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what is budgeting and steps required to configure this.
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Answer / dattatraya
Budgeting refers to the planning.
Normally for the following reason budgeting is need in the
business for:-
1. Purchase new assets
2. Selling old assets and purchasing new assets
3. Choosing better option whether to purchase assets
directly or to take the smae on lease.
4. choosing better option whether repair the old assets or
sale the old assets and purchase the new one.
5. Choosing better opting in which area new business to be
set up. It consist of comparision between two or more
option by facility wise, transportaion wise, avaliability
of tranportation wise, government subsidies, government
discount is taxation(i.e. zeo tax where business set up in
SEZ).
6.
| Is This Answer Correct ? | 6 Yes | 1 No |
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Trial balance as on 31st March, 2014 Particulars Debit Pula Particulars Credit Pula Wages 14 100 Dividends received 4 300 Salaries 13 000 Bank overdraft 41 000 Opening Stock 40 000 Returns 1 000 Machinery 49 000 Creditors 14 200 Investments 30 700 Sales 258 500 Drawings 23 000 Capital 30 000 Purchases 130 000 Returns 2 000 Debtors 18 000 Advertising 13 400 Interest 4 800 Cash 11 000 349 000 ======= 349 000 ======== Additional information: 1. Closing stock is valued at P53 000. 2. Wages include P350 being advance against wages. 3. Wages include P1 000 paid for erection of machinery. 4. A purchase of stationery for P430 has been inadvertently included in the Purchases account. 5. A sale of investments with a book value of P2 600 for P2 500 has been included in the Sales Account. 6. Salaries include P150 per month paid to the proprietor’s domestic servant. 7. Machinery is to be depreciated by 10 per cent. Required: a. The revenue statement (Trading and Profit and Loss Account) for the year ended 31st March 2014 and b. Statement of financial position (Balance Sheet) as on 31st March, 2014.
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