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About budget

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  • 1. Group No 5 Budgeting INDEX Sr.Sr. No.No. ParticularParticular Page No.Page No. 1.1. About BudgetAbout Budget 33 2.2. Budgeting & Budgetary ControlBudgeting & Budgetary Control 33 3.3. Advantages & Disadvantages.Advantages & Disadvantages. 44 4.4. Government BudgetGovernment Budget 55 5.5. Kinds of Government Budget.Kinds of Government Budget. 66 6.6. Components of BudgetComponents of Budget 88 7.7. Types of BudgetTypes of Budget 99 8.8. Flexible BudgetFlexible Budget 1212 9.9. Illustration of Flexible BudgetIllustration of Flexible Budget 1313 1010 Key Feature of Budget 2005-06Key Feature of Budget 2005-06 1414 1
  • 2. Group No 5 Budgeting About Budget: - BBuudget is a financial and quantitive statement prepared and approveddget is a financial and quantitive statement prepared and approved prior to a defined period of time, of the policy to be pursued during that period forprior to a defined period of time, of the policy to be pursued during that period for the purpose of attaining specific purpose. One of the primary functions of thethe purpose of attaining specific purpose. One of the primary functions of the management is to plan for the future and to ensure that plans are put into effect.management is to plan for the future and to ensure that plans are put into effect. One way of planning is through budget. A budget is merely a plan relating to aOne way of planning is through budget. A budget is merely a plan relating to a period of time, expressed in quantities terms. In business world, a budget is theperiod of time, expressed in quantities terms. In business world, a budget is the formal expression of the expected incomes and expenditure for a definite futureformal expression of the expected incomes and expenditure for a definite future period. Comprehensive budgeting control procedure provides invaluable aid forperiod. Comprehensive budgeting control procedure provides invaluable aid for scientific management.scientific management. Meaning of BudgetMeaning of Budget The Chartered Institute of Management Accountants (CIMA) UK hasThe Chartered Institute of Management Accountants (CIMA) UK has defined a budget asdefined a budget as "a plan quantified in monetary terms prepared and approved prior to"a plan quantified in monetary terms prepared and approved prior to a defined period of time, usually showing planned income to be generated and expenditurea defined period of time, usually showing planned income to be generated and expenditure to be incurred during the period and the capital to be employed to attain a givento be incurred during the period and the capital to be employed to attain a given objectives".objectives". Characteristics of BudgetCharacteristics of Budget A Budget is primarily a planning and control device.A Budget is primarily a planning and control device. A budget is prepared in monetary terms and/or quantitive terms.A budget is prepared in monetary terms and/or quantitive terms. A Budget is prepared for a definite future period.A Budget is prepared for a definite future period. It shows planned income and expenditure and also the capital to beIt shows planned income and expenditure and also the capital to be employed.employed. Purpose of a budget is to implements the policies formulated by thePurpose of a budget is to implements the policies formulated by the management for attaining the given objectives.management for attaining the given objectives. Budgeting & Budgetary ControlBudgeting & Budgetary Control The act of preparing budget is called budgeting. In the other words ofThe act of preparing budget is called budgeting. In the other words of Batty," the entire process of preparing the budget is known as budgeting.Batty," the entire process of preparing the budget is known as budgeting. Budgeting control is system of controlling cost through preparation ofBudgeting control is system of controlling cost through preparation of budgets. Budgeting is thus only part of the budgetary control. According tobudgets. Budgeting is thus only part of the budgetary control. According to CIMA."Budgetory control is the establishment of budget relating to theCIMA."Budgetory control is the establishment of budget relating to the responsibilities of executives of a policy and the continuous comparison of theresponsibilities of executives of a policy and the continuous comparison of the actual with the budgeted result, either to secure by individuals action theactual with the budgeted result, either to secure by individuals action the objectives of the policy or to provide a basis for its revision."objectives of the policy or to provide a basis for its revision." Advantages:Advantages: 1.1. Wastage & losses are minimizing.Wastage & losses are minimizing. 2
  • 3. Group No 5 Budgeting 2.2. Maximum efficiency of men and machine is achieved.Maximum efficiency of men and machine is achieved. 3.3. Everyone is informed about his job well in advance so that he can perform itEveryone is informed about his job well in advance so that he can perform it properly in time.properly in time. 4.4. Budgetary control co-ordinates the planning activity with the action andBudgetary control co-ordinates the planning activity with the action and control.control. 5.5. Personal prejudice is avoided.Personal prejudice is avoided. 6.6. It provides a chance for optimum utilization of capital employed in theIt provides a chance for optimum utilization of capital employed in the business.business. 7.7. It provides a chance for fixing the responsibilities of various Expenditure.It provides a chance for fixing the responsibilities of various Expenditure. 8.8. It acts like a co-ordination channels for sales, production & other activitiesIt acts like a co-ordination channels for sales, production & other activities of business.of business. 9.9. It provides enough opportunities for delegation of responsibilities orIt provides enough opportunities for delegation of responsibilities or decentralization of management.decentralization of management. 10.10. It helps in reducing the cost by increasing efficiency.It helps in reducing the cost by increasing efficiency. Disadvantages of Budgetary Control.Disadvantages of Budgetary Control. 1.1. It is not possible to have budgetary control system in a small organizationIt is not possible to have budgetary control system in a small organization as the cost of installation is very high.as the cost of installation is very high. 2.2. It creates inter-departments rivalry.It creates inter-departments rivalry. 3.3. Errors in drawing the budget mat lead toa worst position.Errors in drawing the budget mat lead toa worst position. 4.4. A budget programmed must be dynamic and continuously deal with theA budget programmed must be dynamic and continuously deal with the changing business condition.changing business condition. 5.5. The installation and operation of budgetary control system is a costly affairThe installation and operation of budgetary control system is a costly affair as it require the employments of specialize staff and involve expenditureas it require the employments of specialize staff and involve expenditure which small concern may find difficult to incur.which small concern may find difficult to incur. 6.6. Budget should not be used as a sword against executives.Budget should not be used as a sword against executives. Government BudgetGovernment Budget BBudget is an important instrument for promoting economic growth and toudget is an important instrument for promoting economic growth and to tackle the problem of the price, instability in the economy. A budget statementtackle the problem of the price, instability in the economy. A budget statement 3
  • 4. Group No 5 Budgeting where estimates of Governments expenditure and revenue for year are provided.where estimates of Governments expenditure and revenue for year are provided. The Government announced its expenditure and taxation policies every year inThe Government announced its expenditure and taxation policies every year in budget. The budget deals how a government raises its revenue and how it spendsbudget. The budget deals how a government raises its revenue and how it spends it.it. In India the budget is presented in a parliaments by the finance ministerIn India the budget is presented in a parliaments by the finance minister and is passed annually. Budget is an important instrument for promotingand is passed annually. Budget is an important instrument for promoting economic growth and tackles the problem of price instability.economic growth and tackles the problem of price instability. Definitions: - "Budget is a blue print of economics activities in coming financial year." "Budget records the actual revenue, expenditure and deficit in a given time period." "Budget is a rough estimate of several sources of revenue and governments expenditure in proposed financial year." Kinds of Government Budget. The Governments budget may be three type are as following.The Governments budget may be three type are as following. 1) Balance Budget- If the revenueIf the revenue ®® raised by the governments is equal to expenditureraised by the governments is equal to expenditure (E)(E) of theof the governments. The budget is called Balanced Budget.governments. The budget is called Balanced Budget. (BB)(BB) SymbolicallySymbolically BB= R=E.BB= R=E. The classical economics recommended the governments should be always havingThe classical economics recommended the governments should be always having balance budget.balance budget. 2) Surplus Budget If the revenueIf the revenue ®® raised by the governments exceeds the expenditureraised by the governments exceeds the expenditure (E)(E) It is calledIt is called surplus Budgetsurplus Budget (SB).(SB). SymbolicallySymbolically SB=R>ESB=R>E In a surplus Budget the government take away more money than its injects intoIn a surplus Budget the government take away more money than its injects into economy. Surplus budget reduces aggregate demand in the economy and help toeconomy. Surplus budget reduces aggregate demand in the economy and help to reduce price level Therefore at time of inflation Surplus budget should be adopted.reduce price level Therefore at time of inflation Surplus budget should be adopted. 3) Deficit Budget: - If the revenueIf the revenue ®® raised by the governments is less than the expenditureraised by the governments is less than the expenditure (E)(E) of theof the governments the budget is called Deficit Budgetgovernments the budget is called Deficit Budget (DB)(DB) 4
  • 5. Group No 5 Budgeting SymbolicallySymbolically DB= R<EDB= R<E Deficit budget raised aggregate demand in the economy and is thereforeDeficit budget raised aggregate demand in the economy and is therefore recommended to tackle the problem of depression or cyclical unemployment's.recommended to tackle the problem of depression or cyclical unemployment's. Explanation: -Explanation: - The above figure shows government expenditure & revenue in relation to nationalThe above figure shows government expenditure & revenue in relation to national income. Government Expenditure is assumed constant & revenue is assumed toincome. Government Expenditure is assumed constant & revenue is assumed to rise with national Income. At point E budget is balance. To the left of E therise with national Income. At point E budget is balance. To the left of E the government has a deficit budget and to the right of E the government has surplusgovernment has a deficit budget and to the right of E the government has surplus Budget. When the government incurs a budget deficit, is financed by borrowing.Budget. When the government incurs a budget deficit, is financed by borrowing. Components / Constituents of Budget The Budget of the governments has two parts Revenue Budget and CapitalThe Budget of the governments has two parts Revenue Budget and Capital Budget.Budget. 1) Revenue Budget: -- Revenue Budget includes those items, which areRevenue Budget includes those items, which are recurring in nature. In the revenue Budget on the receipt side revenuerecurring in nature. In the revenue Budget on the receipt side revenue raised through taxes, interest, fees, surpluses from public undertaking areraised through taxes, interest, fees, surpluses from public undertaking are given. On the expenditure side consumption expenditure by governmentsgiven. On the expenditure side consumption expenditure by governments on goods and health services, subsidies on food fertilizers and export andon goods and health services, subsidies on food fertilizers and export and services required to meet the needs of defense, civil administration,services required to meet the needs of defense, civil administration, education and interest payments on loan taken by its in previous year areeducation and interest payments on loan taken by its in previous year are important items.important items. 2) Capital Budget: - Capital budget cover those items, which are in theCapital budget cover those items, which are in the nature of acquiring and disposing of capital assets. In the capital Budget thenature of acquiring and disposing of capital assets. In the capital Budget the main items of receipts are market borrowing by the governments from bankmain items of receipts are market borrowing by the governments from bank 5
  • 6. Group No 5 Budgeting and other financial institutions, foreign and small saving (e.g. providedand other financial institutions, foreign and small saving (e.g. provided fund, national saving schemes etc.) The important items of expenditure infund, national saving schemes etc.) The important items of expenditure in the capital budget are defense loan to public enterprises for developmentsthe capital budget are defense loan to public enterprises for developments purpose and loan to state and union territories.purpose and loan to state and union territories. Types Of Budget.Types Of Budget. The budget may be classified into:The budget may be classified into:  Functional BudgetFunctional Budget  Fixed and flexible Budget.Fixed and flexible Budget. A functional Budget is one, which related to a function of the business, e.g. SalesA functional Budget is one, which related to a function of the business, e.g. Sales Budget, Production Budget, Purchase Budget etc there are many types ofBudget, Production Budget, Purchase Budget etc there are many types of functional budget, of which the following are important.functional budget, of which the following are important. Types Of Functional Budget.Types Of Functional Budget. Sales Budget.Sales Budget. In most companies, the sales budget is not only the most important but alsoIn most companies, the sales budget is not only the most important but also the most difficult budget to prepare. The importance budget arises from the factthe most difficult budget to prepare. The importance budget arises from the fact that if sale figure is incorrect, then practically all other budget will be affected. Thethat if sale figure is incorrect, then practically all other budget will be affected. The difficulties in the preparation of this budget arise because it is not easy to estimatedifficulties in the preparation of this budget arise because it is not easy to estimate consumer demand, particularly when a new product is introduced.consumer demand, particularly when a new product is introduced. 6
  • 7. Group No 5 Budgeting The sale budget is a statement of planned sale in terms of quantity and value.The sale budget is a statement of planned sale in terms of quantity and value. It forecasts what the company can reasonably except to sell to its customers duringIt forecasts what the company can reasonably except to sell to its customers during the budget period. The sales budget can be prepared to shoe sales classifiedthe budget period. The sales budget can be prepared to shoe sales classified according to product salesman, customer, temtories and periods, etc.according to product salesman, customer, temtories and periods, etc. FactorFactor. The Factor considered in forecasting sales are the following:. The Factor considered in forecasting sales are the following: 1.1. Analyzing of past sales to determine trends in the market.Analyzing of past sales to determine trends in the market. 2.2. Report by salesman of various markets of company products.Report by salesman of various markets of company products. 3.3. Any changes in companies' policies and methods and their effect on sales.Any changes in companies' policies and methods and their effect on sales. 4.4. Any changes in the economic condition and in the business relatedAny changes in the economic condition and in the business related condition and policies.condition and policies. 5.5. Market research to measure potential demand for company product.Market research to measure potential demand for company product. Production BudgetProduction Budget The production Budget is an estimate of production for the budget period. ItThe production Budget is an estimate of production for the budget period. It is first drawn up in quantities of each product and when the remaining budgetis first drawn up in quantities of each product and when the remaining budget have been prepared and cost production calculated, then the quantities ofhave been prepared and cost production calculated, then the quantities of production coast are translated into money terms, what in effect becomes aproduction coast are translated into money terms, what in effect becomes a production cost budget.production cost budget. The production Budget is the initial step in budgeting manufacturingThe production Budget is the initial step in budgeting manufacturing operation. In additions to production budget, there are three other budgetsoperation. In additions to production budget, there are three other budgets relating to manufacturing activity of a company. There are raw material budget,relating to manufacturing activity of a company. There are raw material budget, labour Budget and Production overheads Budget.labour Budget and Production overheads Budget. Illustration: Production Budget From the following particular, prepare aFrom the following particular, prepare a production Budget of a company for the month ended June 30,2003production Budget of a company for the month ended June 30,2003 Solution:Solution: Production Budget for the month ending 30th June 2003 ProductProduct Sales (unit)Sales (unit) Estimated Stock (units)Estimated Stock (units) AA BB CC (As per sales Budget)(As per sales Budget) 1 June 20031 June 2003 30 June 200330 June 2003 1,50,0001,50,000 1,00,0001,00,000 70,00070,000 14,00014,000 5,0005,000 8,0008,000 5,0005,000 14,50014,500 8,0008,000 7
  • 8. Group No 5 Budgeting Product AProduct A Product BProduct B Product CProduct C Sales as per Sales BudgetSales as per Sales Budget Add: Estimated Stock on 30.6.03Add: Estimated Stock on 30.6.03 Less: Estimated Stock on 1.6.03Less: Estimated Stock on 1.6.03 Budgeted ProductionBudgeted Production 1,50,0001,50,000 15,00015,000 1,65,0001,65,000 14,00014,000 1,51,0001,51,000 1,00,0001,00,000 14,50014,500 1,14,0001,14,000 5,0005,000 1,09,0001,09,000 70,00070,000 8,0008,000 78,00078,000 8,0008,000 70,00070,000 Cash BudgetCash Budget The cash Budget is one of the most important and of the last prepared budget.The cash Budget is one of the most important and of the last prepared budget. It is detailed estimate of cash receipts from, all sources and cash payments for allIt is detailed estimate of cash receipts from, all sources and cash payments for all purposes and the resultant cash balance during the budget period. It makespurposes and the resultant cash balance during the budget period. It makes certain that ht business has sufficient cash available to meets it need as and whencertain that ht business has sufficient cash available to meets it need as and when these arise. It is a device for coordinating and controlling the financial side of thethese arise. It is a device for coordinating and controlling the financial side of the business to ensure solvency and provide a basis for planning and financingbusiness to ensure solvency and provide a basis for planning and financing required covering up any deficiency in cash. Cash budget thus plays an importantrequired covering up any deficiency in cash. Cash budget thus plays an important role in this financial management of business undertaking.role in this financial management of business undertaking. Purpose:Purpose: The main purpose of the cash Budget are followingThe main purpose of the cash Budget are following 1.1. It ensures that sufficient cash is available when required.It ensures that sufficient cash is available when required. 2.2. It indicates cash excesses and shortage so that the action may be taken inIt indicates cash excesses and shortage so that the action may be taken in time to invest any excess cash or to borrow funds to meet any shortage.time to invest any excess cash or to borrow funds to meet any shortage. 3.3. It establishes a sound basis for credit.It establishes a sound basis for credit. 4.4. It shows whether capital expenditure may be financed internally.It shows whether capital expenditure may be financed internally. 5.5. It established a sound basis for control of cash position.It established a sound basis for control of cash position. Preparation of Cash BudgetPreparation of Cash Budget There are three methods of cash Budget:There are three methods of cash Budget: 1.1. Receipts & Payment Methods.Receipts & Payment Methods. 2.2. Adjusted Profit & Loss Methods andAdjusted Profit & Loss Methods and 3.3. Balance Sheet Methods.Balance Sheet Methods. Illustration: Cash Budget A company is expecting to have Rs. 25,000 cash in hand on 1st April 2003 and itA company is expecting to have Rs. 25,000 cash in hand on 1st April 2003 and it requires you to prepare cash budget for the three months. April to june 2003. Therequires you to prepare cash budget for the three months. April to june 2003. The following information is supplied to you:following information is supplied to you: FebruaryFebruary MarchMarch AprilApril MayMay JuneJune Sales Rs.Sales Rs. Purchase Rs.Purchase Rs. Wages Rs.Wages Rs. Expenses Rs.Expenses Rs. 70,00070,000 80,00080,000 92,00092,000 1,00,0001,00,000 1,20,0001,20,000 40,00040,000 50,00050,000 52,00052,000 60,00060,000 55,00055,000 8,0008,000 8,0008,000 9,0009,000 10,00010,000 12,00012,000 6,0006,000 7,0007,000 7,0007,000 8,0008,000 9,00009,0000 8
  • 9. Group No 5 Budgeting Other Information:Other Information: 1.1. Period of credit allowed by suppliers is two months;Period of credit allowed by suppliers is two months; 2.2. 25% of sale is for cash and the period of credit allowed to customers for25% of sale is for cash and the period of credit allowed to customers for credit sale is one month;credit sale is one month; 3.3. Delay in payment of wages and expenses one month:Delay in payment of wages and expenses one month: 4.4. Income tax Rs. 25,000 is to be paid in June 2003.Income tax Rs. 25,000 is to be paid in June 2003. Solution:Solution: Cash Budget for three months ending June 2003Cash Budget for three months ending June 2003 Opening BalanceOpening Balance Receipts:Receipts: Cash SalesCash Sales DebtorDebtor TotalTotal Payments:Payments: CreditorsCreditors WagesWages ExpensesExpenses Income TaxIncome Tax TotalTotal Closing BalanceClosing Balance AprilApril 25,00025,000 23,00023,000 60,00060,000 83,00083,000 40,00040,000 8,0008,000 7,0007,000 -- 55,00055,000 53,00053,000 MayMay 53,00053,000 25,00025,000 69,00069,000 94,00094,000 50,00050,000 9,0009,000 7,0007,000 -- 66,00066,000 81,00081,000 JuneJune 81,00081,000 30,00030,000 75,00075,000 1,05,0001,05,000 52,00052,000 10,00010,000 8,0008,000 25,00025,000 95,00095,000 91,00091,000 TotalTotal 25,00025,000 78,00078,000 2,04,0002,04,000 2,82,0002,82,000 1,42,0001,42,000 27,00027,000 22,00022,000 25,00025,000 2,16,0002,16,000 91,00091,000 Master BudgetMaster Budget When all functional budgets have been prepared, these are summarized intoWhen all functional budgets have been prepared, these are summarized into what is known as a Master Budget. Thus a Master Budget is a consolidatedwhat is known as a Master Budget. Thus a Master Budget is a consolidated summary of all the functional budgets. According to CIMA,"master budget is asummary of all the functional budgets. According to CIMA,"master budget is a summary budget incorporating its components functional budget and which issummary budget incorporating its components functional budget and which is finally approved, adopted and employed.finally approved, adopted and employed. A master Budget has two partsA master Budget has two parts  Operating Budget i.e. budgeted profit & loss accountOperating Budget i.e. budgeted profit & loss account  Financial Budget i.e. Budget balanced sheet.Financial Budget i.e. Budget balanced sheet. The master Budget is prepared by the budget director (or budget officer) andThe master Budget is prepared by the budget director (or budget officer) and is presented to the budget committee for approval. If approved it is submitted tois presented to the budget committee for approval. If approved it is submitted to the Board of Director for final approval. The Board may make certainthe Board of Director for final approval. The Board may make certain amendments/alteration before it is finally approved.amendments/alteration before it is finally approved. 2) Fixed & flexible Budget2) Fixed & flexible Budget Based on level of activity or capacity, budgets are classified into fixed budget andBased on level of activity or capacity, budgets are classified into fixed budget and flexible budget.flexible budget. Fixed BudgetFixed Budget 9
  • 10. Group No 5 Budgeting A fixed Budget in one, which is prepared keeping in, mind one level output.A fixed Budget in one, which is prepared keeping in, mind one level output. It is defined as a budget "which is designed to remain unchanged irrespective ofIt is defined as a budget "which is designed to remain unchanged irrespective of the level of activity attained." If actual output differs from budget level of output,the level of activity attained." If actual output differs from budget level of output, variance will arise. Fixed budget is prepared on the assumption that output andvariance will arise. Fixed budget is prepared on the assumption that output and sales can be estimated with a fair degree of accuracy. This means that in thosesales can be estimated with a fair degree of accuracy. This means that in those situation where sales and output cannot accurately estimated, fixed budget doestsituation where sales and output cannot accurately estimated, fixed budget doest not suit.not suit. Flexible BudgetFlexible Budget In contrast to Fixed Budget, a flexible Budget is one" which is assigned toIn contrast to Fixed Budget, a flexible Budget is one" which is assigned to change in relation to the level of activity attained" the underlying principle ofchange in relation to the level of activity attained" the underlying principle of flexible budget is that a budget is of little use unless cost and revenue are related toflexible budget is that a budget is of little use unless cost and revenue are related to the actual volume production. Flexible budgeting has been developed with thethe actual volume production. Flexible budgeting has been developed with the objective of changing the budget figure to correspond with the actual outputobjective of changing the budget figure to correspond with the actual output achieved. Thus budget might prepared for various level of activity, says 70%, 80%,achieved. Thus budget might prepared for various level of activity, says 70%, 80%, 90%and 100% capacity utilization.90%and 100% capacity utilization. Flexible budget are prepared in those companies where it is extremelyFlexible budget are prepared in those companies where it is extremely difficult to forecast output and sales.difficult to forecast output and sales. Illustration : Flexible BudgetIllustration : Flexible Budget Prepare a flexible Budget for production at 80% andPrepare a flexible Budget for production at 80% and 100% activity on the basis of the following information100% activity on the basis of the following information Production at 50% capacityProduction at 50% capacity : 5,000units: 5,000units Raw MaterialRaw Material : Rs. 80 per unit: Rs. 80 per unit Direct LabourDirect Labour : Rs. 50 per unit: Rs. 50 per unit Direct ExpensesDirect Expenses : Rs. 15 per unit: Rs. 15 per unit Factory ExpensesFactory Expenses : Rs. 50,000 (50% fixed): Rs. 50,000 (50% fixed) Administrative Expenses : Rs. 60,000 (60% Variable)Administrative Expenses : Rs. 60,000 (60% Variable) Flexible Budget For the period……………………………. Cost 80%capacity 8000units 100% capacity 10,000unit Per unit Rs. Total Rs. Per unit Rs. Total Rs. Raw materialRaw material Direct LabourDirect Labour 80.0080.00 6,40,0006,40,000 80.0080.00 8,00,0008,00,000 10
  • 11. Group No 5 Budgeting Direct ExpensesDirect Expenses Prime CostPrime Cost Factory expenses:Factory expenses: VariableVariable FixedFixed Works costWorks cost Administrative Exp.Administrative Exp. VariableVariable FixedFixed Total CostTotal Cost 50.0050.00 15.0015.00 4,00,0004,00,000 1,20,0001,20,000 50.0050.00 15.0015.00 5,00,0005,00,000 1,50,0001,50,000 145.00145.00 11,60,00011,60,000 145.00145.00 14,50,00014,50,000 5.005.00 3.1253.125 40,00040,000 25,00025,000 5.005.00 2.502.50 50,00050,000 25,00025,000 153.125153.125 12,25,00012,25,000 152.50152.50 15,25,00015,25,000 7.207.20 3.003.00 57,60057,600 24,00024,000 7.207.20 2.402.40 72,00072,000 24,00024,000 163.325163.325 13,06,60013,06,600 162.10162.10 16,21,00016,21,000 11

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