Answer Posted / Sandeep Kumar Tripathi
The budgeting procedure is a systematic process used by organizations to plan, manage, and allocate financial resources effectively. The following are the common steps involved in the budgeting process:n
1. **Establish Budget Objectives**: Determine the goals and priorities for the budget period.
2. **Analyze Historical Data**: Review past financial data to assess trends and forecast future revenues and expenses.
3. **Prepare Forecasts**: Develop estimates of expected revenues and expenses based on analysis, assumptions, and projections.
4. **Develop Budget Proposals**: Prepare detailed budget proposals for each department or function that outline estimated costs and sources of funds.
5. **Review and Approve Budgets**: Review the proposed budgets at various levels of management and obtain final approval from senior management or the board of directors.
6. **Implement and Monitor Budget**: Execute the approved budget by making necessary allocations and disbursements, and monitor performance throughout the budget period.
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. Revti industries has a factory at lonavala and two branches at vapi and silvase. The goods produced at factory are dispatched to the branches. The goods are produced at cost of 170 per unit. The transport cost to vapi is 35 per unit and to silvase are 30 per unit profit @ 20% on cost is added during March 2015, quantity manufactured was 25000 unit. out of this 7500 units were sent to vapi and 6500 unit were sent to silvase the sales during month were. A. lonavala -9000 unit to local customer lonavala 2000 unit to overseas buyer b. vapi -6500 unit to local customer c. silvase -5500 unit to local customer in addition 500 units were captively consumed calculate excise duty payable @ 12.36 %
