Financial Management in Healthcare

Assignment B (60%).

You must answer both question 1 and 2 and clearly show all relevant workings.

Question 1 should be answered in 1,500 words

You applied for the position of the Associate Finance Manager and you have been informed that you need to take a test as a part of the recruitment process. One of the test questions is about budgets and budgeting.
You are required to provide deep explanation of the budget, how it is prepared, budgetary process, benefits of budgeting, the importance of selecting the right type of budget and the importance of budgetary control.
Using your knowledge from the module, how would you answer above question. (40% of Assignment B)

Question 2

Medical Mart plc, a medical supplies and service company, has produced the following Trial Balance on the 31st December 2019.
Dr. €000
Cr. €000
Trade Creditors
1250
Salaries & Wages
535
Debtors
1300
Direct Labour
720
Motor Vehicles-Fixed Assets
390
Insurance
120
Long Term Bank Loan
3520
Direct Materials
890
Equipment- Fixed Assets
900
Stock
1500
Other Expenses
150
Sales
3500
Cash at Bank
20
Interest Paid
250
Tax Paid
50
Land & Buildings-Fixed Assets
2400
Production overhead
755
Motor Expenses
130
Rent
80
Light & Heat
35
Dividend Paid
54
Share Capital
2009
10,279
10,279
4
Required for Question 2
a) please draw up a Profit & Loss Account for Medical Mart plc for the year ended 31st December 2019 and a Balance Sheet at that date.
b) Ratios and figures obtained from last year’s accounts (31st December 2018) are as follows:
− Current Ratio 1.7
− Acid Test Ratio 1.3
− Gross Profit Margin 39%
− Net Profit Margin 12%
− Return on Capital Employed 13%
Calculate the above ratios for 2019. Using Ratios and any other information available to you, from 2018 and 2098 accounts, analyse what is happening at Medical Mart plc. Explain what other information, not provided, would have helped you with your analysis?
c) The CEO of Medical Mart plc has asked you for advice on the company’s situation. What advice would you give him/her? Your answer should include any advantages or disadvantages associated with your proposed actions.
Note: All calculations must be shown clearly.

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