Budgets and Budgetary Control. By: CA Kapileshwar Bhalla

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1 Budgets and Budgetary Control By: CA Kapileshwar Bhalla

2 Learning Objectives Understand the objectives and importance of budgeting and budgetary control Understand the Advantages and disadvantages of budgetary control Differentiate between various types of budgets Understand the process of preparation of budgets

3 Meaning of Budget A financial and/or quantitative statement, prepared and approved prior to a defined period of time of the policy to be pursued during that period for the purpose of attaining a given objective. It may include income, expenditure and employment of capital. The Chartered Institute of Management Accountants of England and Wales

4 Objectives of Budgeting..

5 Planning It not only motivates employees to attain goals but also improves overall decision making. During the planning phase of the budget process, all viewpoints are considered, options identified, and cost reduction opportunities assessed. This process may reveal opportunities or threats that were not known prior to the budget planning process.

6 Directing Once the budget plans are in place, they can be used to direct and coordinate operations in order to achieve the stated targets.

7 Controlling As time passes, the actual performance of an operation can be compared against the planned targets. This provides prompt feedback to employees about their performance. If necessary, employees can use such feedback to adjust their activities in the future.

8 Meaning of Budgetary Control

9 Budgetary control is the establishment of budgets relating to the responsibilities of executives of a policy and the continuous comparison of the actual with the budgeted results, either to secure by individual action the objective of the policy or to providea basis for its revision. The Chartered Institute of Management Accountants of England and Wales

10 Advantages of Budgetary Control System 1. The use of budgetary control system enables the management of a business concern to conduct its business activities in the efficient manner. 2. It is a powerful instrument used by business houses for the control of their expenditure. 3. It in fact provides a yardstick for measuring and evaluating the performance of individuals and their departments. 4. It reveals the deviations to management, from the budgeted figures after making acomparison with actual figures. 5. Effective utilisation of various resources like men, material, machinery and money ismade possible, as the production is planned after taking them into account.it helps in the review of current trends and framing of future policies. 6. It creates suitable conditions for the implementation of standard costing system in abusiness organisation. 7. It inculcates the feeling of cost consciousness among workers.

11 Limitations of Budgetary Control System 1. Based on Estimates: Budgets may or may not be true, as they are based on estimates. 2. Time factor: Budgets cannot be executed automatically. accuracy in budgeting comes through experience. Management must not expect too much during the development period. 3. Co-opertaion Required: Staff co-operation is usually not available during budgetary control exercise. The success of the budgetary control depends upon willing co-operation and teamwork, 4. Expensive: Its implementation is quite expensive. No budgetary programme can be successful unless adequate arrangements are made for supervision and administration. 5. Not a substitute for management: Budget is only a managerial tool. It cannot substitute management. 6. Rigid document: Budgets are considered as rigid document. But in reality, firm s affairs continuously changes under inflationary pressure and changing government policies.

12 Types of Budgets Period Wise Types of Budgets Capacity Wise Function Wise

13 Category I Capacity Wise Fixed Flexible

14 Category II Capacity Wise Long Term Short Term Current

15 Category III Production Cash Budget Material Consumption Selling & Distribution OH Function Wise Sales Administration OH Material Purchase Factory OH Direct Labour

16 Category I Fixed Budget a fixed budget, is a budget designed to remain unchanged irrespective of the level of activity actually attained. Chartered Institute of Management Accountants of England

17 Category II Flexible Budget a flexible budget is defined as a budget which, by recognizing the difference between fixed, semi-variable and variable costs is designed to change in relation to the level of activity attained. Chartered Institute of Management Accountants of England,

18 Fixed vs Flexible (definition) It is a Budget designed to remain unchanged irrespective of the level of activity actually attained. It is a Budget, which by recognising the difference between fixed, semi-variable and variable costs is designed to change in relation to level of activity attained.

19 Rigidity It does not change with actual volume of activity achieved. Thus it is known as a Rigid or Inflexible budget. It can be re-casted on the basis of activity level to be achieved. Thus it is not rigid.

20 Level of Activity It operates on one level of activity and under one set of conditions. It assumes that there will be no change in the prevailing conditions, which is unrealistic. It consists of various budgets for different level of activity

21 Effect of variance analysis Variance Analysis does not give useful information as all Costs (fixed, variable and semi-variable) are related to only one level of activity. Variance Analysis provides useful information as each cost is analysed according to its behaviour.

22 Use for Decision making It the budget and actual activity levels differ significantly, then aspects like cost ascertainment and price fixation do not give a correct picture. It facilitates the ascertainment of cost, fixation of selling price and submission of quotations.

23 BASED ON TIME PERIOD: Long Term Budget Budgets which are prepared for periods longer than a year are called Long -Term Budgets. Such Budgets are helpful in business forecasting and forward planning. Examples: Capital Expenditure Budget and R&D Short- Term Budget. Budgets which are prepared for periods less than a year are known as Short- Term Budgets. Such Budgets are prepared in cases where a specific action has to be immediately taken to bring any variation under control. Example: Cash Budget.

24 BASED ON CONDITIONS: Basic Budget A Budget, which remains unaltered over a long period of time, is called Basic Budget. Current Budget A Budget, which is established for use over a short period of time and is related to the current conditions, is called Current Budget.

25 Based on Coverage Functional Budget Budgets, which relate to the individual functions in an organisation, are known as Functional Budgets, e.g. Purchase Budget, Sales Budget, Production Budget, Plant- Utilisation Budget and Cash Budget. Master Budget It is a consolidated summary of the various functional budgets. It serves as the basis upon which budgeted Profit and Loss Account and forecasted Balance Sheet are built up.

26 EXAMPLE 1 The Sales Director of a manufacturing company reports that next year he expects to sell 50,000 units of a particular product. The Production Manager consults the storekeeper and casts his figures as follows: Two kinds of raw materials, A and B, are required for manufacturing the product. Each unit of the product requires 2 units of A and 3 units of B. The estimated opening balances at the commencement of the next year are Finished product: 10,000 units, A: 12,000 units. B: 15,000 uints. The desirable closing balances at the end of the next year are: Finished products: 14,000 units, A: 13,000 units. B: 16,000 units. Draw up a quantitative chart showing Materials Purchase Budget for the next year.

27 Answer Production Budget Sales 50,000 Add Closing Stock 14,000 Less Opening Stock 10,000 54,000

28 Material Purchase Budget Particulars A B Consumed 1,08,000 1,62,000 Add Closing stock 13,000 16,000 Less Opening stock 12,000 15,000 1,09,000 1,63,000

29 Example 2 AK Limited produces and sells a single product. Sales budget for calendar year 2012 by a quarters is as under: Quarters I II III IV No. of units to be sold 18,000 22,000 25,000 27,000 The year is expected to open with an inventory of 6,000 units of finished products and close with inventory of 8,000 units.

30 Continued: Production is customarily scheduled to provide for 70% of the current quarter s sales demand plus 30% of the following quarter demand. The budgeted selling price per unit is ` 40 The standard cost details for one unit of the product are as follows: Variable Cost ` per unit Fixed Overheads 2 hours 30 ` 2 per hour based on a budgeted production volume of 1,10,000 direct labour hours for the year. Fixed overheads are evenly distributed through-out the year. You are required to: (i) Prepare Quarterly Production Budget for the year. (ii) In which quarter of the year, company expected to achieve breakeven point.

31 Production Budget (i) I II III IV Total Sales dd (units) 18,000 22,000 25,000 27,000 92,000 1 Opening Stock 6,000 7,200 8,100 8,700 30, % of Current 12,600 15,400 17,500 18,900 64,400 Qt 3 30% of Next Qt 6,600 7,500 8,100 7,400 29,600 4 Total 19,200 22,900 25,600 26,300 94,000 Production 5 Closing Stock 7,200 8,100 8,700 8,000 32,000

32 Part (ii) Break Even Point = Fixed Cost/ PV Ratio =220000/13.75% = or units. P/V Ratio = ( = 5.50)/ =13.75% (Or, Break Even Point= Fixed Cost/ Contribution = 2,20,000/5.50 = 40,000 Units) Total sales in the quarter II is equal to BEP means BEP achieved in II quarter.

33 Example 3 Action Plan Manufacturers normally produce 8,000 units of their product in a month, in their Machine Shop. For the month of January, they had planned for a production of 10,000 units. Owing to a sudden cancellation of a contract in the middle of January, they could only produce 6,000 units in January. Indirect manufacturing costs are carefully planned and monitored in the Machine Shop and the Foreman of the Shop is paid a 10% of the savings as bonus when in any month the indirect manufacturing cost incurred is less than the budgeted provision. The Foreman has put in a claim that he should be paid a bonus of Rs for the month of January. The Works Manager wonders how any one claim a bonus when the company has lost a sizeable contract. The relevant figures are as under:

34 Indirect Manufacturing Expenses for a Planned for Actuals in Costs Normal month January January Rs. Rs. Rs. Salary of Foreman 1,000 1,000 1,000 Indirect Labour Indirect Material 800 1, Repairs and Maintenance Power Tools Consumed Rates and Taxes Depreciation Insurance ,290 5,875 4,990 Do you agree with the Works Manager? Is the Foreman entitled to any bonus for the performance in January? Substantiate your answer with facts and figures.

35 Answer Working notes : Indirect labour cost per unit 720 =0.09P. 8,000 Thus, Indirect labour for 6,000 units = 6,000 x 0.09P= 540.

36 Indirect material cost per unit= 0.10P {800/8,000} Thus, Indirect material for 6,000 units = 6, P = 600

37 According to high and low point method of segregating semi-variable cost into fixed and variable components, following formulae may be used. Variable cost of repair and maintenance per unit= Change in expense level/change in output level= p

38 For 8,000 units Total Variable cost of repair and maintenance= x 8000 = 200 Fixed repair & maintenance cost= 400 Hence at 6,000 units output level, total cost of repair and maintenance should be = ,000 units = = 550

39 Variable cost of power per unit = p For 8,000 units Total variable cost of power = ` 300 Fixed cost = ` 500 Hence, at 6,000 units output level, total cost of power should be = ` ` ,000 units = ` ` 225 = ` 725

40 Tools consumed cost for 8,000 units = ` 320 Hence, tools consumed cost for 6,000 units = (` 320/8,000 units) 6,000 units = ` 240

41 Answer Salary of foreman Fixed 1,000 Indirect labour Variable 540 (Refer to Working note) Indirect material Variable 600 (Refer to Working note) Repair and maintenance Semi-variable 550 (Refer to Working note) Power Semi-variable 725 (Refer to Working note) Tools consumed Variable 240 (Refer to Working note) Rates and taxes Fixed 150 Depreciation Fixed 800 Insurance Fixed 100 4,705

42 Conclusion : The above statement of flexible budget clearly shows that the concern s expenses in the month of January have increased from ` 4,705 to ` 4,990. Under such circumstances the Foreman of the company is not at all entitled for any performance bonus in January.

43 Lesson Summary We have understood: Various kinds of Budgets Distinction in terms of Flexible and Fixed Budgets How to make flexible budgets How to make functional budgets

44 Thank you

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