THE following additional information is given :
The company incurs a 35% income tax per year.
The company has a loan with an interest amount ofR 1 975 per year.
Instruction:
Using the information from the following budgets : i. sales budget, ii. cost of sales budget, iii. purchase budget,
iv. selling and administration budget
Draw the budgeted income statement of VG butchery in rand value for the 2019 year.
Tutorial : Rubric for mark allocation
The tutorial will be out of 20 marks with a 5% weight towards year mark
5 marks will be awarded for layout of the budget income statement
10 marks for the allocation of amounts to correct line items
5 Marks for calculation of budget income statement componentsnamely:
i.Gross Profit ii. Net Profit before Tax iii. Net Profit / Income for the year
draw income statement
PICTURE NUMBER 1 , CASH SALES BUDGET
PICTURE NUMBER 2&3 , Cost of Purchase and COS Budget
PICTURE NUMBER 4 Sales and Admin Expense Budget
/Userscipa/Downloads/Tutorial6203%20-%20Budget%20Income%20Statement.pdf + 2 Fit to page CD Page view A' Read alo Tutorial : Rubric for mark allocation The tutorial will be out of 20 marks with a 5% weight towards year mark > 5 marks will be awarded for layout of the budget income statement 10 marks for the allocation of amounts to correct line items > 5 Marks for calculation of budget income statement components namely: i. Gross Profit ii. Net Profit before Tax ili. Net Profit / Income for the year Sales Budget: to search 15 6 W E RCost of Purchase and COS Budget The cost of goods purchased was calculated as follows: Braaiwors total cost of purchases R 220 600.00 PB #61 Boerewors total cost of purchases R 163 880.00 PB #61 Mince total cost of purchases R 271 320.00 PB #61 Hamburger Patties total cost of purchases R 364 680.00 PB #62 Salaries of 2 salesmen at R3 000.00 per month R 72 000.00 per salesman (2 x R3 000.00 x 12) TOTAL R1 092 480.00 COST OF SALES - FINISHED GOODS RANDS Opening Stock 5,610.00 WP #63 Plus Cost of Goods Purchased 1.092.480 00 WP #65 Less Closing Stock 9.390.00 WP #65 Cost of Sales 1,088,700.00 e WSALES AND ADMINISTRATION EXPENDITURE BUDGET 2012 RANDS WP #86 CB #69 . EXCEPT FOR DEPRECIATION ITEM JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC TOTAL Salaries 7,500.00 7,500.00 7,500.00 7,500.00 7,500.00 7,500.00 7,500.00 7,500.00 7,500.00 Wages 1,350.00 1,200.00 7,500.00 7,500.00 7,500.00 1,350.00 1,200.00 1,350.00 90,000.00 1,200.00 1,350.00 1,350.00 1,200.00 Electricity 350.00 1,350.00 1,350.00 1,350.00 350.00 15,600.00 350.00 350.00 350.00 350.00 350.00 350.00 350.00 350.00 350.00 350.00 nsurance 250.00 250.00 250.00 4,200.00 250.00 250.00 250.00 250.00 250.00 250.00 250.00 250.00 550.00 250.00 Telephone 550.00 550.00 3,000.00 550.00 550.00 550.00 550.00 550.00 550.00 550.00 550.00 550.00 6,600.00 Rentals 850.00 850.00 850.00 850.00 850.00 850.00 850.00 850.00 850.00 - 850.00 850.00 850.00 10,200.00 Depreciation 1,250.00 1,250.00 1,250.00 1,250.00 1,250.00 1,250.00 1.250.00 1,250.00 1,250.00 1,250.00 1,250.00 1,250.00 15,000.00 Rates and Taxes 300.00 300.00 300.00 300.00 300.00 300.00 300.00 300.00 300.00 300.00 300.00 300.00 3,600.00 Transport 500.00 500.00 500.00 500.00 500.00 500.00 500.00 500.00 500.00 500.00 500.00 500.00 6,000.00 Expenses Entertainment 250.00 250.00 250.00 250.00 250.00 250.00 250.00 250.00 250.00 250.00 250.00 250.00 3,000.00 Total Expenditure 13,150.00 13,000.00 13, 150.00 13.000.00 13, 150.00 13,000.00 13, 150.00 13.150.00 13,000.00 13.150.00 13.150.00 13, 150.00 157,200.00 Ei e ~ C )ENG- + Fit to page Page view A Read aloud Sales Budget: The consolidated sales budget for the year is as follows in value: Sales Budget for the year ITEM JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC TOTAL Braaiwors 30,000 30,000 30,000 30.000 24.000 24,000 24,000 24,000 24,000 30,000 30,000 30,000 330,000 Boerewors 20,000 20.000 20,000 20,000 20,000 20.000 20.000 20,000 20,000 20,000 20,000 20,000 240,000 Mince 27.000 27,000 27,000 27,000 48.000 48.000 48,000 48.000 48.000 27,000 27,000 27,000 429.000 Hamburger Patties 60.000 60.000 39.000 48.000 39,000 39.000 48,000 39,000 48.000 39,000 67,200 67.200 593.400 ota 137 000 137 000 116,000 125,000 131,000 131 000 140,000 131,000 140,000 116,000 144,200 144,200 1592 400 Cost of Purchase and COS Budaet
