Accounts Receivable Collections Budget Example 1 Accounts Receivable Collections Budget $ December 15,000 Actual Sales: (excl GST) Expected Sales: January 13,000 (excl GST) February 10,000 March 8,000 All sales are made on credit and the expected pattern of receipts is: - 50% pay in the month of sale - 50% pay in the following month GST is accounted for on a cash basis. Required: Prepare an accounts receivable collections budget for January, February and March, showing GST collected separately.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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LTE 11%
4-22-1 - Nije spremljeno
5
Accounts Receivable Collections Budget
Example 1
Accounts Receivable Collections Budget
$
December
15,000
Actual Sales:
(excl GST)
January
13,000
Expected Sales:
(excl GST)
February
10,000
March
8.000
All sales are made on credit and the expected pattern of receipts is:
-
50% pay in the month of sale
-
50% pay in the following month
GST is accounted for on a cash basis.
Required: Prepare an accounts receivable collections budget for
January, February and March, showing GST collected separately.
Business Budgeting - Chapter 6
23:34
ZAD1
!
BI U O A
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LearnNow Publications
www.learnnowbiz.com 5
123
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TÄT
Transcribed Image Text:LTE 11% 4-22-1 - Nije spremljeno 5 Accounts Receivable Collections Budget Example 1 Accounts Receivable Collections Budget $ December 15,000 Actual Sales: (excl GST) January 13,000 Expected Sales: (excl GST) February 10,000 March 8.000 All sales are made on credit and the expected pattern of receipts is: - 50% pay in the month of sale - 50% pay in the following month GST is accounted for on a cash basis. Required: Prepare an accounts receivable collections budget for January, February and March, showing GST collected separately. Business Budgeting - Chapter 6 23:34 ZAD1 ! BI U O A ||| O H LearnNow Publications www.learnnowbiz.com 5 123 |||| < TÄT
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