ACT507 - Accounting for Managers - Accounting Assignment Help

Assignment Task

Question One

During the COVID-19 crisis Ben lost his job and decided to put his savings into a new business called Top End Walkabout Tours. Once the internal travel restrictions were lifted, he intended to make the most of the NT tourist boom by providing the local hotels with customised travel experiences in and around the Top End.
He drew up an estimate of his original cash outlay, income and expenses for the three months to the 30th June 2021.
April May June
Capital investment $83,200
Fees charged (on credit) 26,551 $32,035 $41,847
Fees collected 15,007 19,625 29,437
Office equipment 19,913
Administration expenses 3,175 3,175 3,175
Advertising and marketing
7,215 5,772 3,463
Monthly cash drawings 3,463 3,463 3,463
Office rent 4,618 4,618 4,618

Required
a. Prepare a monthly cash budget for the three months ending 30th June, 2021.
b. Prepare a variance report for April 2021 incorporating the following information:
Fees received $10,920
Office equipment 21,320
Cash drawings 6,760
All other cash items agreed with the original budget. 

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