Business Accounting
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Table of Contents TASK 1 (P1, P2, M1, D1)................................................................................................................4 Main purpose of accounting for an organization.........................................................................4 Different categories of capital income, capital expenditure, revenue income and revenue expenditure ..................................................................................................................................5 Preparing 12-month cash flow forecast to enable organization to manage its cash....................7 TASK 2 (P4)..................................................................................................................................10 Preparing profit and loss account and balance sheet.................................................................10 TASK 3 (P5, M2, D2)....................................................................................................................12 Performing ratio analysis to measure the profitability, liquidity and efficiency of an organization ...............................................................................................................................12 REFERENCES..............................................................................................................................17
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INTRODUCTION Accounting is referred to as the important part that assists in reflecting the financial status of the company in an effective manner. With the assistance of this function business organization can effectively manage its resources. In the present study business accounting has been discussed with respect to Vodafone. The study entails to understand the purpose of accounting. Further it involves different categorize such as capital income, capital expenditure, revenue income as well as revenue expenditure. THIS IS A SAMPLE ASSIGNMENT BUY QUALITY ASSIGNMENT TO SCORE TOP GRADES CONTACT US: TOLL-FREE NO: +61 879057034 WHATSAPP NO: +61 450461655
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TASK 1 (P1, P2, M1, D1) Main purpose of accounting for an organization Accounting is considered as crucial discipline that is used for tracking the quantifiable factors for business. Purpose of accounting for organization like Vodafone can be as such: 
Accounting is referred to as the backbone of the firm that acts as an aid for business in operating its activities in an effective way (Purpose of accounting, 2011). The main purpose for which the accounts are prepared is for providing finance related information to various users such as community, government and stakeholder of firm.

Accounting assist in offering information that is quantitative as well as financial in nature. The main purpose of it is to reflect the resources of the business in monetary form with their appropriate value (Brammer, Fardon and Penning, 2002). Based on this value, management carries out economic decision and makes selection of suitable course of action effective for Vodafone.
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Another major purpose of accounting is to reflect the financial position of the organization. This assist is evaluating the current position of the business. Further it reflects the assets and liabilities that are possessed by the firm.
The results are demonstrated in accounts of the organization that reflects the revenue and expenditure of the company in the financial period (Atrill, 2009). This further assist decision maker of business in examining its expenses as well as revenue and the ways of the Vodafone even it can enhance its income and can control its expenditures.
With the assistance of accounting, the solvency as well as liquidity position of the company can be evaluated. Thus stakeholders can determine the ability of the organization to meet its liabilities. Further it also examines the capacity of the organization like Vodafone to fulfill its short term obligations.
Through accounting information, performance of business can be analyzed. It also offers economic information of the company on whose basis appropriate decision can be made. These decisions are related to the operating and investing activities of the business.
The major purpose of accounting is to gain better insight of the financial as well as business transaction (Chulkov, 2014). This includes knowledge regarding cash inflow and outflow of the firm. With this, organization can analyze the business activities that generate revenues for the business. Further it also examines the activities that are engaged in generating expenses for Vodafone.
Accounting assists in serving the long term interest of the organization (Dhanani and et.al., 2007). It is essential for business to carry out accurate accounting so that it can fulfill its needs in an effective and appropriate manner.
Good accounting practices are important as company can keep track on the finances of the business. By keeping accurate balance sheet firm can examine its assets and liabilities (Brotman, 2010). This would further act as an aid in determining the ability of the business in meeting its long term as well as short term obligations.
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Accounting is important for every type of business as it assist business in determining return on investment. The company can effectively examine the capital invested and profitability earned in the financial year. Through this, company can gain better understanding regarding its expenses and income generated during the year (Cox, 2004). The role of accounting is crucial in determining the ability of the business to meet its liabilities. Further through this company can also know the amount of stock and the liquid asset which it possesses to meet the long term business needs.
Accounting is recording of the information and summarizing it in order to gain knowledge regarding the financial status of the business.
Different categories of capital income, capital expenditure, revenue income and revenue expenditure Capital income: It is defined as the income that is being invested by the owner of the business for the purpose of carrying out operations of the firm. It includes investment as well as capital employed by the owner in order to commence business (Dyson, 2007). It comprises of purchasing those assets that generates income for business that includes land, building, equipments, vehicles, machines etc. It covers all the investment activities that assist business in generating revenues. Capital income depends on ownership structure of the organization as:
Sole trader makes investment of its income from the personal capital possessed by them.
By issue of share, limited company obtains capital income.
In partnership, the partners put their share of capital with the business. This can also be generated from bank in the form of loan for specified duration of time.
Further it can be acquired from bank based on the mortgage under which owner of the business has to keep some security with the bank (Eljelly, 2004). Revenue income: It is referred to that income which is earned from routine and regular business activities by the firm (Fleig, 2008). The major income that is being generated by company is from sell of goods and services. Other than this it also include income received from commission, rents, interest and other related activities. Table 1: Difference between Capital and Revenue Income TOLL-FREE NO: +61 879057034 EMAIL: help@assignmentprime.com WHATSAPP NO: +61 450461655 WEBSITE: www.assignmentprime.com ASSIGNMENT WRITING HELP FOR AUSTRALIAN STUDENTS
Capital Income Income that is invested by owner of the firm. Income earned by making investment in land, machinery and equipments (Gaskell, and Ashton, 2008) Huge amount of funds are invested so that income can be generated from capital investments. It is also comprised of revenue income of the firm.
Revenue Income Income that is received from routine activities of the organization. This is comprised of revenue received by firm through rents, commission and interest on deposits. Income earned from revenue is less in comparison with capital income (Hansen, Mowen and Guan, 2009) It is the part of capital income. This is because the income under this is generated only when the owner makes investment.
Capital expenditure: In order to attain long term benefits through investments capital expenditures are done by organization like Vodafone. It includes the expenditure done by business for acquisition of fixed asset or to enhance the sales of goods and services (Hardy, 2003). Such expenditures have non recurring natures as it is incurred by business for two to three times. For instance the purchase of land is also referred to as capital expenditure. Revenue expenditure: These are incurred by firm regularly as to enhance the revenue of the company (Heberle, and Christensen, 2011). It is comprised of profit and loss account of firm as it is recurring in nature. Table 2: Difference between Capital and Revenue expenditure Capital expenditure These are expenditures that are incurred to gain future benefits
Revenue expenditure They are expenditures incurred for the purpose of maintaining and increasing revenue of firm Recurring in nature
Non recurring in nature (Huang and Wang, 2013) Enhances the business position Maintains the position of the business Recorded in balance sheet of the organization Recorded in profit and loss account (Jones and Clatworthy, 2006) For instance: Purchase of machinery and For instance: Expenditure incurred on repair equipments etc. and maintenance of machinery and equipments.
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Preparing 12-month cash flow forecast to enable organization to manage its cash Cash flow forecast is statement that is used for demonstrating the estimated revenue and expenses of the organization for each month. It provides estimation of the revenue that business will earn from its sales other sources of income such as rent, commission and interest on deposits (Jooste, 2006). It can be used for the purpose of forecasting expenditures of the business that would be incurred in each month with respect to purchase, wages salary and other expenses of business. Table 3: Cash Flow forecast Particula r Opening balance
Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sept
Oct.
Nov.
Dec.
21975
24418. 7
24868. 7
23588.7
22039.03
26636.0 3
29866.0 3
31193.03
31643.0 3
31543.03
32693.03
32413.03
Revenue
20043. 7
18500
19220
18000.33
21150
20030
20830
20050
19500
23350
21520
18330
Total revenue
42018. 7
42918. 7
44088. 7
41589.03
43189.03
46666.0 3
50696.0 3
51243.03
51143.03
54893.03
54213.03
50743.03
Expenses
17600
18050
20500
19550
16553
16800
19503
19600
19600
22200
21500
17600
Total outflow
17600
18050
20500
19550
16553
16800
19503
19600
19600
22200
21500
17600
Closing balance
24418. 7
24868. 7
23588. 7
22039.03
26636.03
29866.0 3
31193.03
31643.03
31543.0 3
32693.03
32413.03
33143.03
Cash flow related problems in organization There are certain problems that are faced by the organization in its cash flow and this has negative impact on the cash flow: 
Payment made by debtors: Such problems occur due to difference in payments made by the customers (Kwok, 2002). Delay in payment made by the debtors affects the payment made to the creditors of the company as because of this it also get delayed.. This issue occurs when the credit period provided to debtors is longer.
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High investment in capital expenditure: This is another major problem of cash flow. Such problem arises when the company makes investment of large funds even if it is not able to generate adequate revenue (Mclellan and Moustafa, 2013). Investment in capital expenditure has to be carried out only when Vodafone possess sufficient funds that can be invested in fixed assets.
Problem associated with overdrafts: Negative cash flow of business demonstrates liquidity position of the organization. This represents that company does not possess adequate amount of cash to meet its overheads and expenses. Such problem emerges when the organization has overdraft and it even takes loan from the financial institutions.
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Payment to creditors: Such issue arises only when the time period offered by creditor is shorter (Mohamed and Lashine, 2003). Because of this, company has to make payment within shorter time duration that result in increasing the cash outflow in each month.
Bad debts: Various problems in the cash flow arise due to bad debts. When the debtors of the company become bankrupt and refuse to make payment then this result in decreasing the cash inflow of the business.
Recommending the actions that business can take while it’s facing problems related to cash flow
Discount to customers: Discount is provided to those customers who make immediately payment of bill within the specific time period.. By providing this facility the business can get instant benefit in the cash inflow from the debtors of the business.
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Decrease in time of payment allowed to debtors: The Company can reduce the time period allowed to debtors for payment (Needles, Powers and Crosson, 2008). By minimizing the time the consistency in revenue from debtors will enhance.
Using the benefits of overdraft: Overdraft facility is offered by the bank to the company so that it can manage its negative cash flows. Banks grants overdraft facility for specified period of time without any interest. The firm can take advantage of such type of service for specific time period.
Payment for creditors: The Company can make payment of due amount to creditors by taking advantage of the terms that are provided for payment. Organization should not make payment before the duration specified by the creditors (Nikbakht and Groppelli, 2006). Moreover it can negotiate with its suppliers as well as creditors to make payment after stated time period. Negotiation with creditors allows company to gain advantage of making payment after particular time span. This assist business in bringing liquidity.
Management of capital expenditure of organization: It is important for firm to manage its capital expenditure when there is shortage of cash. Further organization should not make purchase of assets that require huge amount of funds (Romeo, Lee, and Bao, 2010). Such situation can be managed by making purchase on assets on hire purchase or on lease. This does not require involvement of huge amount of funds.
TASK 2 (P4) Preparing profit and loss account and balance sheet For the present report organization selected is Vodafone. On the basis of its annual report profit and loss account and balance sheet has been prepared. Profit and loss account: Profit and loss account of Vodafone demonstrates expenses and income earned by it during the financial year (Weygandt and et.al., 2009). The statement reflects the gross profit and the net profit earned by the firm after it has been earned by the business later than including all its expenses and income received by it.
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Gross profits reflect the surplus amount that is left after deducting cost of sales from the revenue of the business.
Net profit can be calculated after deducting expenses and tax paid from gross profit. Moreover other incomes of the business are added in gross profit while calculating net profit. Table 4: Profit and Loss account Particular Revenue Cost of Sales ( Beginning inventory + Purchases made during reporting period – Ending inventory) Gross Profit Expenses and Overhead Distribution cost Administrative cost Impairment losses Joint ventures Other Income and Expenses Operating Profit Non operating income and expense Investment income Financing costs Profit before Interest and tax Income tax credit Profit for the financial year from continuing operations Profit for financial year from discontinued operations Net Profit
Amount (ÂŁm) 38346 (27942) 10404 (3033) (4245) (6600) 278 (717) (3913) (149) 346 (1554) (5270) 16582 11312 48108 59420
Balance sheet: Balance sheet of the organization presents the financial position of the organization. It is prepared at the end of the year on particular date. It is the summary of the assets and liabilities of Vodafone. This provides exact information about the capability of the firm to meet its long term and short term obligations (Ahrendsen and Katchova, 2012). Balance sheet is designed in two formats. One is horizontal and another is vertical. Mostly businesses TOLL-FREE NO: +61 879057034 WHATSAPP NO: +61 450461655
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uses vertical format for balance sheet. In present report vertical balance sheet of Vodafone is prepared which is as such: Table 5: Balance sheet Particular Non-current assets Goodwill Other intangible assets Plant and equipments Joint ventures Other investments Deferred tax assets Post employment benefits Trade and other receivables
Amount (£m) 23315 23373 22851 114 3553 20607 35 3270 97118
Current Assets Stock Taxation recoverable Trade and other receivables Other investments Cash and cash equivalents Assets held for sale Total Current Assets
441 808 8886 4419 10134 34 24722
TOTAL ASSETS
121840
Equity Called up share capital Additional paid in capital Treasury shares Accumulated shares Accumulated other comprehensive income Total equity shareholders funds Total non controlling interests Total Equity Non-current liabilities Long term borrowings Taxation liabilities Deferred tax liabilities TOLL-FREE NO: +61 879057034 WHATSAPP NO: +61 450461655
3792 116973 (7187) (51428) 8652 70802 979 71781 21454 50 747 EMAIL: help@assignmentprime.com WEBSITE: www.assignmentprime.com
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Post employment benefits Provisions Trade and other payables
584 846 1339 25020
Current liabilities (CL) Short term borrowings Taxation Provisions Trade and other payables Total Current Liability
7747 873 963 15456 25039
TOTAL LIABILITY
121840
TASK 3 (P5, M2, D2) Performing ratio analysis to measure the profitability, liquidity and efficiency of an organization Ratio analysis is considered as the technique which assists accountant and stakeholders to interpret the financial position of the business. It calculates liquidity, profitability and solvency ratio of the business so that appropriate decision making can be ensured (Hiebl, DurstmĂźller and Duller, 2013). In the present study ratios of Vodafone is analyzed. This would assist is analyzing the financial position of business in quantitative terms. It also evaluates the financial resources of the business. Table 6: Calculation of ratios Particular PROFITABILITY RATIO Gross profit Net sales Gross profit ratio Operating profit Net sales Operating profit ratio LIQUIDITY RATIOS Current asset Current liabilities Current ratio
Ratios
2013
2012
Operating profit/Net sales*100
13940 14871 44445 46417 31.36461 32.03783 4728 11187 44445 46417 10.63787 24.10108
Current assets/Current liabilities
23287 20025 31224 24025 0.745805 0.833507
(Gross profit/Net sales)*100
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Current asset Inventory Current liabilities Quick ratio EFFICENCY RATIO Net sales Total assets Total asset turnover Cost of goods sold Inventory Inventory turnover ratio INVESTMENT RATIO Debt Equity Debt equity ration
Current assets-cl. Stock/Current liabilities
23287 20025 450 486 31224 24025 0.731393 0.813278
Cost of goods sold/Inventory
44445 46417 142698 139576 31.1462 33.25572 30505 31546 450 486 67.78889 64.90947
Debt/equity
29108 28362 72488 78202 40.15561 36.26761
Net sales/ Total assets
Profitability ratios: Profitability ratios are those ratios that assist the business in determining its profitability with respect to sales and assets of the firm. This ratio will measure the profit of Vodafone and examines the relationship between sales and profitability of the firm. It acts as an aid for the firm in determining its financial performance with respect to profit. If the organization has higher profitability ratio then this reflects that firm has sound position (Ratio analysis, 2013). On the other hand lower ratio reflects poor business performance. a) Gross profit ratio: From the above calculation it can be interpreted that profitability of Vodafone is decreasing. In year 2013 the GPR is 31.36%. However it has increased in 2012 that is 32.03%. Thus it can be determined that sales of the company have decreased because of which its profitability is affected adversely. 2013: (13940/ 44445)* 100 = 31.36 2012: (14871/46417) * 100 = 32.03
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b) Operating profit ratio: In the year 2013 the operating profit ratio of Vodafone is 10.60%. However in 2012 it was 24.10%. This implies that sales of the company have decreased drastically (Vodafone annual report, 2013). Due to this the cost of production of the firm has increased which has thereby resulted in lowering down its profitability. Vodafone needs to strengthen its marketing strategy so that it can promote its products and services in the market. 2013: (4728/ 44445)* 100 = 10.63 2012: (11187/46417) * 100 = 24.10 Liquidity ratios: This ratio measures the liquidity of the business. It assists the business in determining whether or not it is capable enough to meet its short term obligations. Liquidity ratio examines the number of times Vodafone has make payment of its short term liabilities (Dyson, 2007). Higher liquidity position reflects that company has higher margin of safety. On the contrary lower liquidity ratio presents that firm's position is not safe.
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a) Current ratio: With the assistance of current ratio the liquidity position of Vodafone can be reflected. The current ratio of company in year 2012 is .83 which has ben decreased in year 2013. In 2013 current ratio of Vodafone was .74. This reflects that liability of the company has increased greatly which can obstruct the firm’s activities in future. It represent that company is not possessing sound liquidity position as compared to previous year. In order to increase the liquidity position company needs to keep control over its expenses. This would further assist in increasing its revenues and incomes (Fleig, 2008). The company needs to decrease the time offered to debtors for payment so that it can meet its long term as well as short term obligations on time. TOLL-FREE NO: +61 879057034 WHATSAPP NO: +61 450461655
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2013: (23287/ 31224) = 0.74 2012: (20025/24025) = 0.83 b) Quick ratio: This ratio determines the liquidity position of the firm by taking into account the available inventories. In 2013 the quick ratio of Vodafone is .73 which was .81 in 2012. This reflects that quick ratio of the company has declined from the previous year which implies that business incur high cost in maintaining its inventory. Moreover it does not possess the ability to meet its short as well as long term obligations. This reflects that company is not able to manage its accounts receivables, securities as well as cash in an effective manner. The liquidity position of the company in comparison to previous year is not sound. 2013: (23287- 450/ 31224) = 0.73 2012: (20025-486/24025) = 0.81 Efficiency ratios: This ratio determines how effectively business makes utilization of its assets and liabilities. Efficiency ratio is effective in determining the enhancement in the profitability of Vodafone (Jones and Clatworthy, 2006). This will reflect the efficiency of the business with respect to its inventory, creditor and debtor payment period. This ratio assists the firm in evaluating its receivables and payable turnover and the time in which business collects and make payment. a) Asset turnover ratio: This ratio reflects the efficiency of the business on the basis of effective utilization of resources. Asset turnover ratio of Vodafone in year 2013 is 31.14%. This was 33.25% in 2012. This implies that firm is not effectively making utilization of resources. Moreover company is not managing its assets in an appropriate manner due to which its overall efficiency is lowering down (Kwok, 2002). Lower asset turnover ratio reflects that firm is experiencing problems with respect to special category of asset such as inventory, receivables and fixed asset. 2013: (44445/ 46417) = 31.14 2012: (46417/139576) = 32.25 TOLL-FREE NO: +61 879057034 WHATSAPP NO: +61 450461655
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b) Inventory turnover ratio: It reflects the efficiency of the business to enhance its revenue. In 2013 the inventory turnover ratio of Vodafone is 67.78%. This reflects that company is incurring high storage cost. In 2012 the ratio of the company was 64.90% which was much better than the current year. From the interpretation it has been found that company is not able to convert its inventory into profitability as its management is not effective. This has affected the operations of the business greatly. Moreover it reflects that company is not able to manage its inventory in an effective manner. 2013: (30505/ 450) = 67.78 2012: (31546/ 486) = 64.90 Investment ratio: This ratio reflects the amount of investment made by the firm and return on investment of the business. High return on investment indicates that the firm has managed its operations in an effective manner (Romeo, Lee and Bao, 2010). Moreover it has adopted activities that help in lowering the cost of production thereby resulting in increasing the profitability of the firm in long run. This ratio reflects the amount of borrowing and equity with the company. a) Debt-equity ratio: This indicates the financial and liquidity ratio that compares the company's total debt with total equity. Ratio reflects the percentage of company's financing that comes from creditors as well as investors. Higher debt and equity ratio indicates that the company has made use of more creditors financing that is bank loan rather than investor financing that is shareholders. The debt equity ratio of the company in 2013 is .40 which was .36 in the year 2012 (Vodafone annual report, 2013). This reflects that debt equity ratio of Vodafone has increased which implies that liability of the firm from creditors has increased greatly. 2013: (29108/ 72488) = 40.15 2012: (28362/78202) = 36.26
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REFERENCES Journal and Books Ahrendsen, B. L. and Katchova, A. L. 2012. Financial ratio analysis using ARMS data. Agricultural Finance Review. 72(2). pp.262–272. Atrill, P., 2009. Financial Management for Decision Makers. 5th ed. FT Prentice Hall. Brammer. J, Fardon, M. and Penning A., 2002. Active Accounting. Osborne Books. Brotman, B. A., 2010. The impact of market conditions using appraisal models. Journal of Property Investment & Finance. 28 (3). pp.237–242. Chulkov, D., 2014. Innovation in centralized organizations: examining evidence from Soviet Russia. Journal of Economic Studies. 41 (1). pp.123-139. Cox, D., 2004. Business Accounts. Osborne Books. Dhanani, A. and et.al., 2007. Why UK companies hedge interest rate risk. Studies in Economics and Finance. 24 (1). pp.72–90. Dyson, J. R., 2007. Accounting for Non-Accounting Students. FT Prentice Hall. Eljelly, A. M. A., 2004. Liquidity - profitability tradeoff: An empirical investigation in an emerging market. International Journal of Commerce and Management. 14(2). pp.48–61. Fleig, T., 2008. Company Analysis. GRIN Verlag. Gaskell, J. and Ashton, J., 2008. Developing a financial services planning profession in the UK: An examination of past and present developments. Journal of Financial Regulation and Compliance. 16(2). pp.159 – 172. Hansen, D.R., Mowen, M.M. and Guan, L., 2009. Cost Management: Accounting and Control. 6th ed. Cengage Learning. Hardy, H., 2003. Financial Planning. Midpoint Trade Books Incorporated. Heberle, L. C. and Christensen, I. M., 2011. US environmental governance and local climate change mitigation policies: California's story. Management of Environmental Quality: An International Journal. 22 (3). pp.317–329. Hiebl, W. R. M., Durstmüller, F. B. and Duller, C., 2013. The changing role of management accounting in the transition from a family business to a non-family business. Journal of Accounting & Organizational Change. 9(2). pp.119 – 154. Huang, D. F. and Wang, C. L., 2013. Book-tax differences and earnings quality for the banking industry: evidence from Taiwan. Pacific Accounting Review. 25(2). pp.145 – 164.
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Jones, J. M. and Clatworthy, A. M., 2006. Differential patterns of textual characteristics and company performance in the chairman's statement. Accounting, Auditing & Accountability Journal. 19(4). pp.493 – 511 Jooste, L., 2006. Cash flow ratios as a yardstick for evaluating financial performance in African businesses. Managerial Finance. 32(7). pp.569–576. Kwok, H., 2002. The effect of cash flow statement format on lenders' decisions. The International Journal of Accounting. 37(3). pp.347-362. Mclellan, D. J. and Moustafa, E., 2013. An exploratory analysis of management accounting practices in the Arab Gulf Cooperative countries. Journal of Islamic Accounting and Business Research. 4(1). pp.51-63 Mohamed, A. K. E. and Lashine, H. S., 2003. Accounting knowledge and skills and the challenges of a global business environment. Managerial Finance. 29(7). pp.3–16. Needles, E. B., Powers, M. and Crosson, V. S., 2008. Principles of accounting. 10th ed. Cengage Learning. Nikbakht, E. and Groppelli, A.A, 2006. Finance. 5ed. Barron's Educational Series. Romeo, G., Lee, J. and Bao, D., 2010. Comparisons on selected ratios between IFRS and US GAAP companies. Journal of Financial Reporting and Accounting. 8(1). pp.22–34. Weygandt, J. J. and et.al., 2009. Managerial Accounting: Tools for Business Decision Making. Managerial Accounting: Tools for Business Decision Making. Online Purpose of accounting. 2011. [Online]. Available <http://www.accountingtools.com/questions-and-answers/what-is-the-purpose-ofaccounting.html> [Accessed on 27th January 2015].
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