of sources such as a sale of inventory, owner's capital, retained earnings and fixed assets
disposal. It has been observed that besides the benefits, advantages the usage of these sources
have also many disadvantages (Förster and von der Gracht, 2014, p.215).
Sale of inventory
This is one of the most effective sources of finance and the sale of inventory refers to the money
that has been received from the selling of such a stock that has not been sold. The money that
can be realised from the unsold stock can be invested in the business again. These types of
sources are easy to use for the business firm as this is a short term source of finance. It has been
observed that this type of source has both the advantages and disadvantages.
Advantages: The main advantage is that by utilising this source the business enterprise raises the
level of finance rapidly. Sale of stock reduces the burden of inventory storage and thereby also
reduces the stock of warehousing.
Disadvantages:
The disadvantage of this source is that the enterprise has to use low price for selling the stock.
Owner’s capital
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Owner's capital refers to the money that is come from the savings of owner and this kind of
sources has also been used as a start-up capital while a firm decides to set a business up. This
source is mainly helpful for the business expansion and this source help the business firm to
promote their business in a long term procedures (Sekar et al. 2015, p.445). The main
advantages and disadvantages of these sources are:
Advantages
The firm does not need to invest money again for this source as it is a long term process and
they does not need to pay the interest amount.
Disadvantages
The only disadvantage of this source is that limited amount of investment as an owner can save
the limited amount of money for the future business purpose.
Retained earning
These types of a source are only helpful for the business enterprises that decide to operate a
business for more than one year and in this source, the business organisations can reinvest their
profit amount for the business. The firms can use these sources as for long term and for medium
term
Advantage
The organizations need not repay the money for the investment and need not pay the interest
amount.
Disadvantage
The disadvantages are that this source is not helpful for setting a new business and by using this
sources the firm cannot make enough money for their business.
Fixed assets disposal
Fixed assets disposal indicates towards the earnings of money by selling the fixed assets.
However, the number of selling the fixed assets is fixed and this source is medium term sources.
Advantages
This is an effective source of finance to raise money from assets.
Disadvantages
It is not applicable for the firms that have not enough fixed assets surplus fixed assets to sell. It
is a very time taking and slow procedures.
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Apart from this, the external sources of finance include the loan from any financial institutes,
overdraft facilities of a bank, admission of new partners, leases and hire purchase, charge on
assets, trade credit. Apart from this, it also includes share issue, government grants and subsidies.
Like the internal sources, the external sources also have many advantages and disadvantages
(Hall et al. 2015, p.1).
Loan from financial institution
This kind of sources indicates towards the money borrowing process against fixed interest rate
and fixed period of time. By using this source, the firms can generate the flow of cash in order to
cover the tax deductible payments.
Advantages
It is very helpful to maintain a proper budget of finance.
Disadvantages
The advantages are that usage of this source is very costly as the firms have to pay interest
amount and the financial institutions may ask for security on loan.
admission of new partners
This kind of sources is only applicable for the business enterprises that conduct a partnership
business. In these sources, the partners can also contribute the capital for the purpose of
business. The advantages and disadvantages of this source are:
Advantages
The business firms do not have to repay money for business and need not to pay interest. If they
have agreed to pay interest, then they need to pay only the interest amount (Rossi, 2014).
Disadvantage
The profit amount has been distributed in many ways as it is a partnership process of business.
leases and hire purchase
This source indicates that the business enterprises can obtain any asset by paying the low amount
of money at the beginning (Cheng et al. 2016, p.2495). The utilisation of these sources helps the
enterprises to save the cash amount to cover the inventory amount.
Advantages
This source provides the enterprises with an opportunity to use the latest equipment for business
and also helpful for finance budgeting
Disadvantages
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The only advantage is that the source is very costly to use.
overdraft facilities of the bank
Bank overdraft situations refers to the situation where the firms can withdraw funds from the
banks in excess of available balance in current account in order to meet the requirements of
working capital
Advantage
The firms can raise the finance by using this sources and it is easy, cheaper than borrowing
loan from the bank
Disadvantage
The firms only have to pay the interest amount based on the overdrawn and it can be costly if
the firms use it for a long term.
share issue
This kind of source is only applicable for the limited company and the company can raise their
capital by issuing shares to the public at large. The share contains two types of share such as
equity shares and preference share
Advantage
The companies need not repay the amount, the interest amount if they use this source for short
term
Disadvantage
Earnings per share (EPS) and dividend per share (DPS)will be reduced due to more number of
shareholders. The control of the existing shareholders will be diluted.
Government grants and subsidies
Govern of the territories grants short term finance, subsidies and tax benefits to many business
firms
Advantage
The firms have no liability for repayment of grants as received from the government.
Disadvantage
It is applicable only for the little business purpose and the firms need to some terms set by the
government.
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1.3 Identify the most suitable source of finance for the company Clariton
Antiques Limited.
Since the company has, a lower and also a favourable debt-equity ratio of less than 2:1 it can be
said that Clariton Antiques Limited has the option to go with debt financing as then it would be
able to operate on a favourable financial leverage and be able to facilitate trading on equity.
Task 2
2.1 Analysing the costs of the two sources of finance considering the factors of
Tax, Dividends and Interest.
Please refer to the below screenshot for the above solution
From the above screenshot it is visible that the company has a much higher cost of capital in case
the expansion is financed by the venture capitalists as compared to the use of the finance broker,
due to the reason of tax benefit on the Term loan.
2.2 Explaining the benefits of financial planning for the entity Clariton
Antiques Limited.
The importance of the financial planning can be explained as under:
1. Budgeting: Budgeting can be referred to as the technique of setting of the standards
utilising which the actual performance will ba measured and planned accordingly.
Budgeting also helps the business to facilitate the early forecasting of the activities of the
business on the financial statements (Agarwal et al. 2015, p.4).
2. Overtrading: Overtrading can be described as the technique of expanding the business
beyond its capacity. The overtrading needs to be controlled in order to control the
revenue loss in disguise.
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3. Implications of failure to Finance: The firm may not be available with adequate finance
to meet the long-term financial requirements as well as to meet the working capital
requirements of the business. The firm needs to be cautious in order to prevent the
situation of shortage of finance.
2.3 Explain the financial impact on the firm if the takeover is financed by the
Partners, Finance Broker and the Venture Capitalists.
Please refer to the below screenshot for the above solution.
Before the expansion is carried out we are required to know the following:
● The customers of the business both potential and the current.
● What will be the financial situation of the company?
● Impact on the partners and the existing shareholders.
● Litigation history of the company.
2.4 Explaining the impact of financial statement if the project is financed by
the Venture Capitalists and the Finance Broker.
Please refer to the below screenshot for the above solution.
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From the above screenshot, it is visible that the company enjoys more of earnings per share in
the case the expansion is facilitated by the finance broker and helps the firm to operate on the
financial leverage.
It can also be seen from the above screenshot that the non-current liability and thereby the debt-
equity ratio of the company rises in the case the expansion is financed by the finance broker.
Task 3.1 Preparing and analysing the cash budget for Clariton Antiques
Please refer to the below screenshot and the related excel File for the above solution
There are generally two ways to improve the cash management of the entity.
1.Increasing the rate of marginal Cash Inflows: The marginal inflow of cash into the business can
be increased in the following manner:
● Facilitating bank overdraft and the bank loan.
● Facilitating the concept of Debt factoring.
● Sale of current and surplus of fixed assets.
● Reduction of the debt collection period (Mengel and Wouters, 2015, p.191).
2. Decrease the marginal rate of cash outflows: The marginal outflow of cash into the business
can be increased in the following manner:
● Increase the creditor's velocity by conducting an effective bargaining with the creditors.
● Avoid unrequited outflow of capital.
● Avoid purchasing of the fixed assets by facilitating the lease and the hire purchases
(Albertazzi et al. 2014, p.387).
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Task 3.2 Select an appropriate costing method for the organisation Claritin
Antiques Limited and also draft a suitable pricing model for the entity.
Mainly the service entities and the trading concerns are the organisations with no production
activity.
From the Balance Sheet and the Income Statement, it is clearly visible that the Entity Clariton
Antiques Limited is a trading concern since the figure of sales and debtors is given. So, in this
case, the company is required to follow the format of normal cost sheet where the following
items will be reflected:
1. Prime Cost.
2. Cost of Administration
3. The cost of sales.
4. Profit and price per product.
Task 3.3 Based on the capital budgeting techniques make a selection between
the projects based on the given data.
Please refer to the below screenshot and the related excel File for the above solution.
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From the above screenshot, it is visible that the projects have qualified the criteria for both the
Net Present Value and the Accounting or the Average Rate of Return but fails in the context of
the Payback Period since both the projects are having a payback period of more than 3.5 years
based on the Discounted Payback Period. So keeping in view Peter's criteria it can be said that
the company should not undertake any of the projects.
Task 4
4.1 Describe the components of financial statements
The essential components of financial statements are hereby discussed:
1. Income Statement: The Income Statement of an entity refers to that statement which
summarises the trading activity of the company conducted throughout the accounting
period and this statement also provides the results of the financial performance of the
company and reports the profits of the company for the related accounting period (Koo,
2013, p.136). The Income Statement is prepared by taking into consideration the
formulae for profit i.e. Profits = Gross Revenue - All Costs. This statements also reveals
the operational efficiency of the company.
2. Statement of Cash Flows: The cash flow statement refers to factual document whereby
the activities relating to the uses of cash in the entity are depicted as well as areas of
operation from where the cash is generated are revealed. This statement reveals the
movement of cash in the business. Cash Flow Statement can also be termed as the cash
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summary for the company for an accounting period. Generally, three types of activities
are depicted in the cash flow statement. These are the operating activities, Investing
activities and the financing activities (Collins et al. 2014, p.173).
3. Statement of changes in equity and gains: The statement of changes in equity and gains
refers to that statement which depicts the reasons for the changes in the structure of
equity as on the last date of the accounting year in comparison with the beginning of the
relevant accounting period which may be due to rise in the Paid-Up Share Capital of the
company or due to the changes in the balance of the reserves (Kira, 2014).
4. Statement of the financial position: Brown et al. (2014, p.1) Stated that Statement of the
financial position can also be termed as the Balance Sheet of the company which is
simply the summary of the assets and the liabilities of the company. The value of the
business resources is depicted in the balance sheet. The availability of the loan funds of
the business also depends on the position of the Financial Statements.
5. Notes to the Financial Statements: Notes to the Financial Statement can also be called as
Notes To Accounts. The details regarding the behaviour of the items of the financial
statements. Based on this Statement the details regarding the items of the financial
statements can be withdrawn (Hope et al. 2013, p.1715).
4.2 Comparison of the financial statements of Clariton Antiques Limited with
the financial statements of a sole proprietary concern and a partnership firm.
In the modern days, different business enterprises maintain different format for the preparation of
the financial statements based on their form of the business and other factors such as legal status,
structure, etc. For the purpose of the Audit compliance, the companies and the other categories of
the incorporated entities are required to maintain a different form of the Financial Statements as
per the relevant provisions of the corporate acts.
Clariton Limited is a private limited company, therefore, has to maintain the Statement Format of
the Financial Statements so as to adhere to the audit compliance. First, the analysis of the format
of the Income Statement comes to the picture. The sales figure is reflected as the Revenue from
the Operations. All the operating expenses are deducted from the Revenue from operations to
arrive at the figure of operating profit. The Interest payable and the other expenses of a non-
operating nature is deducted from the operating profit to arrive at the figure of the Profit before
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Taxes from where the tax liability of the company is met and thereby the final figure of Profit
after tax is available. The profit after tax is available for the purpose of dividend distribution
among the shareholders. The Preference dividend is first paid out of the Profit after tax and then
the equity shares are paid from the available balance which can also be termed as profit available
for the Equity Shareholders ( PAFESH). The Earning Per Share can be determined from the
figure of the PAFESH.
In the context of the partnership firms and the sole traders, they only maintain the T- Format of
the Trading and the Profit and Loss Account whereby the Gross Profit is determined in the
Trading Account. From this Gross Profits, all the indirect expenses are paid out in order to derive
at the figure of the Net Profit which is finally distributed to the owners in case of a sole trader
firm and to the partners in case of a partnership firm.
Now coming to the comparison of the Balance Sheet it is visible that there are two groups under
the Assets side and the Liabilities in the case of Clarition Antiques Limited. In the Assets Side,
there are the Non- Current Assets where all the fixed assets are shown and the Current Assets
where the current assets of the business are displayed.
Coming to the liabilities side there are three groups namely the shareholders fund where details
regarding the capital and the reserves are given, the Non-Current Liabilities where the details of
the long-term borrowings and the provisions are provided and lastly the Current Liabilities where
the details of the Trade Creditors and the other short term obligations of the firm are displayed.
In the sole trader firms and the partnership firms, the Balance Sheet is prepared in T- Format or
in the vertical shape and presents the balance sheet following the rule of marshalling of the
assets.
It thus is depicted that the presentation of the financial statements in case of a company is more
relevant to the performance of the business as compared to that of a sole trader firm or a
partnership firm.
4.3 Facilitate a comparison of the financial statements of the company in the
current year with that of the previous year.
Please refer to the below screenshot and the related excel File for the above solution
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From the above screenshot, it can be said that the operating efficiency of the firm has increased
since the return on Equity and the operating profit ratio has been enhanced as compared to that of
the last year.
The firm can also operate on financial leverage as the Interest coverage ratio of the firm has also
increased compared to that of the previous year and the company can operate on trading on
equity.
Overall the financial statements of the entity reveal a satisfactory picture.
Conclusion
From the above assignment is understandable that the financial planning is very essential to be
implemented prior to the commencement of any activity so as to reduce the chances of revenue
loss in disguise and to ensure the minimum return on the capital invested.
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