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Group Project

In: Business and Management

Submitted By akibzabed
Words 1154
Pages 5
Group Project
Course: Act 202
Topic: A Master Budget for local Store (Dokan)
Date of submission: 7th December 2015

Submitted to:
Mohammed Sarwar Rakebder
School of business
Department of finance and accounting
Submitted by: Name | ID | Md Ali AShraf | 1030207030 | | | | |

Master Budget for a local tea store (Dokan)
Prepared by
Ashraf, rafi, mehedi, abrar

TABLE OF CONTENTS

Serial No. | Title | Page no. | 1. | Letter of submission | 5 | 2. | (Executive Summary) | 5-7 | 3. | Introduction | 7 | 4. | Nature of the business | 8 | 5. | Primary Product | 8 | 6. | Locations | 9 | 7. | Master Budget | 10 | 8. | Reference | 11-14 | 9. | (Appendix) | 14 |

LETTER OF SUBMISSION
Date :
Mohammad Sarwar Rekabder
Instructor of ACT 202
School of Business & Economics (SBE)
Northsouth University

Subject: Submission of the report analysis and master budget of Masum tea stall.

Dear sir,
We are very delighted to submit of our Report analysis and master budget of Masum tea stall which is situated at Mog Bazar in Dhaka city.as part of the BBA student. We completed this report which is worthwhile experience for us as it was in such an enjoyable work has enriched both our knowledge and experience.
We believe that this report will meet your approval. If further information is required. We will be glad to provide that any time of your convenience. Your kind advice will encourage us to do further research in future.
Yours sincerely Team A

Executive summary This project aims to understand the practical application of management accounting concepts in Masum tea stall through report analysis and master budget. The project contains all relevant information related to Masum tea stall. We collected information from Final report book of Masum tea stall. We made a Sales Budget, Production Budget, Direct Material Budget, Direct Labor Budget, Manufacturing Overhead Budget, Selling and Administrative Expense Budget, Cash Budget and Income Statement Of Masum Tea store. The report also investigates the fact that the analysis conducted has limitations. Some of the limitations include Forecasting figures are not provided nature and type of company is not known nor the current economic conditions data limitations as not enough information is provided or enough detail i.e. monthly details not known results are based on past performances not present

Introduction:
A tea stall is a small shop where tea is prepared and supplied to the customer. Now a day’s tea is a popular drink all over the world. Bangladesh is a home of tea. The people of Bangladesh are very pond of taking tea. So a tea stall is a common sight at any corner in our country.
It is usually seen in cities, towns, railway stations, bus stands, bazaars, any educational institutions, banks, factories, and mills, industries, at launch and steamer ghat, at the turning of the road and even seen in the villages. A tea stall opens in the morning and closes at late night. Generally it is a small shop. In a tea stall there are some chairs and tables or benches. A TV set is also seen in a tea stall to attract the customers. Biscuits, cakes, bananas, loaf, cigarettes and betel leaves also sold here. There is often a boy or two boys to prepare and serve tea to the customers.
A tea stall is a popular place. So people of different ages and classes come here to take a cup of tea. They take tea and talk with one another. They discuss on various subjects. They also discuss on village politics, national and international politics and on current affairs.
A tea stall is very popular in our country and tea stall business is very popular in our country because taking tea and spending some time is our country’s culture. And it is a profitable business for lower class people. That’s why we choose this business to analyze and make a master budget as well as preparing an income statement.

Master Budget (For Dokan)

Sales Budget (For Dokan) | | | | | | | First | Second | Third | Fourth | year | Accounts reciveable | 29250 | | | | 29250 | First qurter Sales | 165750 | 19500 | | | 185250 | Second Quarter Sales | | 127500 | 3000 | | 130500 | Third Qarter Sales | | | 127500 | 3000 | 130500 | Fourth Quarter Sales | | | | 140250 | 140250 | Total Cash Collected | 195000 | 147000 | 130500 | 143250 | 615750 | Production Budget (For Dokan) | | | | | | | First | Second | Third | Fourth | year | Budgeted Sales units | 39000 | 30000 | 30000 | 33000 | 132000 | Add: Closing Inventory | 400 | 365 | 365 | 380 | 1510 | Total Needs | 39400 | 30365 | 30365 | 33380 | 133510 | Less: Beginning Inventory | 385 | 400 | 365 | 365 | 1515 | Required Production units | 39015 | 29965 | 30000 | 33015 | 131995 |

Direct Material Budget (For Dokan) | | | | | | | First | Second | Third | Fourth | Year | Required production | 39015 | 29965 | 30000 | 33015 | 131995 | Units of raw materials per unit | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | Units of raw materials needed | 1951 | 1498 | 1500 | 1651 | 6600 | desired ending inventory | 250 | 300 | 350 | 200 | 1100 | Total units of raw materials | 2201 | 1798 | 1850 | 1851 | 7700 | Beginning Raw Materials Inventory | 200 | 250 | 300 | 350 | 1100 | Units of raw materials purchased | 2001 | 1548 | 1550 | 1501 | 6600 | Unit Cost (avergae) | 40 | 40 | 40 | 40 | 40 | Cost of raw materials | 80030 | 61930 | 62000 | 60030 | 263990 | Direct Labor Budget (dokan) | | | | | | | First | Second | Third | Fourth | Year | Required production in units | 39015 | 29965 | 30000 | 33015 | 131995 | Direct Labor Per Unit | 1.5 | 1.5 | 1.5 | 1.5 | 1.5 | Total Direct Labor Hour | 58522.5 | 44947.5 | 45000 | 49522.5 | 197992.5 | Rate per Hour | 0.55 | 0.55 | 0.55 | 0.55 | 0.55 | Total cost of Direct Labor Hour | 32187 | 24721 | 24750 | 27237 | 108896 |

Manufacturing Overhead Budget(Dokan) | | | | | | | First | Second | Third | Fourth | Year | | | | | | | Budgeted Indirect material unit | 240 | 240 | 240 | 240 | 960 | Variable manufacturing overhead rate | 73 | 73 | 73 | 73 | 292 | Total Variable manufacturing overhead | 17,520 | 17,520 | 17,520 | 17,520 | 280,320 | Selling and Administrative Expense Budget (dokan) | | | | | | | First | Second | Third | Fourth | Year | Budgeted units | 39015 | 29965 | 30000 | 33015 | 131995 | Variable rate | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | Variable Selling and admin expense | 3901.5 | 2996.5 | 3000 | 3301.5 | 13199.5 | Fixed Selling and Administrative Expense | | | | | | Rent | 18000 | 18000 | 18000 | 18000 | 72000 | Salaries | 6000 | 6000 | 6000 | 6000 | 24000 | Depreciation | 600 | 600 | 600 | 600 | 2400 | Total Selling and Administrative Expense | 28501.5 | 27596.5 | 27600 | 27901.5 | 111599.5 | Less Depreciation | 600 | 600 | 600 | 600 | 2400 | Cash Disbursement | $27,902 | $26,997 | $27,000 | $27,302 | $109,200 |

Cash Budget (for dokan) | | | | | | | First | Second | Third | Fourth | Year | Beginning Cash Balance | 1000 | 10000 | 35800 | 25800 | 20000 | Total Cash Receipts | 195000 | 147000 | 130500 | 143250 | 615750 | Total Cash Available | 196000 | 157000 | 166300 | 169050 | 635750 | Less Total Cash Disbursements | 157,639 | 131,168 | 131,270 | 132,089 | 552,165 | Excess of cash available over disbursement | 38,361 | 25,832 | 35,030 | 36,961 | 83,585 | Income Statement Of Masum Tea store | | | 2016 | Sales (39000cup x 5tk) | 195000 | Less: cost of goods sold (39000cup x 3.32tk) | 129480 | Gross Profit | 65520 | Less: Selling and administration expense | 27902 | Net operting income | 37618 | Tax to local politicians | 8000 | Net profit | 29618 |

Reference

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