SITXFIN501 Prepare and monitor budgets
Assessment 2 – Adjust budget forecast
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ASSESSMENT INSTRUCTIONS
Please complete the student details section.
This Assessment consists of a set of instructions below and requires you to complete the data in the attached spreadsheet.
This assessment is one form of assessment type that is used to collect evidence and will count towards gaining competence toward this unit.
To demonstrate competence each question must be answered.
If more space is required for any answer then student can attach a separate page containing their name, assessment date, unit title unit code and the assessment task number and attach this page with the current assessment task before submission.
Please note once the assessor has marked your work you will be provided with feedback. Based on the feedback you may be required to address any insufficient aspects that were not covered satisfactorily to demonstrate competence.
You will be required to complete other relevant assessment tasks for this unit.
Evidence Submission
• Once you have completed the calculations, save the file and print a copy of the completed Budget sheet and attach this to this assessment as evidence. (Please ensure to put your name, assessment date, unit title and unit code task number on the print out.)
• The electronic copy may be submitted to your trainer as instructed.

Instructions
1. Read the instructions below to perform the calculation in the budget spreadsheet.
2. You are provided with an excel spread sheet named “Budget Futura_Rest.&Bar”. The first tab on this spread sheet is labelled “Futura Restaurant and Bar” and shows the existing budget figures for the 2013 financial year.

Your Task
Use the template “Revised Budget” on the second tab of the spreadsheet and perform the calculations below using basic formulas.
Following the recent executive meeting, you are required to make adjustments to the recent budget you have provided to the chief financial controller. Based on the latest actuals and variances as well as major road works which will affect Futura R&B during this year, the following adjustments need to be considered for the new budget:
Turnover Customer numbers Average Spend (Food) Average Spend (Beverage)

January 1850 $ 45.00 $ 9.70
February 2000 $ 37.00 $ 9.70
March 700 $ 42.00 $ 9.70
April 1200 $ 48.00 $ 9.70
May 1200 $ 36.50 $ 9.70
June 600 $ 35.00 $ 9.70
July 950 $ 34.00 $ 9.70
August 800 $ 38.00 $ 9.70
September 900 $ 29.00 $ 9.70
October 650 $ 29.50 $ 9.70
November 980 $ 35.50 $ 9.70
December 2200 $ 48.00 $ 9.70

1. Calculate the anticipated Food revenue for each month and the yearly total.
2. Calculate the anticipated Beverage revenue per month and the yearly total.
3. Calculate the Total Revenue for each month and the yearly total.
4. Calculate the overheads total for each month (at 90% of turnover for each for each month with 1000 or more customers and at 96% for each month with less than 1000 customers) and the yearly total.
5. Calculate the profit for each month and the yearly total.
6. Calculate the Cost of Goods Sold for food and beverages, given a combined percentage of 32%.
7. Calculate the staff costs for each month at 31% for each month with 1000 or more customers and at 35% for each month with less than 1000 customers.
8. Calculate the ‘Other overheads” for the operation.
9. Print a copy of the revised budget.
10. Print the revised budget showing all formulae used.