Please draft a budgeted receipt schedule from debtors for the period of 1 January 2023 to 30 June 2023. Month of 2023 Budgeted total sales: 1. January 140 000 2. February 132 000 3. March 128 000 4. April 115 000 5. May 120 000 6. June 150 000 Additional information: Total sales for September 2022, October 2022, November 2022 and December 2022 were R 120 000, R128 000 and R134 000 and R140 000 respectively. The goods sold on credit were 60% of actual sales. Customers will pay their debt as follows: ⚫ 0% in the first month after the month of sale ⚫ 60% in the second month after the month of sale ⚫ 30% in the third month after the month of sale ⚫ 10% in the fourth month after the month of sale
Please draft a budgeted receipt schedule from debtors for the period of 1 January 2023 to 30 June 2023. Month of 2023 Budgeted total sales: 1. January 140 000 2. February 132 000 3. March 128 000 4. April 115 000 5. May 120 000 6. June 150 000 Additional information: Total sales for September 2022, October 2022, November 2022 and December 2022 were R 120 000, R128 000 and R134 000 and R140 000 respectively. The goods sold on credit were 60% of actual sales. Customers will pay their debt as follows: ⚫ 0% in the first month after the month of sale ⚫ 60% in the second month after the month of sale ⚫ 30% in the third month after the month of sale ⚫ 10% in the fourth month after the month of sale
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Master Budget
A master budget can be defined as an estimation of the revenue earned or expenses incurred over a specified period of time in the future and it is generally prepared on a periodic basis which can be either monthly, quarterly, half-yearly, or annually. It helps a business, an organization, or even an individual to manage the money effectively. A budget also helps in monitoring the performance of the people in the organization and helps in better decision-making.
Sales Budget and Selling
A budget is a financial plan designed by an undertaking for a definite period in future which acts as a major contributor towards enhancing the financial success of the business undertaking. The budget generally takes into account both current and future income and expenses.
Question
Transcribed Image Text:Please draft a budgeted receipt schedule from debtors
for the period of 1 January 2023 to 30 June 2023.
Month of 2023 Budgeted total sales: 1. January
140 000 2. February 132 000 3. March 128 000 4. April
115 000 5. May 120 000 6. June 150 000 Additional
information: Total sales for September 2022, October
2022, November 2022 and December 2022 were R
120 000, R128 000 and R134 000 and R140 000
respectively. The goods sold on credit were 60% of
actual sales. Customers will pay their debt as follows:
.
⚫ 0% in the first month after the month of sale • 60% in
the second month after the month of sale • 30% in the
third month after the month of sale 10% in the fourth
month after the month of sale
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