Based on the budget/actual figures, create a set of costs for the company and create a Statement of Profit/Loss (P/L). Produce a budget and actual Statement of Financial Position (SOFP).

Resit assignment

ASSIGNMENT QUESTION
Based on the budget/actual figures, create a set of costs for the company and create a Statement of Profit/Loss (P/L). The line items to include are:
• Sales
• Direct Materials
• Direct Labour
• Variable Overheads
• Fixed Overheads
• Gross Profit
• Administration Costs
• Distribution Costs
• Selling Costs
• Operating Profit
• Finance Costs
• Profit Before Tax (PBT)
• Tax (10% of PBT)
• Profit After Tax

You are also required to produce a budget and actual Statement of Financial Position (SOFP).
You are to create these values, but ensure you include the following line items:
• Land & Buildings, Plant & Machinery, Cash, Receivables, Inventory, Prepayments, Accrued Income, Share Capital, Retained Earnings, Long-term Bank Loan, Payables, Accruals
• The following headings must be used:
• NON-CURRENT ASSETS, CURRENT ASSETS, TOTAL ASSETS, EQUITY, NON- CURRENT LIABILITIES, CURRENT LIABILITIES, TOTAL EQUITY AND LIABILITIES
• Ensure that your SOFP balances (i.e. total assets = total equity and liabilities)