Required:

• Allocate funds to the month of July.
• Prepare an actual budget for the month of July.
• Compare the actual budget prepared with the forecasted budget given in the case study.
• Identify the significance of variation (If the variation is favourable/unfavourable).
• Identify changes in income and expenditure.

Follow the template provided below and perform calculations in MS Excel.

	July (Budgeted)	July (Actual)	Variance	Variance percentage	F/UF
	$
Revenue
Food sales	58,400
Beverage sales	120,000
Tab commission	24,650
Total revenue	203,050
Cost of sales
Food purchases	20,440
Beverage purchases	48,000
The total cost of sales	68,440
Gross profit	134,610
Expenses
Accounting	1,350
Advertising/promotions	1,950
Bank charges	3,790
Cleaning contractor	3,220
Commission credit card	380
Small equipment replacement	410
Insurance	910
Laundry	170
Legal fees	640
Licence fees & permits	490
Motor vehicle expenses	250
Maintenance	2,110
Printing & stationery	400
Rubbish removal	250
Communication	1,000
Training & development	590
Wages & on-costs	96520
Utilities	6,000
Total expenses	120,430
NET PROFIT	14,180