BSBFIM501A Manage Budgets and Financial Plans Assignment
7 Pages1927 Words157 Views
Added on 2019-10-31
BSBFIM501A Manage Budgets and Financial Plans Assignment
Added on 2019-10-31
ShareRelated Documents
MANAGE BUDGET AND FINANCIAL PLANS
TASK ABudget variance report for the year ended 30th june:PARTICULARSCURRENTDATABUDGETEDDATAVARIANCES% OFVARIANCEREVENUESales29000003100000-200000-6.45%TOTAL REVENUE29000003100000-200000-6.45%COST OF GOODS SOLD380000400000200005.00%DIRECT EXPENSES :COMMISSION725007750050006.45%DIRECT WAGES20000020000000.00%GROSS PROFIT22475002422500-175000-7.22%EXPENSESGeneral & Administrative ExpensesTravel2200020000-2000-10.00%Legal Fees4500500050010.00%Bank charges700600-100-16.67%Office supplies40005000100020.00%Postage & Printing500400-100-25.00%Dues & Subscriptions600500-100-20.00%Telephone1120010000-1200-12.00%Repairs & Maintenance4500050000500010.00%Payroll Tax250002500000.00%Marketing ExpensesAdvertising208000200000-8000-4.00%Employment ExpensesSuperannuation450004500000.00%Wages & Salaries50000050000000.00%Staff Amentities2300020000-3000-15.00%Occupancy CostsElectricity380004000020005.00%Insurance10000010000000.00%Rates10000010000000.00%Rent20000020000000.00%Water3500030000-5000-16.67%Waste Removal6000050000-10000-20.00%
TOTAL EXPENSES14225001401500-21000-1.50%NET PROFIT BEFORE INTEREST AND TAX8250001021000-196000-19.20%INCOME TAX (25% OF NET INCOME)2062502552504900019.20%NET PROFIT AFTER TAX618750765750-147000-19.20%ASSUMPTION : DIRECT WAGES AND COMMISSION HAVE BEEN TREATED AS DIRECTEXPENSES AND ASSUMED TO BE NOT A PART OF COST OF GOODS SOLD.NOTE : IT IS TO BE STATED HERE THAT REVENUES & INCOME VARIANCES ARE BEINGSHOWN AS A DEDUCTION OF BUDGETED DATA VALUE FROM ACTUAL DATA VALUEAS THE CONCEPT OF VARIANCE STATES THAT IT WOULD BE A FAVOURABLECONDITION IF MORE REVENUE IS BEING MADE THAN WHAT WAS TARGETED AS PERTHE BUDGET. SIMILARILY,THE EXPENSES VARIANCES HAVE BEEN SHOWN AS ADEDUCTION OF ACTUAL DATA VALUE FROM BUDGETED DATA VALUE AS IT WOULDBE A FAVOURABLE CONDITION IF EXPENSES INCURRED IN ACTUALITY IS LESS THANWHAT WAS BUDGETED. Budget variance report for the year ended 30th june (quarter wise)- provided in the excel file.Budget (quater).xlsx
End of preview
Want to access all the pages? Upload your documents or become a member.