Budgeted Statement of Financial Position as at 31 March BUDG ETED FURNITURE COMPANY Non-current Assets Machinery and tools Current Assets Trade receivables Insurance prepayment Rates prepayment Cash at bank Total current assets Total Assets Current liabilities Trade payables (wood) Electricity accrual Total Liabilities Net Assets: Total Assets - Total Liabilities Capital Account Capital introduced Net profit for three months Drawings 14250 14250 53725 1125 600 5981 61431 75681 9306 300 9606 66075 10000 62075 (6000)
Master Budget
A master budget can be defined as an estimation of the revenue earned or expenses incurred over a specified period of time in the future and it is generally prepared on a periodic basis which can be either monthly, quarterly, half-yearly, or annually. It helps a business, an organization, or even an individual to manage the money effectively. A budget also helps in monitoring the performance of the people in the organization and helps in better decision-making.
Sales Budget and Selling
A budget is a financial plan designed by an undertaking for a definite period in future which acts as a major contributor towards enhancing the financial success of the business undertaking. The budget generally takes into account both current and future income and expenses.
From the above information, can you produce the budgeted statement of financial position and a brief analysis report?
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