I already do some part but my Financial position is not balance yet. Can you please help me to make the financial position balance and check which one is wrong so that my financial position is not balance.
AutoSave . OFF May2020Q - Saved to my Mac v Q Home Insert Draw Design Layout References Mailings Review View Table Design Layout Tell me Share Comments Calibri (Bo... ~ 11 A A Aa Ap AaBbCcDdEe AaBbCcDdEe AaBbCcDc AaBbCcDdE: AaBb AaBbCcDdE Paste BI Uvab X x A LA Normal No Spacing Heading 1 Heading 2 Title Subtitle Styles Dictate Sensitivity Pane 17 18 GROUP ASSIGNMENT QUESTION 2 Birkinsjaya Son. Bhd. is preparing budgets for the quarter ending September 30. Related information is shown as below: 1. Budgeted sales for the next few months are: Month Units May 15,000 June 20,000 July 30,000 August 40,000 September 50,000 October 35,000 November 25,000 2. The selling price is RM12 per unit. 3. All sales are on credit and the collection methods are: i. 50% collected in the month of sales ii. 30% collected in the month following sales ii. 20% collected in two month following sales 4. The management at Birkinsjaya Son. Bhd. determines the ending inventory in units to be equal to 20% of the following month's budgeted sales. 5. To produce one unit of output, 2 kilograms of direct material are needed. 6. Birkinsjaya decides to have direct materials on hand at 10,000 kilograms every month 7. Cost of direct material is estimated at RM1.50 per kg. Page 3 of 4 775 words English (United Kingdom) E Focus E + 173%AutoSave . OFF May2020Q - Saved to my Mac v Home Insert Draw Design Layout References Mailings Review w ? Tell me Share Comments Calibri 10,5 " A" A Aa Ap EV EVEVEE AaBbCcDdEe AaBbCcDdEe AaBbCcDc AaBbCcDdE AaBb AaBbCcDdE Paste BIUvab x x A LA Normal No Spacing Heading 1 Heading 2 Title Subtitle Styles Dictate Sensitivity Pane YES 8 0 9122 1 15 1 14 1 15 1 16 617 18 8. The payment of direct materials is below: i. 50% purchases is paid in the month of purchase ii. 50% purchases is paid in the following month of purchase 9. To produce one unit of output, 0.1 hours of direct labour are required. 10. Birkinsjaya pays RM8 per hour to its direct labour. 11. All wages are paid at the end of the month. 12. Manufacturing is divided into variable and fixed overhead. 13. Variable overhead is applied to each unit of output based on direct labour hours. 14. The variable overhead rate is RM10 per direct labour hour. 15. Fixed overhead is estimated at RM40,000 per month. In rodine finished . suial dimeat labour Page 3 of 4 775 words English (United Kingdom) Focus E + 173%AutoSave . OFF May2020Q - Saved to my Mac v Home Insert Draw Design Layout References Mailings Review w ? Tell me Share Comments Calibri 10,5 ~ A" A Aa Ap REEVEVEE AaBbCcDdEe AaBbCcDdEe AaBbCcDc AaBbCcDdE: AaBb( AaBbCcDdE Paste BIUvab X x A LA Normal No Spacing Heading 1 Heading 2 Title Subtitle Styles Dictate Sensitivity Pane 2 1 1 1 16. Ending finished goods inventory is made up from direct material, direct labour and manufacturing overhead. 17. Cost of Goods Sold is computed based on the unit production cost of RM5.79 per unit. 18. Selling and administrative cost is divided into variable and fixed components. 19. Variable selling and administrative cost is estimated at RM1.50 per unit sold. 20. Fixed selling and administrative cost is estimated at RM50,000 per month, where RM5,000 is the depreciation and it is not a cash expense. 21. Birkinsjaya has the following cash policy : i. Minimum cash balance of RM50,000 is required for every month. ii. Any deficiency of cash will be covered by loans with repayment in the following month. iii. The interest on loan is charged at 15% per year. iv. Purchased an equipment in August totalling RM150,000. v. Cash balance on 1 July is RM55,000. 22. Birkinsjaya's account balances are as follows: RM Property 458,047.50 Equipment 150,200 (net) Ordinary Shares 500,000 Retained earnings 335,777.50 Required: To prepare the master budget (sales budget up to budgeted Statement of Financial Position) for Birkinsjaya Son. Bhd. for July, August and September. (Total Marks: 40 Marks) Page 4 of 4 775 words English (United Kingdom) Focus + 173%AutoSave . OFF MA Assignment Home Insert Draw Page Layout Formulas Data Review View Tell me Share Comments Arial 10 AA ag Wrap Text v Number Insert v Ex Delete ZAY- O. Paste BIU BY OvAv E Merge & Center v ~ % " Conditional Format Cell Format v Sort & Find & Ideas Sensitivity Formatting as Table Styles Filter Select B114 X V fx 61200 B C D E F G H K L M N Schedule 1 : Sales Budget May June July August September Octobe November Sales Unit 5000 20000 30000 40000 5000 500 2500 Selling Price (RM) 12 12 12 12 12 12 12 Total Sales (RM) 18000 240000 360000 480000 60000 420000 300000 Schedule 2 : Credit Sales 8 May July September 9 May (50% x 180000) 90000 July (50%x360000) 180000 September (50%x600000) 300000 10 June (30% x 180000) 54000 August (30%x360000) 0800 October (30%x600000 18000 1 July (20% x 180000) 36000 September (20%x360000) 72000 November (20%x600000) 12000 12 13 August October June (50%x240000) 120000 August (50%x480000) 240000 October (50%x420000) 210000 15 July (30%x240000) 72000 September (30%x480000) 14400 November (30%x420000) 26000 16 August (20%x240000) 48000 October (20%x480000) 96000 December (20%x420000) 84000 17 18 Schedule 3 : Annual Production Budget 19 Month June July August September 20 Units to be sold 20000 30000 40000 50000 21 Planned Closing Stock (20% x unit in the following month) 5000 8000 10000 7000 22 Total units required for sales and stock 26000 38000 50000 57000 23 Less Planned Opening Stock (20% x unit in the month) 4000 6000 8000 .0000 24 Units to be produced 22000 32000 42000 47000 25 26 Schedule 4 : Annual Direct Material Usage Budget 27 Month Units OM rec Unit Price Total (RM) 28 July 32000 64000 1,5 96000 29 August 42000 84000 1,5 126000 30 September 47000 94000 1.5 14100 31 363000 32 83 Schedule 5 : Direct Material Purchases Budget (raw material) 34 Month July August September Total 35 Quantity needed to meet production requirements as per 36 material usage budget 64000 84000 94000 242000 Planned closing stock 10000 10000 10000 30000 38 Total needs 7400 34000 104000 272000 39 Less Planned Opening Stock 1000 10000 10000 30000 40 Total units to be purchased 64000 84000 94000 242000 41 Planned unit purchase price (RM) 1,5 1,5 1,5 1,5 42 Total purchases (RM) 96000 126000 141000 363000 43 44 Schedule 6 : Cash Disbursements-Direct Material Sheet1 PnL + - + 106%AutoSave . OFF 1 MA Assignment Home Insert Draw Page Layout Formulas Data Review View Tell me Share Comments Arial 10 AA ae Wrap Text v General Insert v Ex Delete Ex AY- O. Paste BIU E E Merge & Center v ~ % " Conditional Format Cell Sort & Find & Ideas Sensitivity Formatting as Table Styles Format v Filter Select 121 + X V fx B C D E F G H K L M N 43 44 Schedule 6 : Cash Disbursements-Direct Material 45 June August 46 June (50% x 44000 33000 August (50% x 84000) 63000 47 July (50% x 44000) 33000 September (50% x 84000) 63000 48 49 July September 50 July (50% x 64000) 48000 September (50% x 94000) 70500 51 August (50% x 64000) 48000 October (50% x 94000) 70500 52 53 Schedule 7 : Annual Direct Labour Budget 54 Month July August September Total 55 Budgeted Production (uts) 32000 42000 47000 121000 56 Hours per unit 0,1 0,1 0,1 0,1 57 Total budgeted hours 3200 4200 4700 12100 58 Budgeted wage rate per hour (RM) 8 8 8 59 Total wages (RM) 25600 33600 37600 96800 60 61 Schedule 8 : Annual Factory Overhead 62 Month July August September Total 63 Production Budget 2000 42000 7000 21000 64 For 1 Unit labour 0,1 0,1 0,1 0,1 65 Direct Labour hour 320 420 4700 12100 66 Rate per variable o/h (RM) 10 10 10 10 67 Variable Overhead (RM) 32000 4200 47000 121000 68 Fixed Overhead (RM) 40000 40000 40000 40000 69 Tota 2000 32000 37000 161000 70 Budgeted Department o/h (RM) 2,25 1,95 1,85 71 72 Schedule 9 : Annual Selling and Administration Budget 73 July August September 74 Month (RM) (RM) (RM) 75 Fixed 15000 1500 5000 76 Variable 45000 60000 75000 17 Total 90000 105000 20000 78 79 Schedule 10 : Annual Department Operating Budget 80 August September 81 (RM) RM) (RM) 82 Direct Labour 25600 33600 37600 83 Direct Material 96000 126000 141000 84 Controllable Variable : 85 Variable Oberhead 32000 42000 47000 86 Uncontrolable Overhead : (depreciation masukin apa kaga ya) 87 Fixed Overhead 40000 40000 40000 88 193600 241600 265600 89 Sheet1 PnL + - + 106%AutoSave OFF MA Assignment Home Insert Draw Page Layout Formulas Data Review View Tell me Share Comments Arial 10 AA ae Wrap Text v General Insert v Ex Delete Paste BIUVE E Merge & Center v ~ % " Conditional Format Cell Sort & Find & Ideas Sensitivity Formatting as Table Styles Format v Filter Select G86 4 X V fx B C D E F G H K L M N 89 90 Schedule 11 : Cash Budget 91 Juh August September Total 92 (RM) RM) RM) (RM) 93 Opening Balance 65000 7440 50000 55000 94 Add Credit Sales 28800 39600 516000 200000 95 Total cash available 343000 470400 566000 255000 96 Less : Total cash disbursements 97 For direct materia 81000 11 1000 133500 325500 98 For direct labour 25600 33600 37600 96800 99 For variable overhead 32000 42000 47000 12100 100 For fixed overhead DOOO 40000 40000 120000 101 For variable selling and administrative 500 60000 75000 18000 102 For fixed selling and admonishrative 5000 45000 45000 135000 103 For purchase of equipment 150000 150000 104 Total cash disbursement 268600 48160 378100 1 128300 105 Excess / (Deficiency) of cash available 74400 -11200 187900 126700 106 Financing 0 107 Borrowing 61200 61200 108 Repayment -61200 61200 109 Interest Expense -1530 -1530 110 Total Financing 0 61200 .62730 -1530 111 Ending cash balance 74400 50000 125170 125170 112 113 Calculation 114 Borrowing on August (50,000-(-11,200)) 61.200 115 116 117 118 Schedule 12 : Finished Good Unit Cost 119 COGS 5,79 120 121 Schedule 13 : 122 Budgeted Profit or Loss Account for the year ending 123 RM RM 124 Sales 1440000 125 Opening stock of raw material 0 (we are not sure) 126 Purchases 36300 127 363000 128 Less : Closing stock of raw material 4500 129 Cost of raw Material consumed 318000 130 Direct Labour 9680 131 Factory Overhead 61000 132 Total manufacturing cost 575800 133 Add : Opening stock of finished Good 0 134 Less: Closing stock of finished good 144750 135 Cost of sales 431050 Sheet1 PnL + - + 106%AutoSave OFF MA Assignment Home Insert Draw Page Layout Formulas Data Review View Tell me Share Comments Arial 10 AA = ab Wrap Text v General Insert v Ex Delete Ex AY- O. Paste BIU E E Merge & Center v ~ % " Conditional Format Cell Format v Sort & Find & Ideas Sensitivity Formatting as Table Styles Filter Select 1119 + X V fx B C D E F G H I K L M N 117 118 Schedule 12 : Finished Good Unit Cost 119 COGS 5,79 120 121 Schedule 13 : 122 Budgeted Profit or Loss Account for the year ending 123 RM RM 124 Sales 1440000 125 Opening stock of raw material 0 (we are not sure) 126 Purchases 363000 127 363000 128 Less : Closing stock of raw material 45000 129 Cost of raw Material consumed 1800 130 Direct Labour 9680 131 Factory Overhead 16100 132 Total manufacturing cost 575800 133 Add : Opening stock of finished Good 0 134 Less: Closing stock of finished good 144750 135 Cost of sales 431050 136 Gross profit 1008950 137 Selling and administration expenses 31500 138 Budgeted operating profit for the year 693950 139 140 141 Schedulue 14 142 Budgeted Statement of Financial Position 143 Non Current Assets RM RM 144 Equipment 485047,5 145 Property 100200 146 147 Current Assets 148 Cash 125170 149 Debtors 240000 150 Total Asset 1150417,5 151 152 Current Liabilities 153 Creditor 37500 154 Retained Earning 335777,5 155 Asset-Liabilities 777140,0 156 157 Equity 158 Ordinary Shares 500000 159 Profit and Loss Account 693950,00 160 1193950,00 161 162 Sheet1 PnL + - + 106%
