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(Solved) You are the manager of ABC Restaurant and you have been asked to prepare a budget for the 2017 financial year.


You are the manager of ABC Restaurant and you have been asked to prepare a budget for the 2017 financial year. The organisation requirements are that a budget is prepared each year showing the last year budget and results in the report. You have been supplied with the actual results for 2015 and 2016 and the budgets for these years. You are to prepare a budget using the excel spreadsheet provided BSBFIM601 Excel spreadsheet Part C.xlsx. After completion of the budget you are to document and discuss any problems you have discovered with the income and expenses of the business and advise on any corrections that you might think advisable.

The management have made the following estimations for the 2017 financial year;

  • Increase in sales of takeaways of 5%
  • Increase in eat in meals of 5%
  • Increase in alcohol sales by 10%
  • Additional 20% is to be spent on an advertising campaign to increase sales of eat in meals
  • Expected increase on wage cost due to changes in the award of 2.7%

Cost of goods sold will increase at the same rate as the increase in sales income

All other expenses will have an annual increase of 3% except for rent which will remain the same

Account

2015 Budget

2015 Actual

2016 Budget

2016 Actual

Revenue

Takeaway meals

             55,000

             55,000

             35,000

             36,000

Eat in meals

             25,000

             10,000

             24,000

             25,000

Coffee

               9,500

             10,000

               9,000

               9,500

Alcohol

             15,000

             16,000

             15,000

             16,000

          104,500

             91,000

             83,000

             86,500

Cost of Goods Sold

Food

             30,000

             15,000

             27,000

             30,000

Coffee

               2,500

               3,000

                   600

               2,000

Alcohol

               5,550

               4,550

               4,500

               5,000

             38,050

             22,550

             32,100

             37,000

Gross Profit / Loss

             66,450

             68,450

             50,900

             49,500

Expenses

Accountancy

               1,000

               1,000

                   800

                   800

Advertising

               1,000

               1,200

               1,000

                   900

Electricity & Gas

               2,400

               2,500

               2,300

               2,650

Printing & Stationary

               1,200

               1,000

                   500

                   600

Rent

             12,000

             13,000

             12,000

             12,000

Repairs & Maintenance

                   600

                   500

                   800

                   700

Restaurant supplies

               5,500

               6,000

                   500

               5,500

Wages

             20,000

             19,000

             18,000

             19,000

             43,700

             44,200

             35,900

             31,350

Net Profit / Loss

             22,750

             24,250

             15,000

               18,150

Question 2:

Upon completion of the budget you have been made aware of a further increase of 5% of eat in meals. You are required to adjust your budget accordingly.

 


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