Partner$$s Accountant prepared a financial report as of Dec $2021$ with balance budget for the next three months $($January $$ March $2022)$ as below:

A$.$ Annual budget for the year $2021-22($April $$ March$).$

Staff Cost: Project Manager $48,000,$ Project Officer $36,000,$ Programme Assistant $15,700,$ Administrator $20,000.$

Programme cost: Irrigation canal $65,000,$ Income generation $50,000,$ Workshop and Seminar $7,500,$ Duty travel $4,500,$ Stationery and consumables $2,000.$

Agreed overhead budget is $11\%$ of total cost on the above headings.

B$.$ Expenditure incurred up to $31$ December $2021.$

Staff cost: Full team of project staff worked and incurred salary expenditure as budgeted during the reporting period.

Programme cost: $50\%$ of Irrigation canal, $25\%$ of Income generation, $10\%$ of workshop seminar, $125\%$ of Duty travel, and $100\%$ of Stationery and consumables were spent. Overhead booked as per the budgeted percentage of $11\%.$

S$.$No$.$ Budget headings Annual budget Expenditure for up to Dec $2021$ Budget balance for January $$ March $22$

Staff cost:

$1$ Project Coordinator $48,00036,00012,000$

$2$ Project Officer $36,00027,0009,000$

$3$ Prog. Assistant $15,70011,7753,925$

$4$ Administrator $20,00015,0003,000$

Programme Cost:

$5$ Irrigation canal $65,00039,00026,000$

$6$ Income generation activities $50,00010,00020,000$

$7$ Duty Travel $4,5005,625500$

$8$ Workshop and Seminar $7,5007506,750$

$9$ Stationery and consumables $2,0001,500500$

$10$ Overhead $27,35716,1526,365$

Total $276,057162,782113,275$

You are asked to;

$$ check accuracy of the report and correct if required,

$$ provide feedbacks to Project Manager regarding the financial performance in relation with the period where necessary.

Answer rating: 100% (QA)

1 Annual Budget for 20212022 April March Staff Cost Project Manager 48000 Project Officer 36000 Programme Assistant 15700 Administrator 20000 Programme Cost Irrigation canal 65000 Income generation 50... View the full answer