Question (1) SamZuu Company is location in Ghana. The forecast information for the five months ending 31 May 2013 is: February March January Ghc'000 April May June Ghc'000 Ghc'000 Ghc'000 Ghc'000 Sales 20 16 28 26 30 24 Purchases 12 16 18 14 12 15 Machinery Depreciation 5 Interest paid 40 50 4 3 2 1 1 4 4 3 Further Information: a) On average 30% of each month's sales is expected to be for cash. Further 50% will be given one month's credit. The rest will be given two months' credit. All money will be received when due. b) Suppliers are to allow one months credit. November & December 2012 purchases were Ghc 20,000 and Ghc 16,000 respectively c) Interest will be paid at the end of the month in which they are incurred and depreciation is accounted in their respective months d) 50% of Machinery sold in the month will be received in that month and the remaining amount spread evenly over the next 11months e) The overdraft facility 13/12/2012 was Ghc (3,400) Required: Prepare a detail forecast month to month cash budget for the five(5) months ending 30 May 2013

Question (1) SamZuu Company is location in Ghana. The forecast information for the five months ending 31 May 2013 is: February March January Ghc'000 April May June Ghc'000 Ghc'000 Ghc'000 Ghc'000 Sales 20 16 28 26 30 24 Purchases 12 16 18 14 12 15 Machinery Depreciation 5 Interest paid 40 50 4 3 2 1 1 4 4 3 Further Information: a) On average 30% of each month's sales is expected to be for cash. Further 50% will be given one month's credit. The rest will be given two months' credit. All money will be received when due. b) Suppliers are to allow one months credit. November & December 2012 purchases were Ghc 20,000 and Ghc 16,000 respectively c) Interest will be paid at the end of the month in which they are incurred and depreciation is accounted in their respective months d) 50% of Machinery sold in the month will be received in that month and the remaining amount spread evenly over the next 11months e) The overdraft facility 13/12/2012 was Ghc (3,400) Required: Prepare a detail forecast month to month cash budget for the five(5) months ending 30 May 2013

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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