Accessing Debt Finance

The provided content consists of various academic articles and books related to finance, entrepreneurship, and innovation. The topics covered include the impact of capital structure on profitability, access to external finance, financing entrepreneurship, and financial resources and corporate reputation. Additionally, there are illustrations of income statements, balance sheets, and cash flow statements for different types of businesses, including sole traders, companies, partnerships, and non-profit organizations.

MANAGING FINANCIAL
RESOURCES AND DECISIONS

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
1.1 Sources of finance for enterprises ........................................................................................3
1.2 Implications of source of finance .........................................................................................3
1.3 Selection of source of finance ..............................................................................................5
TASK 2............................................................................................................................................5
2.2 Importance of financial planning..........................................................................................6
2.3 Types of financial information required by the managers....................................................6
2.4 Explanatory notes on financial statements with reference to finance and cost ....................7
TASK 3............................................................................................................................................7
3.1 Analysis of sales budget and cash flow forecast...................................................................7
3.2 Calculation of breakeven point under different options........................................................9
3.3 Project evaluation techniques..............................................................................................13
TASK 4..........................................................................................................................................15
4.1 Explanation on various terms and accounts........................................................................15
4.2 Format of financial statements for different business ........................................................16
..................................................................................................................................................16
4.3 Ratio analysis......................................................................................................................29
CONCLSUION .............................................................................................................................30
REFERECNES..............................................................................................................................31
INDEX OF TABLES
Table 1: Implications of sources of finance.....................................................................................4
Table 2: Sample income statement..................................................................................................8
Table 3: Sample balance sheet.........................................................................................................8
Table 4: Break even in case of increase in sales price...................................................................11
Table 5: Break even in case of increase or decrease in fixed cost.................................................11
Table 6: Break even in case of increase or decrease in material rates...........................................12
Table 7: Break even in case of increase or decrease in labor rates................................................13
Table 8: Calculation of payback period method............................................................................14
Table 9: Calculation of ARR.........................................................................................................14

Table 10: Calculation of NPV........................................................................................................15
Table 11: Calculation of IRR.........................................................................................................15
Table 12: Ratio analysis.................................................................................................................31
ILLUSTRATION INDEX
Illustration 1: Sole trader income statement..................................................................................17
Illustration 2: Balance sheet of sole trader.....................................................................................18
Illustration 3: Cash flow statement of sole trader..........................................................................19
Illustration 4: Income statement of company.................................................................................22
Illustration 5: Balance sheet of company.......................................................................................23
Illustration 6: Cash flow statement of company............................................................................24
Illustration 7: Income statement of partnership.............................................................................25
Illustration 8: Balance sheet of partnership...................................................................................26
Illustration 9: Cash flow statement for partnership........................................................................27
Illustration 10: Income statement of nonprofit organizations........................................................29
Illustration 11: Balance sheet of nonprofit organizations..............................................................30

INTRODUCTION
Finance plays a vital role in growth of an organization. Thus, it is necessary to look after
various issues related to the finance. In respect to this in report sources of finance are described
and along with this their suitability to business requirements is also defined. At the middle part
of the report, project evaluation techniques are applied and their results are interpreted in proper
manner. Along with this breaks even analysis is also done on the available options and their
interpretation is also done in proper manner. At the end of the report, ratio analysis is done and
company performance is evaluated from various points.
TASK 1
1.1 Sources of finance for enterprises
New and small in size Bank loan- Under this mode of finance loan is taken from banks at fixed or floating
interest rate. Business firms must take a loan at the fixed interest rate and must also make
sure that they are taking an amount of loan that is match to their current financial
condition. Bank overdraft- In order to finance working capital requirements firm can take use a
bank overdraft facility. In return firm will need to pay interest on same (Bougheas, Mizen
and Yalcin, 2006).
Old and large in size Equity- In this mode of finance firm will issue shares by bringing IPO of FPO. Under this
individuals and institution will give capital to the company and will get ownership on
same. At the end of the year firm pay dividend to the shareholders due to their ownership
in the company.
 Debentures- It is an acknowledgment of debt taken by the company. In this mode of
finance firm receive debt from general public and in return it pay interest to the debenture
holders (Abor, 2005).
1.2 Implications of source of finance
Table 1: Implications of sources of finance
Advantages Disadvantages Legal Cost

Bank loan No dilution of
control on firm
If loan is taken at
floating interest
rate then in case
of change in
interest rate
finance cost may
elevate (Haugh,
2005)
The company
needs to mortgage
some assets and
also need to sign
form.
Interest paid on
bank loan is cost
of raising capital
from this source
of finance.
Bank overdraft Working capital
needs are
financed.
Failure to pay
bank overdraft
amount on time
lead to creation of
bad image among
banks.
Needs to do some
paper formalities
and no mortgaged
is required.
Interest paid on
overdraft is cost
of this source of
finance.
Equity Finance cost can
be controlled
easily by the firm
Owners lose
control on the
firm
Need to fulfill
criteria
determined by
stock exchange
for listing. Also
need to submit
some company
documents for
bringing IPO in
the market (De
Bettignies, and
Brander, 2007).
Dividend paid
and share issue
expenses are cost
of raising capital
from this source
of finance.
Debentures No dilution of
control on the
company.
It is compulsory
to pay interest on
time.
In case of failure
to pay interest on
time debenture
holders have right
Interest paid on
debentures is cost
of raising finance.

to sue on the
company
1.3 Selection of source of finance
New business
In this case bank loan will be available to the new businesses because it is not in position
that it can raise capital from equity of venture capitalists. In case of bank loan debt must be taken
at fixed interest rate so that even interest rates get changed firm finance cost remains same.
Large business
In case of large sized firm equity can be used as a source of finance. Because in this
source of finance there will be no fixed finance cost (O’donnell, et.al, 2008). In other words, firm
will be in position to make adjustment in the finance cost in terms of dividend rate and non
dividend payment in specific fiscal year.
Small group of people
Small group of people can join hands to acquire a single company and they can use bank
loan to finance their requirements (Ageba and Amha, 2006). Since, they altogether are eligible to
raise capital form equity. In sane they as a unit cannot issue debentures and due to this reason
bank loan is appropriate for them.
TASK 2
2.1 Cost of different source of finance Bank loan- Interest paid on bank loan are cost of this source of finance. This cost can be
static or flexible. If loan is taken at floating interest rate then cost will be flexible. In
same way of loan taken at fixed rate then it will be said to be static in nature. It is highly
recommend to the firm that loan must be taken at fixed interest rate so that no change
takes place in finance cost of the firm (Allen, F., Qian and Qian, 2005). Bank overdraft- In this case also interest is charged by the bank for the loan taken by the
firm from them. This cost is fixed in nature. Equity- Dividend paid to the shareholders is a cost of raising capital from this source of
finance. It is not necessary to pay dividend every year. Even company earns profit it may

deny from paying dividend to the shareholders. Hence, finance cost is adjustable in case
of equity.
 Debentures- In case of this source of finance also interest is paid by the firm to the
debenture holders. It is fixed finance cost and cannot be altered like can be done in case
of bank loan (Abor and Biekpe, 2006). In case of downturn in economy interest payment
may create heavy burden on the firm.
2.2 Importance of financial planning
Financial planning has a great importance for the business because money is a resource
that is limited available to the firm. On other hand, firm perform lots of activities that required
finance. Hence, this makes it inevitable for the firm to make prudent use of the finance. There are
various categories of activities for which finance is required like investment and finance
activities. In these activities there are many sub activities (Corsatea, Giaccaria. and Arántegui,
2014). By preparing a finance plan firm determine from where it will arrange finance and way in
which it will use funds in all these sub activities; so that they can be performed easily without
any problem. Hence, it can be said that by making this plan funds are allocated among several
activities in legitimate manner and make best possible use of this scarce resource.
2.3 Types of financial information required by the managers
Types of financial information that are required for decision making purpose are as
follows. Income statement- In this statement all information about income and expenses is made
available. By reviewing these statement managers comes to know about expenses where
they make extravagance. Hence, it can be said that this statement helps managers in
identifying areas where they are making a mistake and needs to take immediate action to
rectify mistake (Huggins, 2008). Balance sheet- By analyzing balance sheet managers came to know about the financial
position of the company. By doing this managers also identify various areas where they
gives fabulous and poor performance. Hence, managers form a tactics to convert their
weakness in to strength. In this way, balance sheet gets improved for the next financial
year.
 Cash flow statement- This statement indicate the areas from which cash inflow happen
and domains where these cash flows are incurred by the business (Hyman, 2013). Thus,

analysis of this statement helps firm in formulating its cash management strategy for the
next financial year.
2.4 Explanatory notes on financial statements with reference to finance and cost
In order to finance projects company can takes a bank loan. If it will take a bank loan
then it will also needs to pay interest on same.
Sample income statement
Table 2: Sample income statement
Revenue
Less: cost of goods sold
Gross profit
Expenses
Bank interest
sales and distribution expenses
Office and administrative expenses
Net profit
10000
Table 3: Sample balance sheet
Assets
Fixed assets
Plant and machinery
Building
Current assets
Cash
Liability
Bank loan
Shareholder equity
1000

TASK 3
3.1 Analysis of sales budget and cash flow forecast
To
The directors of ABC manufacturing ltd
Date: 7th December 2015
Following are reasons for fluctuation recommendations for sales and cash flow forecast.
Sales budget- In case of sales budget of ABC manufacturing ltd it has been observed that sales
of the firm is increasing continuously. But it failed to beat expected level of sales that is
revealed by the budget figures. This is a big problem for an organization that it is not able to
achieve expected level of sales every month. Moreover, gap between actual and sales figures
also increase. This second big problem for ABC manufacturing ltd. The main reason behind
increase in gap is that business environment changed suddenly. Due to this reason management
is not able to make accurate anticipation of sales for upcoming month. Strong currency
exchange rate and poor economic conditions of foreign nations is big reason behind slow
growth rate of sales. In order to reduce cash deficit firm needs to abstain from making large
amount of credit sales (El-Gamal, 2006). In case of default of foreign partners burden on the
firm will increase. On other hand, firm need to make efforts to recover debt amount from
debtors. This will increase cash inflow and cash deficit will reduce to large extent. The issue is
that firm is facing problems in making accurate anticipation. In order solve this problem
managers need to analyze economic data and need to correlate demand for the specific product
with mentioned data. By doing this with movement in values of economic data company will
be able to predict likely movement in demand for their product in upcoming month.
Cash flow forecast
From data of cash flow forecast it can be seen that sales of the firm is fluctuating and
mostly is in range of 250 to 300. Sometimes it crosses these limits above or below. Fluctuation
rate is also very high. Same thing is observed in case of deficit and surplus. Lack of consistency
in sales and surplus/ deficit balance is a major problem. This happens because firm failed to
make accurate prediction. Secondly, it does not make any sort of change in its expenses. Even
sales were not in line to expectation from the month of January to June then also its expenses
remain static. Due to this no adjustment happens in cash surplus/ deficit amount and they keep

on fluctuating sharply (Marlow, Patton, 2005). Thus, it is recommended that firm must curtail
its advertisement and other expenses. By doing this fluctuation in cash flows can be reduced to
large extent.
3.2 Calculation of breakeven point under different options
Particular Per unit Amount
Sales 120 900000
-Material cost 52.5 393750
labor cost 35.75 268125
Variable overhead 10.2 76500
Total Variable cost 98.45 738375
Contribution 21.55 161625
-fixed cost 120000
Profits 41625
Contribution per unit (CPU) = 21.55£
Contribution to sales ratio
161625£ / 900000£* 100= 17.96%.
Break-even point ( In units)
Total Fixed Cost/CPU
120000£/21.55£= 5568.45 Units

Break-even point (In £)
5568.45Units *120£
= 668213.46£
Margin of safety (In £)
Total sales - BEP Sales
= 9000000£ - 668213.46£= 231786.54£.
Margin of safety per unit
231786.54£/7500=30.90£
Table 4: Break even in case of increase in sales price
5000 Units 8000 Units 10000 Units
Particular 5£ increase 5£ decrease 5£ increase 5£ decrease 5£ increase 5£ decrease
Sales 625000 575000 1000000 920000 1250000 1150000
-Material cost 262500 262500 420000 420000 525000 525000
labour cost 178750 178750 286000 286000 357500 357500
Variable
overhead 51000 51000 81600 81600 102000 102000
Total
Variable
cost 492250 492250 787600 787600 984500 984500
Contributio
n 132750 82750 212400 132400 265500 165500
-fixed cost 120000 120000 120000 120000 120000 120000
Profits 12750 -37250 92400 12400 145500 45500
Contribution
per unit 26.55 16.55 26.55 16.55 26.55 16.55
BEP 4519.77 7250.75 4519.77 7250.75 4519.77 7250.75
Interpretation
On analysis of data it can be seen that BEP is same in case of all levels of output in
category of increase or decrease in sales price. This happens because with increase in sales

variable cost also increase at same rate. Due to this reason contribution per unit is same for all
level of output but very with change in sales price. It will be better to increase sales price if sales
are increase because in this case cost are recovered by selling less units.
Table 5: Break even in case of increase or decrease in fixed cost
5000 Units 8000 Units 10000 Units
Particular
5000£
increase
5000£
Decrease
5000£
increase
5000£
Decrease
5000£
increase
5000£
Decrease
Sales 600000 600000 960000 960000 1200000 1200000
-Material cost 262500 262500 420000 420000 525000 525000
labour cost 178750 178750 286000 286000 357500 357500
Variable
overhead 51000 51000 81600 81600 102000 102000
Total
Variable
cost 492250 492250 787600 787600 984500 984500
Contributio
n 107750 107750 172400 172400 215500 215500
-fixed cost 125000 115000 125000 115000 125000 115000
Profits -17250 -7250 47400 57400 90500 100500
CPU 21.55 21.55 21.55 21.55 21.55 21.55
BEP 5800.46 5336.42 5800.46 5336.42 5800.46 5336.43
Interpretation
On the table it can be seen that fixed cost is changed on every level of output. Even
though BEP is same on all level of output but very in case of increase and decrease in fixed cost.
This happens because no change is taken place in contribution in all level of output. It will be
better to reduce fixed cost because by doing this firm needs to produce fewer units to cover its
production cost.
Table 6: Break even in case of increase or decrease in material rates
5000 Units 8000 Units 10000 Units
Particular 5£ increase 5£ decrease 5£ increase 5£ decrease 5£ increase 5£ decrease

Sales 600000 600000 960000 960000 1200000 1200000
-Material cost 287500 237500 460000 380000 575000 475000
labour cost 178750 178750 286000 286000 357500 357500
Variable
overhead 51000 51000 81600 81600 102000 102000
Total
Variable
cost 517250 467250 827600 747600 1034500 934500
Contributio
n 82750 132750 132400 212400 165500 265500
-fixed cost 120000 120000 120000 120000 120000 120000
Profits -37250 12750 12400 92400 45500 145500
CPU 16.55 26.55 16.55 26.55 16.55 26.55
BEP 7250.75 4519.77 7250.75 4519.77 7250.75 4519.77
Interpretation
In table it can be seen that material cost get changed even though BEP is same. This
happen because material cost increase in same proportion at the different level of output. Due to
this reason contribution is same on all outputs and only very when increase or decrease happens
in material cost. It will be better to produce goods at low materiel without compromising with its
quality. This is because at few amount of units firm is able to recover its material cost.
Table 7: Break even in case of increase or decrease in labor rates
5000 Units 8000 Units 10000 Units
Particular 5£ increase 5£ decrease 5£ increase 5£ decrease 5£ increase 5£ decrease
Sales 600000 600000 960000 960000 1200000 1200000
-Material cost 262500 262500 420000 420000 525000 525000
labour cost 203750 153750 326000 246000 407500 307500
Variable
overhead 51000 51000 81600 81600 102000 102000
Total
Variable
517250 467250 827600 747600 1034500 934500

cost
Contributio
n 82750 132750 132400 212400 165500 265500
-fixed cost 120000 120000 120000 120000 120000 120000
Profits -37250 12750 12400 92400 45500 145500
CPU 16.55 26.55 16.55 26.55 16.55 26.55
BEP 7250.75 4519.77 7250.75 4519.77 7250.75 4519.77
Interpretation
Like material in case of labor also its proportion to production cost does not changed.
Due to this reason BEP is same on all level of outputs and only very in case of rise or fall in
labor rates. Thus, it is recommended that with decrease in labor rates ABC manufacturing ltd
needs to produce less quantity of output to cover its cost of production.
Selection of proposals
Southwood electricals
Value of order= sales prices*discount percentage
= 120*15%= 18
Actual value per unit after discount = 120-18= 102
Actual value of the order= 500*102= 51000
Westbrook electrical
Value of order= sales prices*discount percentage
= 120*25%= 30
Actual value per unit after discount = 120-30= 90
Actual value of the order= 1000*90= 90000
It will be better to accept both orders. This is because they are new customers and in
order to retain them it is necessary to make good business deals. Thus, if ABC manufacturing ltd
gives discount it will be able to develop long term relationship with the new clients. Hence, both
projects are valuable for the firm in terms of revenue and long term business relationship.

3.3 Project evaluation techniques
To
The directors of ABC manufacturing ltd
Date: 7th December 2015
Application of project evaluation on the firm cash flows.
Payback period method
Table 8: Calculation of payback period method
Project A Project B
Initial investment -450000 -450000
1 180000 -270000 60000 -390000
2 230000 -40000 120000 -270000
3 280000 240000 250000 -20000
4 120000 360000 250000 230000
Interpretation
Pay back period indicate the time period within which project can recover investment
amount (Key logic blog. 2013). From facts it can be seen that project A will recover its
investment amount in two years. Whereas, project B will recover its investment amount in three
years. Hence, it can be said that project A is more viable then project B.
Average rate of return
Table 9: Calculation of ARR
Project A Project B
Initial investment 450000 450000
1 180000 60000
2 230000 120000
3 280000 250000
4 120000 250000
Total 810000 680000
Average 202500 170000
ARR 45.00 37.78

Interpretation
ARR indicate the average return that a project can earn on the investment. ARR of
Project A is much higher than project B. Due to this reason project A is assumed more viable
then project B.
Net present value method
Table 10: Calculation of NPV
Project A Pv @6% Present value Project B PV @6%
Present
value
Initial
investment 450000 450000
1 180000 0.943 169740 60000 0.943 56580
2 230000 0.89 204700 120000 0.890 106800
3 280000 0.839 234920 250000 0.839 209750.0
4 120000 0.792 95040 250000 0.792 198000.0
Total 704400 571130
NPV 254400 121130
Interpretation
IRR reflects actual return that a project can earn on the invested amount (What are some
methods for project evaluation. 2015). IRR of the both projects are positive and that of project
A is higher than project B. On this basis former project is assumed more viable then latter
project.
Internal rate of return method
Table 11: Calculation of IRR
Project A Project B
Initial investment -450000 -450000
1 180000 60000
2 230000 120000
3 280000 250000
4 120000 250000
IRR 29.20% 15.02%

Interpretation
IRR indicate the actual return that a project can earn on the investment if made on the
specific project. IRR of project A is much higher than project B. Due to this reason former
project is consider more viable then latter project.
TASK 4
4.1 Explanation on various terms and accounts Debit- Debit refers to the values that are recorded on the left side of journal. This refers to
expenses and assets that are shown in the income statement and balance sheet. Credit- It refers to the values that are shown in right side of journal. In credit side all
incomes and liabilities are shown that are shown in income statement and balance sheet. Ledger- It is a type of account whose main purpose is to show all transactions related to
special thing or entity in one account (Duchin, Ozbas, and Sensoy, 2010). For example all
cash related transactions will be shown in the cash account. Trial balance- In this statement whose main purpose is to show all things that are
recorded in the ledger account are shown at an aggregate value. Further, all values of trial
balance are shown in income statement and balance sheet. Income statement- The main purpose of this statement is to provide information about
income and expenses related to the business. It used to take cost control related decisions
of business. Balance sheet- The main purpose of this statement is to identify financial position of the
company. It is used to doe ratio analysis by using which firm performance is measured
from various angels (Chung and AitSahlia, 2012).
 Cash flow statement- The main purpose of preparing this statement is to identify sources
from which revenue is generated and places where cash inflows are incurred. It is used to
prepare a cash management strategy of business.

4.2 Format of financial statements for different business
Illustration 1: Sole trader income statement
(Source: Siano and Confetto, 2010)

Illustration 2: Balance sheet of sole trader
(Source: Soni and Vohra, 2014)

Illustration 3: Cash flow statement of sole trader
(Source Srinivasan, 2012)

Company
Illustration 4: Income statement of company
(Source: Tauringana and Afrifa, 2013)

Illustration 5: Balance sheet of company
(Source: Vance, 2002)

Partnership
Illustration 6: Cash flow statement of company
(Source: Way and Jeanine Meyers, 2013)

Illustration 7: Income statement of partnership
(Source: Tauringana, and Afrifa, 2013)

Illustration 8: Balance sheet of partnership
(Source: Vance, 2002)

(Source: Way and Jeanine Meyers, 2013)
Illustration 9: Cash flow statement for partnership

Non profit making
Illustration 10: Income statement of nonprofit organizations
(Source: Siano and Confetto, 2010)

Interpretation Income statement- This statement is very simple in case of sole trader. But for company,
partnership and nonprofit organizations format is different. This is because nature of
operations are different in all these are different from each other (Keller, 2013).
Illustration 11: Balance sheet of non profit organizations
(Source: Soni and Vohra, 2014)

 Balance sheet- In case of sole trader format is simple. But in case of company all things
are shown in standard manner. In case of partnership format is different and all assets and
liabilities are shared among partners at the end. In case of nonprofit organizations only
current assets and liabilities are shown and there are no fixed assets in statement. Apart
from this all things are arranged in legitimate manner in case of nonprofit organizations.
 Cash flow statement – There is no cash flow statement of nonprofit organizations. On
other hand, same statement of the company provides lots of information then statements
of partners and sole trader (Lascu and et.al, 2013). Otherwise, this statement show same
thing in case of all business entities.
4.3 Ratio analysis
Table 12: Ratio analysis
1995 1996
Current assets 20000 54000
Current liabilities 6000 25000
Current ratio 3.3 2.16
Quick assets 13000 36000
Current liabilities 6000 25000
Quick ratio 2.1666666667 1.44
Gross profit 40000 50000
sales 120000 200000
Gross profit ratio 33.33% 25.00%
Net profit 30000 35000
sales 120000 200000
Net profit ratio 25.00% 17.50%
Stock 7000 18000
sales 120000 200000
Stock turnover ratio 0.06 0.09

Interpretation Current ratio- Current ratio of firm is above in both years and this indicates that firm has
substantial amount of current assets to pay current liabilities on time. This ratio decline
and this reflects that assets are not kept idle (Financial Ratio Analysis. 2012). Means that
assets are used to make productive use. Quick assets- It is like current ratio and in this ratio stock is not include in calculation.
This ratio indicates after excluding stock also firm has sufficient amount of current assets
to pay current liabilities on time. Gross profit ratio- Firm gross profit ratio is declining and it indicate that firm is not able
to control its direct expenses. It needs to pay attention on this issue. Net profit ratio- Here also trend goes down due to elevation in expenses. Hence, firm
needs to formulate cost control strategy to control cost (Current ratio, liquidity ratio,
working capital ratio. 2013).
 Stock turnover ratio- This ratio indicates number of times stock turned over to generate
sales. This ratio increase means that firm stock is sold very quickly. Hence, storage cost
of the goods is very low.
CONCLSUION
On the basis of above discussion it is concluded that firms must carefully select any
source of finance. They must abstain from taking loan at floating interest rate. Project plays an
important role in growth of an organization and they must not be selected anomaly by the
managers. In this regard project evaluation techniques must be applied by the firm. Time to time
firms must do ratio analysis in order to measure company performance from various angels. By
doing these weak points can be identified easily and strategy can be formulated to convert
weakness in to strength.

REFERECNES
Books & journals
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