You are to create a debtor ageing summary report for the year 2017/2018 for the CEO. Forecasted Sales figure for 2017/18 = 16,971,236 Using the percentages provided – calculate the figures for the report. After you have finished your yearly calculations you will then need to break down equally per quarter. Debtors ageing budget The historical records show that the debtors balance at the end of each quarter is usually about 20% of the quarter’s sales. At any time in the debtor’s balances 1% of the total debtors is overdue 90 days and over, 5% is 60 days overdue, 10% is 30 days overdue and the balance of the total debtors is current. The aged debtors’ budgets are only distributed to the accountant and the accounts receivable clerk. Aged debtors Aged Debtors Budget 2017/2018 Total Yearly Qtr. 1 Qtr. 2 Qtr. 3 Qtr. 4 Sales x,xxx x,xxx x,xxx x,xxx x,xxx % Debtors Sales % % % % Total Debtors % Calculation Calculation Calculation Calculation Current % Calculation Calculation Calculation Calculation 30 Days % Calculation Calculation Calculation Calculation 60 Days % Calculation Calculation Calculation Calculation 90 Days % Calculation Calculation Calculation Calculation
You are to create a debtor ageing summary report for the year 2017/2018 for the CEO.
Using the percentages provided – calculate the figures for the report.
After you have finished your yearly calculations you will then need to break down equally per quarter.
Debtors ageing budget
The historical records show that the debtors balance at the end of each quarter is usually about 20% of the quarter’s sales. At any time in the debtor’s balances 1% of the total debtors is overdue 90 days and over, 5% is 60 days overdue, 10% is 30 days overdue and the balance of the total debtors is current. The aged debtors’ budgets are only distributed to the accountant and the
Aged debtors
|
Aged Debtors Budget 2017/2018 |
Total Yearly |
Qtr. 1 |
Qtr. 2 |
Qtr. 3 |
Qtr. 4 |
|
Sales |
x,xxx |
x,xxx |
x,xxx |
x,xxx |
x,xxx |
|
% Debtors Sales |
|
% |
% |
% |
% |
|
Total Debtors |
% |
Calculation |
Calculation |
Calculation |
Calculation |
|
Current |
% |
Calculation |
Calculation |
Calculation |
Calculation |
|
30 Days |
% |
Calculation |
Calculation |
Calculation |
Calculation |
|
60 Days |
% |
Calculation |
Calculation |
Calculation |
Calculation |
|
90 Days |
% |
Calculation |
Calculation |
Calculation |
Calculation |
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