FNSACC412 Assessment Tasks On Prepare Operational Budgets

Task 2

You are provided the following information on Greg’s Retail Shop.

Other information

• All sales of inventory are for cash.
• Closing Bank balance expected to be overdrawn by $19,100.
• Inventories on hand at the end of June 2019 are $56,000.
• The sale of the motor vehicle will take place without further depreciation.
• In the budget year, the firm expects to discharge the Apple Building Society loan in full.
• Round all amounts to whole numbers (no cents).

Prepare the following budgets in the template areas provided for the year ended June 2019.

• Cost of goods sold budget.
• Purchases Budget.
• Income Statement (split expenses by department).
• Balance Sheet Budget.

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