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Term Project
ACT 202 Section 11 Semester - Summer 2012
Submitted To : RakibulHasan (Rkb)
Submitted By: GirirajSaha Id 113026703 1130267030 0 M MNasir Id 1110414030 MushfiqurRahmanFarazi MushfiqurRahmanFa razi Id 1130007030
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A Master Budget for a manufacturing local store (Dokan)
Fuchka Vendors
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Acknowledgement
First and for most we would like to pass our heartfelt thanks to the Almighty God for giving us the strength and encouragement to do the overall assignment. Secondly, we are gratefully acknowledging our course teacher Mr. RakibulHasan for his comments, feedback, direction, encouragement, support and guidance throughout the study. Without his help, our assignment would have not been conducted in time and in proper procedure. All the information collected for this assignment was accumulated from the interviews conducted condu cted by the group members, text books and the internet. We thank the Vendor for His valuable time and helping us providing the required information and queries. Last but not the least, this work of assignment would not be completed without the studies, provided by the lecturers of North South S outh University (NSU). Team Members: GirirajSaha Id 1130267030 M MNasir Id 1110414030 MushfiqurRahmanFarazi Id 1130007030
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Letter of Transmittal RakibulHasan (Rkb) ACT202 School of Business North South University
Subject: Submission of the assignment on “A Master Budget for a manufacturing local store (Dokan)” Sir, We submit here the assignment of our Group which you have asked for and assigned us to prepare by following the established layout of a formal project. With a view to accomplishing the
partial requirement of o f the course „ACT202‟for the semester we are submitting this report to you on 6th August, 2012.
It‟s a great pleasure for us to have the opportunity to prepare this Project on “A Master Budget for a manufacturing local store (Dokan)”. It has been a great experience for us to work with such a topic. In our report we tried to fulfil the requirements provided by your guidelines. We tried our maximum to make it interesting but at the same time a presentable report. Thank you for your sincere & honest efforts to make us familiar with the terms & facts of
“ACT202” which helped us prepare the paper a successful one. Our efforts will be valued, if this project can serve for what it‟s been meant for & our assistance will will be there for any queries. Sincerely yours, Team Members: M MNasir GirirajSaha MushfiqurRahmanFarazi
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Table Of Contents SL.No Topic
Page
01
COVER PAGE
01
02
TITLE PAGE
02
03
ACKNOWLEDGEMENT
03
04
LETTER OF TRANSMITTAL TRANSMITTAL
04
05
EXECUTIVE SUMMARY
06
06
SALES BUDGET; EXPECTED CASH COLLECTION
07
07
PRODUCTION BUDGET; OPERATING EXPENSE BUDGET
08
08
DIRECT MATERIALS BUDGET; CASH DISBURSEMENT DISBURSEMENT FOR DIRECT MATERIAS PURCHASE
09
09
CASH BUDGET; INCOME STATEMENT
10
10
BALANCE SHEET
11
11
REFERENCE
12
6
Executive Summary
Bangladesh is a land of cultural heritages and ceremonies so our Bengali calendar is enriched with ceremonies and festivals. People in Bangladesh love to roam around and eat while they gossip around with friends during these festivals. One of the most popular street foods is Fuchka and people loves to eat it while they hang around with friends, family or with a date. The street food industry has an important role in the cities and towns of many developing countries in meeting the food demands of the urban dwellers. It feeds millions of people daily with a wide variety of foods that is relatively cheap and easily accessible. It also generates employment to a
significant group in the city‟s informal sector. Most of the food vend ors are illiterate and cannot write their names and have no formal education. As street food business requires low investment, most of the vendors own the business. We interviewed a local Fuchka street vendor who lives in Rayer Bazar and sells roaming around in a van in Dhanmondi. He usually doesn‟t keep records of all his costs, he only maintains how much he has spend on a day and how much cash at the end of the day he has received. So we tried our best to gain as much details as possible from him and prepared this master budget. He works for 13-18 hours a day and his daily average net income was up to TK. 904.00 as per our master budget plan.
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SALES BUDGET QUARTER
.
1
2
3
4
YEAR
Budgeted sales
3000
2500
3500
2000
11000
Selling price/unit (tk)
30
30
30
30
30
Total sales (tk)
90000
75000
105000
Percentage of sales collected in the period of the sale 95%
Percentage of sales collected in the period after the sale 3%
Percentage of sales uncollected 2%
60000
330000
EXPECTED CASH COLLECTION QUARTER 1 BEGINNING BALANCE ST
1 QUARTER COLLECTION
RD
3
85500
2700
71250
88200
2250
99750
4TH QUARTER COLLECTION 87450
YEAR 1950
QUARTER COLLECTION
TOTAL CASH COLLECTION
4
1950
2ND QUARTER COLLECTION 3
2
.
73950
102000
73500
3150
102900
57000
57000
60150
323550
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PRODUCTION BUDGET QUARTER
.
1
2
3
4
YEAR
3000
2500
3500
2000
11000
INV. OF FINISHED GOOD
0
0
0
0
0
TOTAL NEED
3000
2500
3500
2000
11000
OF FINISHED GOOD
0
0
0
0
0
REQUIRED PRODUCTION
3000
2500
3500
2000
11000
BUDGETED SALES Add: DESIRED ENDING
Less: BEGINNING INV.
OPERATING EXPENSE BUDGET QUARTER 1 BUDGETED SALES
2
.
3
4
YEAR
3000
2500
3500
2000
11000
EXPENSE PER UNIT
9
9
9
9
9
TOTAL VARIABLE EXPENSE
27000
22500
31500
18000
99000
DEPRICIATION
3000
3000
3000
3000
12000
TOTAL EXPENSE
30000
25500
34500
21000
111000
Less: DEPRICIATION
3000
3000
3000
3000
3000
CASH DISBURSEMENTS
27000
22500
31500
18000
99000
VARIABLE SELLING
FIXED EXPENSE:
FOR OPERATING EXPENSE
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DIRECT MATERIALS BUDGET QUARTER 1 REQUIRED PRODUCTION
2
.
3
4
YEAR
3000
2500
3500
2000
11000
0.2
0.2
0.2
0.2
0.2
600
500
700
400
2200
INV. OF RAW MATERIALS
50
70
40
50
50
TOTAL NEEDS
650
570
740
450
2250
OF RAW MATERIALS
60
50
70
40
60
RAW MATERIALS TO BE
590
520
670
410
2190
PER KG (AVERAGE)
85
85
85
85
85
COST OF RAW MATERIALS
50150
44200
56950
34850
186150
RAW MATERIALS NEEDED (KG) PRODUCTION NEEDS (KG) Add: DESIRED ENDING
Less: BEGINNING INV.
PURCHASED COST OF RAW MATERIALS
TO BE PURCHASED EXPECTED CASH DISBURSEMENTS FOR MATERIALS BEGINNING BALANCE ST
1 QUARTER
28500
25075
2ND QUARTER 3
RD
28500
25075
22100
QUARTER
50150
22100
28475
4TH QUARTER TOTAL CASH
53575
47175
50575
44200
28475
56950
17425
17425
45900
197225
DISBURSEMENT
50% PAID IN THE QUARTER OF PURCHASE AND RESTS ON THE FOLLOWING QUARTER.
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CASH BUDGET QUARTER 1 BEGINNING CASH
2
.
3
4
YEAR
5000
9875
14150
30650
5000
EXP CASH COLLECTION
87450
73950
102000
60150
321600
TOTAL CASH AVAILABLE
92450
83825
116150
90800
326600
DIRECT MATERIAL
53575
47175
50575
45900
197225
OPERATING EXPENSE
27000
22500
31500
18000
99000
EQUIPMENT PURCHASE
2000
0
3425
5000
10425
TOTAL DISBURSEMENT
82575
69675
85500
68900
306650
CASH SURPLUS
9875
14150
30650
21900
19950
LOAN/BORROWING
0
0
0
0
0
ENDING CASH BALANCE
9875
14150
30650
21900
19950
BALANCE
Less:CASH DISBURSEMENT
INCOME STATEMENT FOR THE YEAR ENDED 31 ST DECEMBER 2012
SALES REVENUE
330000
Less: COST OF GOODS SOLD (85 X 0.2 X 11000)
187000
GROSS MARGIN
143000
Less: OPERATING EXPENSE
111000
NET INCOME
32000
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BUDGETED BALANCE SHEET DECEMBER 31, 2012
ASSETS CURRENT ASSETS: CASH ACCOUNT RECEIVABLE RAW METARIAL INVENTORY (85 X 50) TOTAL CURRENT ASSETS
19950 1800 4250 26000
PLANT AND EQIPMENT: CARRIAGE
20000
EQIPMENT (PLATES & SPOONS)
5000
PLANT AND EQIPMENT, NET
25000
TOTAL ASSETS
51000
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES: LIABILITIES: ACCOUNTS PAYABLE (RAW METARIAL) LOAN TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
