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41 FINANCIAL PLAN
Objectives •
To achieve at least a break-even point on the first year of operation
•
To reach a 5% average net profit starting from the second year of
the operation and on the next succeeding years Note: Income will be divided in five equal parts. Four of which will be given to each partner and the remaining will be given to the partnership.
Proponents/Owners Dumalay, Mylene R. Fernado, Romarico DC. Suacillo, Archival B. Tumpalan, Ivy Katherine M.
P 30,000.00 30,000.00 30,000.00 30,000.00 P 120,000.00
Organizational Cost Fixed Asset Acquisition and Depreciation Tools, Equipment and Implements Utilities Supplies Salary Rent Permit and Licenses Transportation In Promotion and Advertising
P 28,000.00 1,790.00 650.00 12,730.25 16,640.00 19,500.00 4,870.00 1,404.00 6,000.00
TOTAL
P 91,584.25
42 Schedule of Investment Note: There will be an annual increase of 5% (inflation rate) on all items except for the salaries which will be the same for the first 3years of operation of the business Fixed Asset Acquisition and Depreciation Item
Value
Depreciable Life
Food Cart with Deep Fryer Total
P 28,000.00
10 yrs.
P 28,000.00
Tools, Equipment and Implements Item
Value
Trash Can
P 50.00
Tongs
40.00
Tray/Baking Pan
200.00
Storage Bin
1,000.00
Total
P 1,790.00
Schedule of Operational Expenditures Utilities Item
Amount Monthly
Amount Yearly
Electricity
P 500.00
P 6,000.00
Cell phone Load
150.00
1,800.00
Total
650.00
7,800.00
Year
2010
2011
2012
Electricity
P 7,800.00
P 8,190.00
P 8,599.50
43
Promotion and Advertising Bread (20 per day)
600
Flavors
2,880 ---------------------------3,480
Bookmark and Tarpaulin
2,520 ----------------------------
Total
6,000
Supplies Item Ball Pen
Amount Monthly P 10.00
Amount Yearly P 120.00
Record Book
3.75
45.00
Rug
10.00
120.00
1,560.00
18,720.00
Plastic Gloves
30.00
360.00
Plastic Bag
780.00
9,360.00
Brown Paper
1,560.00
18,720.00
Oil
1,093.50
13,122.00
Sugar
1,443.00
17,316.00
Choco
3,120.00
37,440.00
Cookies and Cream Mocha
1,560.00
18,720.00
Tissue
780.00
9,360.00
44 Cinnamon
780.00
Total
9,360.00
P 12,730.25
P 152,763.00
Salary
Salaries Expense (1 Manpower)
Daily
Monthly
Annually
2010 Yearly Salary
2011 Yearly Salary
2012 Yearly Salary
P 640.00
P 16,640.00
P 199,680.00
P 199,680.00
P 199,680.00
P 199,680.00
Rent Item
Amount Monthly
Annually
2010
2011
2012
Space for Booth
P 6,500.00
P 78,000.00
P 78,000.00
P 87,600.00
P 93,000.00
Permit and Licenses Item
Amount Yearly
BFAD
P 1,000.00
Sanitary Permit
320.00
DTI
515.00
Barangay Clearance
25.00
SEC
510.00
Mayor’s Permit
2,000.00
BIR
500.00
Total
P 4,870.00
Transportation In Item
Daily
Monthly
Annually
Transportatio n Total
P 54.00
P 1,404.00
P 16,848.00
P 54.00
P 1,404.00
P 16,848.00
45
Costing Per Unit of Each Product Schedule of Cost of Sales Product
Quantity Sold Per Month 9/3
Cost Per Unit
Amount Monthly 9/3
Amount Yearly
Plain
1,144/858
5
P 5,720/4,290
P 64,350.00
Choco
2,080/1,560
6
12,480/9,360
140,400.00
Cookies and Cream Mocha
1,196/897
6
7,176/5,382
80,730.00
546/410
6
3,276/2,460
36,864.00
Cinnamon
624/468
6
3,744/2,808
42,120.00
Total
5,590/4,193
P 32,396/24,297
P 364,464.00 / 1.12 Sales 325,414.29
Vat Output P 39,414.29
Schedule of Projected Sales Product
Quantity Sold Per Month 9/3
Selling Price Per Unit
Amount Monthly 9/3
Amount Yearly
Plain
1,144/858
12
P 13,728/10,296
P 154,440.00
Choco
2,080/1,560
15
31,200/23,400
351,000.00
Cookies and Cream Mocha
1,196/897
15
17,940/13,455
201,825.00
546/410
15
8,190/6,150
92,160.00
Cinnamon
624/468
15
9,360/7,020
105,300.00
Total
5,590/4,193
P 80,418/60,321
P 904,725.00 / 1.12 Sales 807,790.18
Vat Output P 96,934.82
Note: Gross sales was divided by 1.12 to get the total vat output
46
Note: All the Accounts have an increase of 5% yearly except for the rent expense which has 6% annual increase. Journal Entries
2010
2011
2012
P 120,000.00 Cash Dumalay, capital Fernando, capital Suacillo, capital Tumpalan, capital Cash Sales Vat Output
P 30,000.00 30,000.00 30,000.00 30,000.00 904,725.00
949,961.25
997,459.31
807,790.18
848,179.69
890,588.67
96,934.82
101,781.56
106,870.64
Inventory
325,406.25
341,676.56
358,760.39
Vat Output
39,048.75
41,001.19
43,051.25
Cash Cost of Sales Inventory Fixed Assets Vat Input Cash Rent expense
364,455.00 364,455.00 364,455.00
382,677.75 382,677.75
401,811.64 401,811.64
382,677.75
401,811.64
25,000.00
-
-
3,000.00
-
-
-
-
28,000.00 78,000.00
87,600.00
Permits
4,360.00
4,360.00
4,360.00
Salaries
199,680.00
199,680.00
199,680.00
Tools and Implements Promotional and Advertising Transportation In
93,000.00
596.67
596.67
596.67
6,000.00
6,000.00
6,000.00 18,574.92
16,848.00
17,690.40
Utilities
7,800.00
8,190.00
8,599.50
Supplies
60,567.00
63,595.35
66,775.12
Cash Vat Input Depreciation Expense Accumulated Depreciation Provision for Income Tax Income Tax Payable Income Tax Payable Cash Vat Output
375,045
387,115.75
396,989.54
40,183.39
41,476.69
42,534.59
2,520.00
2,520.00 2,520.00
24,897.00 24,897.00 24,897.00 24,897.00 57,885.11
2,520.00 24,897.00 24,897.00 24,897.00 24,897.00 60,779.62
2,520.00 2,520.00 24,897.00 24,897.00 24,897.00 24,897.00 63,817.75
Vat Input
43,183.39
41,476.69
42,534.59
Vat Payable
14,701.72
19,302.93
21,283.16
Vat Payable Cash
14,701.72 14,701.72
19,302.93 19,302.93
21,283.16 21,283.16
Objectives •
To achieve at least a break-even point on the first year of operation
•
To reach a 5% average net profit starting from the second year of
the operation and on the next succeeding years Note: Income will be divided in five equal parts. Four of which will be given to each partner and the remaining will be given to the partnership.
Proponents/Owners Dumalay, Mylene R. Fernado, Romarico DC. Suacillo, Archival B. Tumpalan, Ivy Katherine M.
P 30,000.00 30,000.00 30,000.00 30,000.00 P 120,000.00
Organizational Cost Fixed Asset Acquisition and Depreciation Tools, Equipment and Implements Utilities Supplies Salary Rent Permit and Licenses Transportation In Promotion and Advertising
P 28,000.00 1,790.00 650.00 12,730.25 16,640.00 19,500.00 4,870.00 1,404.00 6,000.00
TOTAL
P 91,584.25
42 Schedule of Investment Note: There will be an annual increase of 5% (inflation rate) on all items except for the salaries which will be the same for the first 3years of operation of the business Fixed Asset Acquisition and Depreciation Item
Value
Depreciable Life
Food Cart with Deep Fryer Total
P 28,000.00
10 yrs.
P 28,000.00
Tools, Equipment and Implements Item
Value
Trash Can
P 50.00
Tongs
40.00
Tray/Baking Pan
200.00
Storage Bin
1,000.00
Total
P 1,790.00
Schedule of Operational Expenditures Utilities Item
Amount Monthly
Amount Yearly
Electricity
P 500.00
P 6,000.00
Cell phone Load
150.00
1,800.00
Total
650.00
7,800.00
Year
2010
2011
2012
Electricity
P 7,800.00
P 8,190.00
P 8,599.50
43
Promotion and Advertising Bread (20 per day)
600
Flavors
2,880 ---------------------------3,480
Bookmark and Tarpaulin
2,520 ----------------------------
Total
6,000
Supplies Item Ball Pen
Amount Monthly P 10.00
Amount Yearly P 120.00
Record Book
3.75
45.00
Rug
10.00
120.00
1,560.00
18,720.00
Plastic Gloves
30.00
360.00
Plastic Bag
780.00
9,360.00
Brown Paper
1,560.00
18,720.00
Oil
1,093.50
13,122.00
Sugar
1,443.00
17,316.00
Choco
3,120.00
37,440.00
Cookies and Cream Mocha
1,560.00
18,720.00
Tissue
780.00
9,360.00
44 Cinnamon
780.00
Total
9,360.00
P 12,730.25
P 152,763.00
Salary
Salaries Expense (1 Manpower)
Daily
Monthly
Annually
2010 Yearly Salary
2011 Yearly Salary
2012 Yearly Salary
P 640.00
P 16,640.00
P 199,680.00
P 199,680.00
P 199,680.00
P 199,680.00
Rent Item
Amount Monthly
Annually
2010
2011
2012
Space for Booth
P 6,500.00
P 78,000.00
P 78,000.00
P 87,600.00
P 93,000.00
Permit and Licenses Item
Amount Yearly
BFAD
P 1,000.00
Sanitary Permit
320.00
DTI
515.00
Barangay Clearance
25.00
SEC
510.00
Mayor’s Permit
2,000.00
BIR
500.00
Total
P 4,870.00
Transportation In Item
Daily
Monthly
Annually
Transportatio n Total
P 54.00
P 1,404.00
P 16,848.00
P 54.00
P 1,404.00
P 16,848.00
45
Costing Per Unit of Each Product Schedule of Cost of Sales Product
Quantity Sold Per Month 9/3
Cost Per Unit
Amount Monthly 9/3
Amount Yearly
Plain
1,144/858
5
P 5,720/4,290
P 64,350.00
Choco
2,080/1,560
6
12,480/9,360
140,400.00
Cookies and Cream Mocha
1,196/897
6
7,176/5,382
80,730.00
546/410
6
3,276/2,460
36,864.00
Cinnamon
624/468
6
3,744/2,808
42,120.00
Total
5,590/4,193
P 32,396/24,297
P 364,464.00 / 1.12 Sales 325,414.29
Vat Output P 39,414.29
Schedule of Projected Sales Product
Quantity Sold Per Month 9/3
Selling Price Per Unit
Amount Monthly 9/3
Amount Yearly
Plain
1,144/858
12
P 13,728/10,296
P 154,440.00
Choco
2,080/1,560
15
31,200/23,400
351,000.00
Cookies and Cream Mocha
1,196/897
15
17,940/13,455
201,825.00
546/410
15
8,190/6,150
92,160.00
Cinnamon
624/468
15
9,360/7,020
105,300.00
Total
5,590/4,193
P 80,418/60,321
P 904,725.00 / 1.12 Sales 807,790.18
Vat Output P 96,934.82
Note: Gross sales was divided by 1.12 to get the total vat output
46
Note: All the Accounts have an increase of 5% yearly except for the rent expense which has 6% annual increase. Journal Entries
2010
2011
2012
P 120,000.00 Cash Dumalay, capital Fernando, capital Suacillo, capital Tumpalan, capital Cash Sales Vat Output
P 30,000.00 30,000.00 30,000.00 30,000.00 904,725.00
949,961.25
997,459.31
807,790.18
848,179.69
890,588.67
96,934.82
101,781.56
106,870.64
Inventory
325,406.25
341,676.56
358,760.39
Vat Output
39,048.75
41,001.19
43,051.25
Cash Cost of Sales Inventory Fixed Assets Vat Input Cash Rent expense
364,455.00 364,455.00 364,455.00
382,677.75 382,677.75
401,811.64 401,811.64
382,677.75
401,811.64
25,000.00
-
-
3,000.00
-
-
-
-
28,000.00 78,000.00
87,600.00
Permits
4,360.00
4,360.00
4,360.00
Salaries
199,680.00
199,680.00
199,680.00
Tools and Implements Promotional and Advertising Transportation In
93,000.00
596.67
596.67
596.67
6,000.00
6,000.00
6,000.00 18,574.92
16,848.00
17,690.40
Utilities
7,800.00
8,190.00
8,599.50
Supplies
60,567.00
63,595.35
66,775.12
Cash Vat Input Depreciation Expense Accumulated Depreciation Provision for Income Tax Income Tax Payable Income Tax Payable Cash Vat Output
375,045
387,115.75
396,989.54
40,183.39
41,476.69
42,534.59
2,520.00
2,520.00 2,520.00
24,897.00 24,897.00 24,897.00 24,897.00 57,885.11
2,520.00 24,897.00 24,897.00 24,897.00 24,897.00 60,779.62
2,520.00 2,520.00 24,897.00 24,897.00 24,897.00 24,897.00 63,817.75
Vat Input
43,183.39
41,476.69
42,534.59
Vat Payable
14,701.72
19,302.93
21,283.16
Vat Payable Cash
14,701.72 14,701.72
19,302.93 19,302.93
21,283.16 21,283.16
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