QUESTION 4Prepare the following for June and July 2022 from the information provided below.4.1Debtors Collection Schedule4.2Cash BudgetINFORMATIONThe information provided below was taken from the forecasts of Rustom Wholesalers for the financial year ended 31May 2022.EXTRACT OF THE BUDGETED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 MAY2022RSales4 800 000Cost of sales2 400 000Rent income120 000Advertising48 000Salaries756 000Rates and taxes12 000Other operating expenses960 000||

Name: QUESTION 4Prepare the following for June and July 2022 from the infor
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Description: QUESTION 4Prepare the following for June and July 2022 from the information provided below.4.1Debtors Collection Schedule4.2Cash BudgetINFORMATIONThe information provided below was taken from the forecasts of Rustom Wholesalers for the financial yea

Answered: QUESTION 4 Prepare the following for…

Business

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QUESTION 4 Prepare the following for June and July 2022 from the information provided below. 4.1 Debtors Collection Schedule 4.2 Cash Budget INFORMATION

Quickbooks Online Accounting

3rd Edition

ISBN:9780357391693

Author:Owen

Publisher:Owen

Chapter8: Budgets And Bank Reconciliations

Section: Chapter Questions

Problem 4.1C

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Answer with following data.
Question 1 From the following information prepare a monthly cash budget for the three months ending 31st Dec.2020 Sales Materials Wages Production Admin. Selling, etc Month (RM) (RM) (RM) (RM) (RM) June 6,000 3,600 1,300 450 320 July 6,500 4,000 1,500 450 320 Aug. 7,000 4,800 1,500 500 350 Sep. 7,500 4,500 1,500 600 350 Oct. 8,000 4,600 1,600 600 400 Nov. 8,500 5,000 1,800 700 400 Dec. 9,000 5,200 2,000 700 450 Credit terms Sales 3 months to debtors. 10% of sales are on cash. On an average, 50% of credit sales are paid on the due dates while the other 50% are paid in the month following Creditors for material – 2 months. Lag in payment Wages. 1/4 month, overheads 1/2 month. Other information Plant and Machinery to be installed in Aug. at a cost of RM30,000. It will be paid for by monthly installments of RM1,000 each from 1st Oct.; Preference share dividend @ 6% on RM100,000 are to be paid on 1st Dec. Calls on 500 equity shares @ RM2 per share expected on 1st November; Dividends from…
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Use the information provided by Tech Talk to prepare the following for March and April 2024: 1.1 Cash Budget 1.2 Debtors Collection Schedule INFORMATION The following information was provided by Tech Talk: 1. Tech Talk expects to have a favourable bank balance of R70 000 on 28 February 2024. 2. Budgeted sales figures for 2024 are as follows: January R420 000 R470 000 3. 4. 5. 6. 7. Cash sales Credit sales 9. February R470 000 R490 000 Total purchases March R610 000 R620 000 Thirty percent (40%) of the cash sales is to informal traders who are entitled to a discount of 20%. Collections from debtors are usually as follows: • 80% is collected in the month after the sale. 20% is collected two months after the sale. Purchases of inventory are expected to be as follows: January R310 000 February R360 000 April R650 000 R600 000 March R300 000 Sixty percent (60%) of the purchases is for cash to take advantage of a discount of 15%. The balance is purchased on credit. Creditors are paid two…
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