Manage Finances - Houzit Pty Ltd

Added on - 22 Jul 2020

  • 11

    pages

  • 3072

    words

  • 4

    views

  • 0

    downloads

Showing pages 1 to 4 of 11 pages
MANAGE FINANCES
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1PART 1............................................................................................................................................11.A.........................................................................................................................................11. Budgets are based on the organisational policies and procedures.................................31.B.........................................................................................................................................4PART 2............................................................................................................................................41.............................................................................................................................................42.............................................................................................................................................63.............................................................................................................................................64.............................................................................................................................................65.............................................................................................................................................76.............................................................................................................................................77.............................................................................................................................................78.............................................................................................................................................7CONCLUSION................................................................................................................................8REFERENCES................................................................................................................................9
INTRODUCTIONFinance is the requirement in each business sector in context investing in new plans orthe daily operating activities in the premises. Hence, in the present report there will be discussionbased on budgeting tools used by Houzit Pty Ltd. Thus, there will be statements related with thesales and profit budgets, GST cash budgets as well as the Aged Debtors Budget analysis whichrepresent financial ability of the firm in each quarters for the period of 2011-2012. However, onthe other side there will be discussion based various corporate legislature used in preparing thebudgets for such entity such as Corporate tax Act which will be implemented over thepreparation of such budgets.PART 11.ASales and Profit Budget:Profit Budget2011/12($)Quarter 1($)Quarter 2($)Quarter 3($)Quarter 4($)RevenuesSales157141083142822377138640856684714232COGS88878992221974.752221974.752221974.752221974.75GP6845065.92920847.251549411.251863693.252492257.25GP%43.56%29.30%41.08%45.62%52.87%ExpendituresAccounting fees100002500250025002500Interest Expenses8450821127211272112721127Bank charges1600400400400400Depreciation17000042500425004250042500Insurance128753218.753218.753218.753218.75Store supplies3500875875875875Advertising350000200000500005000050000Cleaning6921.61730173017301730Repairs and Maintenance11865629664296642966429664Rent2538950634737.5634737.5634737.5634737.5Telephone27686.46922692269226922Electricity Expenses4944012360123601236012360Luxury car Tax40166.410041.610041.610041.610041.6Fringe Benefit Tax280007000700070007000Superannuation359078897708977089770897701
Wages and Salaries3989760997440997440997440997440Payroll Tax18951447378473784737847378Worker's Compensation7979519949199491994919949Total Expenses80604512127613197761319776131977613Net profit before tax-1215384.68-1206765.4-428201.4-113919.4514644.6Income tax839585.583419.13202600.9239691.8313873.6Net Profit-2054970.18-1290184.53-630802.3-353611.2200771Interpretation:By considering the above listed table based on Sale and purchase budgetfor 2011-12 which provides informations related to each quarters in the year. Hence, the totalsales for thee year by considering all the quarters are amounted at $15714108. COGS can bemeasured as per the adjustments of the business plan provide by Houzit Pty Ltd which statesthat, it will be inverse of the changes incurred in GP. Hence, GP is reducing 1% for such periodthen it can be said that the cogs of the product will be increasing 1%. There will be income taxeslevied over the income generated by the organisation in each quarter at 30% of the corporate tax.Hence, after reducing the taxes form the income generated by the organisation in each quarter thenet profit has been obtained by the 4thquarter is for $200771.GST CASH FLOW BUDGETCOGS2011/12($)Q1($)Q2($)Q3($)Q4($)Accounting fees100002500250025002500insurance128753218.753218.753218.753218.75store supplies3500875875875875advertising350000200000500005000050000cleaning6921.61730.41730.41730.41730.4repairs and maintenance11865629664296642966429664rent2538950634737.5634737.5634737.5634737.5telephone27686.46921.66921.66921.66921.6electricity expense4944012360123601236012360car9746624366.524366.524366.524366.53215495916373.75766373.75766373.75766373.75GST Collected15714112
desklib-logo
You’re reading a preview
card-image

To View Complete Document

Become a Desklib Library Member.
Subscribe to our plans

Download This Document