Linen type
|
Price per item
($)
|
Quantity
|
Cost
($)
|
|
|
Round tablecloths
|
8.50
|
35
|
298
|
|
|
Trestle tablecloths
|
8.50
|
10
|
85
|
|
|
Napkins
|
0.70
|
350
|
245
|
|
|
Total linen hire costs
|
628
|
|
628
|
Updated expense budget:
Expense budget
|
Expense item
|
($)
|
Venue
|
2000
|
Stationery items / Postages
|
225
|
Communication
|
250
|
Event staff uniform
|
650
|
Hire audio-visual equipment
|
4500
|
Floral arrangements
|
4000
|
Stage and lighting hire
|
5500
|
Food and service equipment lease
|
1570
|
Master of ceremonies
|
900
|
Consultant fees
|
4000
|
Linen hire
|
627.5
|
Total expenses
|
24222.5
|
Updated beverages cost:
Beverage item
|
Cost per item per bottle/serve ($)
|
Forecasted requirements
|
Beverage cost
($)
|
|
|
Light beer (750 ml)
|
3.40
|
50
|
170
|
|
|
Heavy beer (750 ml)
|
3.99
|
30
|
120
|
|
|
Soft drink
|
0.20
|
400
|
80
|
|
|
Juice
|
0.31
|
225
|
69.8
|
|
|
Total beverage costs
|
431
|
|
439
|
Beverage cost per head
|
1.26
|
|
1.26
|
Updated event budgets
Based on the information provided above and changes in additional expenses, update the event budget.
Additional expenses
|
% of revenue / amount
|
Advertising
|
2%
|
Printing
|
0.50%
|
Room decoration
|
2500
|
Entertainment
|
5%
|
Revenue from the ticket sale
No. of tickets
|
Ticket price
|
350
|
70000
|
Updated Event budget:
|
$
|
% of Sales
|
Sales
|
$ 70,000.00
|
|
|
|
|
less:Cost of goods sold
|
|
|
Food cost
|
$898.16
|
1.28%
|
Beverage cost
|
$ 1,898.71
|
2.71%
|
Total cost of goods
|
$ 2,796.87
|
3.99%
|
Gross profit
|
$ 67,203.13
|
96%
|
s
|
|
0%
|
Labour costs
|
$ 9,724.00
|
13.89%
|
Venue
|
$ 2,000.00
|
3%
|
Stationery items / Postages
|
$ 225.00
|
0.32%
|
Communication
|
$ 250.00
|
0.35%
|
Event staff uniform
|
$ 650.00
|
0.92%
|
Hire audio-visual equipment
|
$ 4,500.00
|
6.4%
|
Floral arrangements
|
$ 4,000.00
|
5.71%
|
Stage and lighting hire
|
$ 5,500.00
|
7.85%
|
Food and service equipment lease
|
$ 1,570.00
|
2.24%
|
Master of ceremonies
|
$ 900.00
|
1.28%
|
Consultant fees
|
$ 4,000.00
|
5.71%
|
Linen hire
|
$ 685.00
|
0.97%
|
Advertising
|
$ 1,400.00
|
2%
|
Printing
|
$ 350.00
|
0.5%
|
Room decor
|
$ 2,500.00
|
3.57%
|
Entertainment
|
$ 4,500.00
|
6.42%
|
Total expenses
|
$ 40,664.00
|
58.09%
|
Profit/loss
|
$ 26,539.13
|
37.91%
|
Part C
Email the updated budget to the event committee members, finance manager, Food & Beverage manager and colleagues, focusing on relevant work areas, including reporting and financial management. (Refer to PR2.4 for email addresses/ask your trainer or assessor)
Respected sir,
The final budget has been prepared and has been provided with reporting and financial management. The budget was updated and we seek for your response for the necessary arrangements. And it would be great if you give some idea related to managing the budget and making the expenses less as much as possible.
Looking forward for your suggestions.
Part D
For this part, use MS Excel features as accounting software.
Assume that the budget has been approved, and it is now the middle of November. The entertainment group has confirmed that they will donate the remaining $2000 to charity. The current expenses and fund collection by ticket sale is as provided below:
Please see the below expense report source:
Expense
|
Amount
$
|
Comments
|
September
|
|
|
Consultant fees
|
2,000.00
|
1st Instalment
|
Stage and Lighting hire
|
2,500.00
|
Booked
|
Hire Audio-visual equipment
|
1,500.00
|
Booked
|
Room decorations
|
500.00
|
Booked
|
Advertising
|
500.00
|
|
Printing
|
95.00
|
|
Venue hire
|
1,000.00
|
Booked
|
Labour
|
2,000.00
|
Booked
|
October
|
|
|
Advertising
|
1,000.00
|
|
Printing
|
450.00
|
|
Entertainment
|
1,500.00
|
Booked
|
November
|
|
|
Advertising
|
500.00
|
|
Postage/stationery
|
301.50
|
|
Communication
|
300.00
|
|
|
|
|
Revenue: ticket sales
|
|
|
October
|
34,000.00
|
170 tickets sold
|
November
|
30,000.00
|
150 tickets sold
|
Analyze the recent income and expenditure information and review the budget to assess the performance against the estimated budget. Analyze the changes in the environment and make the necessary adjustments.
|
Budgeted
|
September
|
October
|
November
|
Variance
|
|
$
|
$
|
$
|
$
|
$
|
%
|
Income
|
$70,000.00
|
|
34,000.00
|
30,000.00
|
$6,000.00
|
9%
|
Expenses
|
|
|
|
|
$0.00
|
|
Labor costs
|
$9,724.00
|
2,000.00
|
|
|
$7,724.00
|
79%
|
Venue
|
$2,000.00
|
1,000.00
|
|
|
$1,000.00
|
50%
|
Stationery items / Postages
|
$225.00
|
|
|
301.5
|
($76.50)
|
-34%
|
Communication
|
$250.00
|
|
|
300
|
($50.00)
|
-20%
|
Event staff uniform
|
$650.00
|
|
|
|
$650.00
|
100%
|
Hire audio-visual equipment
|
$4,500.00
|
1500
|
|
|
$3,000.00
|
67%
|
Floral arrangements
|
$4,000.00
|
|
|
|
$4,000.00
|
100%
|
Stage and lighting hire
|
$5,500.00
|
2,500.00
|
|
|
$3,000.00
|
55%
|
Food and service equipment lease
|
$1,570.00
|
|
|
|
$1,570.00
|
100%
|
Master of ceremonies
|
$900.00
|
|
|
|
$900.00
|
100%
|
Consultant fees
|
$4,000.00
|
2,000.00
|
|
|
$2,000.00
|
50%
|
Linen hire
|
$685.00
|
|
|
|
$685.00
|
100%
|
Advertising
|
$1,400.00
|
500
|
1000
|
500
|
($600.00)
|
-43%
|
Printing
|
$350.00
|
96
|
450
|
|
($196.00)
|
-56%
|
Room decor
|
$2,500.00
|
500
|
|
|
$2,000.00
|
80%
|
Entertainment
|
$4,500.00
|
|
1500
|
|
$3,000.00
|
67%
|
Identify the areas of deviation, investigate them and take appropriate actions.
Share with your friends: |
