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Balance sheet - The last essential document in the financial section of the business plan is the balance sheet of the business at the beginning of the first month of trading . Balance sheets are different from profit loss accounts which show profits for a time period such as a year . Balance sheets show the state of the business at one moment in time.
Balance sheet
Fixed Assets £ £
premises 0,000
Order College Papers on business plan
machinary 10,000
Other equipment ,000
4,000
Current assets
Bank 10,000
Petty cash 50
10,50
Current liabilities
creditors -------
Bank overdraft -------
Working capital 10,50
Net Current assets 4,50
Long term liabilities
loan 50,000
total 50,000
Net assets
Financed by
Net profit
Profit and loss account - A profit and loss account is a financial statement which summarises the revenue and expenses of a business for an accounting period and shows the overall profit or loss. The profit loss account will show the sales (or turnover) of the business, the purchases made by the business and the overheads of running the business, such as admin, wages, rent paid, telephone and interest paid.
Trading Balance profit loss account
Sales 55,000
Opening stock 0
purchases 6,000
Closing stock 0
Cost of goods sold 6,000
Gross profit 1,000
expenses
wages 50,000
electricity ,000
Other expenses 5,000
total 57,000
Net Profit 15,000
Break even analysis - A business planning a new project is only likely to go ahead if it is eventually going to make a profit . A profit can be made when the business has broke even. ( as soon as its income covers its running costs ) . The break even analysis tries to work out the position of output or sales where the firm just covers its total costs . There are types of costs known as fixed costs and variable costs .
Fixed costs are costs which stay the same and do not change with output or sales for example rent, insurance, interest rates and salaries
Variable costs are costs which change with output for example raw materials, stock and wages .
Break even analysis
Fixed costs
Premises - 0,000
Bills ( electric ) - 000
Wages - 50,000
Interest on loan - 5000
Total - £87,000
Variable costs
Stock - 6,000
General expenses - 5000
Total - £68,000
Cost per product - 7 p
Average price per product - £1.05
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