You are required to prepare a detailed annual Profit & Loss (INCOME STATEMENT) budget for…

Student Instructions
You are required to prepare, Interpret and manage budgets and financial plans.
For this project you are to use as a business model the example of Patrick's Cod Fishing Ltd, details of which are provided as an Appendix to this assessment.
This assessment is to be undertaken in five parts, which should be undertaken consecutively.
TASK 1:
You are required to prepare a detailed annual Profit & Loss (INCOME STATEMENT) budget for 2017, based on the historical financial information for 2016 and the initial assumptions given for 2017 in the Appendix. Your budget should be prepared using MS Excel or similar software. Make sure you isolate all variables in a way that you can readily determine the effect different of assumptions and changed circumstances.
TASK 2:
Prepare a summary report (250 to 500 words as a guide) to clarify your budget outcomes and discuss with your Assessor (who will role play as Patrick, the business owner) to decide if the outcomes are achievable, accurate and comprehensible. Your report should include at least-
i. An explanation of the trend in budgeted profit ii. An opinion (with your rationale) on whether each of the assumptions are reasonable or should be reviewed iii. Any recommended changes to the base assumptions TASK 3:
Revise your budget for all changes agreed in Task 2, and prepare your final budget. (Your budget document should include a list of all assumptions).