The CEO, (Your assessor) has asked you to prepare some projected financial budgets for the 2017 2018 financial year as a preliminary overview of the financial year ahead He asked you to first prepare a 12 months budget and then break it up over the four quarters The areas he is particularly interested in seeing is Forecasted sales budget for 2017 2018 by year and quarter (Statement of Financial Performance Aka Profit Loss report) Forecasted Statement of Financial Position Accrual Balance Sheet for Year 2017 2018 A cash flow budget The cash flow result per quarter of the GST after adjusting the GST collected by the allowable GST tax credits (GST Paid) The anticipated aged debtors summary report yearly and at the end of each quarter A statutory requirement for GST is 10 of the recorded amounts in sales The only capital purchase planned for the year is the luxury car for the chairman Those expense payments on which 10 GST was paid include the following Cost of goods sold o accounting fees o insurance o store supplies o advertising o cleaning o repairs and maintenance o rent o telephone o Electricity expense The GST amount payable each quarter is the difference between the GST collected from sales and the GST paid format as per policy and procedures This is the standard format to present you cash flow budget Use the formula GST Amount payable GST collected GST Paid CASH FLOW ANALYSIS GST 2017 2018 Qtr 1 Qtr 2 Qtr 3 Qtr 4 GST Collected x,xxx x,xxx x,xxx x,xxx x,xxx Less GST Paid x,xxx x,xxx x,xxx x,xxx x,xxx GST Payable Calculation Calculation Calculation Calculation Calculation You are to create a debtor ageing summary report for the year 2017 2018 for the CEO You will be using the forecasted yearly sales figure that you have calculated previously Next refer to the case study details Using the percentages provided calculate the figures for the report After you have finished your yearly calculations you will then need to break down equally per quarter Submit your printed calculation to your assessor You will also be using this report as part of your role play for Assessment 2 Debtors ageing budget The historical records show that the debtors balance at the end of each quarter is usually about At any time in the debtors balances and over, , 10 is 30 days overdue and the balance of the total debtors is current The aged debtors budgets are only distributed to the accountant and the accounts receivable clerk Here is a template of the standard format that Cucina a Isola Hotel utilizes quarters sales Aged debtors Aged Debtors Budget 2017 2018 Total Yearly Qtr 1 Qtr 2 Qtr 3 Qtr 4 Sales x,xxx x,xxx x,xxx x,xxx x,xxx Debtors Sales Total Debtors Calculation Calculation Calculation Calculation Current Calculation Calculation Calculation Calculation 30 Days Calculation Calculation Calculation Calculation 60 Days Calculation Calculation Calculation Calculation 90 Days Calculation Calculation Calculation Calculation

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The CEO, (Your assessor) has asked you to prepare some projected financial budgets for the 2017/2018 financial year as a preliminary overview of the financial

The CEO, (Your assessor) has asked you to prepare some projected financial budgets for the 2017/2018 financial year as a preliminary overview of the financial year ahead.

He asked you to first prepare a 12 months budget and then break it up over the four quarters. The areas he is particularly interested in seeing is:

Forecasted sales budget for 2017/2018 by year and quarter. (Statement of Financial Performance Aka Profit & Loss report)
Forecasted Statement of Financial Position Accrual Balance Sheet for Year 2017/2018
A cash flow budget. The cash flow result per quarter of the GST after adjusting the GST collected by

the allowable GST tax credits. (GST Paid)
The anticipated aged debtors summary report - yearly and at the end of each quarter.

A statutory requirement for GST is 10% of the recorded amounts in sales. The only capital purchase planned for the year is the luxury car for the chairman. Those expense payments on which 10% GST was paid include the following:

Cost of goods sold: o accounting fees

o insurance o store supplies o advertising o cleaning o repairs and maintenance o rent o telephone o Electricity expense.

The GST amount payable each quarter is the difference between the GST collected from sales and the GST paid format as per policy and procedures.

This is the standard format to present you cash flow budget.

Use the formula GST Amount payable = GST collected GST Paid.

CASH FLOW ANALYSIS GST	2017/2018	Qtr. 1	Qtr. 2	Qtr. 3	Qtr. 4
GST Collected	x,xxx	x,xxx	x,xxx	x,xxx	x,xxx
Less GST Paid	x,xxx	x,xxx	x,xxx	x,xxx	x,xxx
GST Payable	Calculation	Calculation	Calculation	Calculation	Calculation

You are to create a debtor ageing summary report for the year 2017/2018 for the CEO. You will be using the forecasted yearly sales figure that you have calculated previously. Next refer to the case study details. Using the percentages provided calculate the figures for the report. After you have finished your yearly calculations you will then need to break down equally per quarter.

Submit your printed calculation to your assessor. You will also be using this report as part of your role play for Assessment 2.

Debtors ageing budget

The historical records show that the debtors balance at the end of each quarter is usually about At any time in the debtors balances and over, , 10% is 30 days overdue and the balance of the total debtors is current. The aged

debtors budgets are only distributed to the accountant and the accounts receivable clerk.

Here is a template of the standard format that Cucina a Isola Hotel utilizes.

quarters sales.

Aged debtors

Aged Debtors Budget 2017/2018

Total Yearly

Qtr. 1

Qtr. 2

Qtr. 3

Qtr. 4

Sales

x,xxx