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Tanmoy · Accepted Answer

Taxation system in India – An overview
BUDGET comparison
Flexible budget
The funds allocated is 25290 and the total expenses is 29470. The budget deficit is due to higher operating costs and expenses and the amount of deficit is 4180.
2
Flexible budget v/s ACTUAL Budget
The variance is mainly due to higher rates per unit and all variances are unfavorable except in case of nil variances.
3
FIXED vs flexible budget
The variance is mainly due to number of invites.
4
Fixed vs actual budget
The unfavorable variances are due to higher number of invitees and fixed budget cannot be changed due to change in number of invitees.
5
Variable overhead volume  and sales  Volume Variances
	Particulars	Budgeted	Actual	Standard rate	Variance
	Meals 	1400	1620	14.5	(1400- 1620)* (14.5))= 
-3190
	Postage	3000	4000	0.49	(3000- 4000)* (0.49))= 
-490
					
					
	Particulars	Budgeted	Actual	Standard rate	Variance
	Funds allocated	5290	25290	 	0
The variances have been calculated considering standard rates for meal and postages.
6
Need for budget in a non-profit organization
It helps to strategize for the future and evaluate the current financial health of the non-profit organization
It helps to periodically review the budget and compare it with the actual cash flows and expenses to determine if the targets are achieved as planned
Although non-profit organization since not profit motivated does not requires a balanced budget
Finally, a budget for the non-profit organization helps the employees whether there is a deficit or surplus and the way such financial disasters can be avoided in a non-profit organization
VARIANCE ANALYSIS
	The meal cost variance is appropriate because there is extra item in menu in actual vs budgeted.
The number of persons have been increased so the postage expenses as per number of persons to be invited has been increased. 
The facility expenses have been increased due to number of invitees.

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