Good morning please help me out with this question The following are the total sales of Top Class Ltd for the past three months of 2021MonthAprilMayJuneTotal SalesR900 000R700 000R500 000The budgeted sales figures for the next three months are expected as followsMonthJulyAugustSeptemberTotal SalesR825 000R760 000R920 000Additional information1)40% of all sales are made in cash.2)Credit sales for October 2021 are expected to be R450 000.3)Debtors are collected as follows.15% of outstanding amounts are collected during the month following the month of sale(i.e.: 30 days). A discount of 4,5% is offered for early settlement of accounts.60% is collected in the subsequent month (i.e.: 60 days).20% is collected in the subsequent month (i.e.: 90 days).The balance is irrecoverable and needs to be written off.REQUIRED:Prepare a schedule of forecasted receipts from customers (cash and credit) for the period 1 July 2021to 31 October 2021.Show all workingsRound to the nearest Rand.

Budget refers to the estimation of the incomes and expenses for a specified future period as per the…

Answered: REQUIRED: Prepare a schedule of…

REQUIRED: Prepare a schedule of forecasted receipts from customers (cash and credit) for the period 1 July 2021 to 31 October 2021. Show all workings Round to the nearest Rand.

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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The following are the total sales of Top Class Ltd for the past three months of 2021Month April May JuneTotal Sales R900 000 R700 000 R500 000The budgeted sales figures for the next three months are expected as followsMonth July August SeptemberTotal Sales R825 000 R760 000 R920 000Additional information1) 40% of all sales are made in cash.2) Credit sales for October 2021 are expected to be R450 000.3) Debtors are collected as follows.• 15% of outstanding amounts are collected during the month following the month of sale(i.e.: 30 days). A discount of 4,5% is offered for early settlement of accounts.• 60% is collected in the subsequent month (i.e.: 60 days).• 20% is collected in the subsequent month (i.e.: 90 days).• The balance is irrecoverable and needs to be written off.REQUIRED:Prepare a schedule of forecasted receipts from customers (cash and credit) for the period 1 July 2021to 31 October 2021.Show all workingsRound to the nearest Rand
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The accountant of Turn Key (Pty) Ltd instructs you to prepare a monthly cash budget for August. You are presented with the following budget information for July and August 2020. July August Sales. R590 000. R650 000 Manufacturing costs. R300 000. R340 000 Selling and administrative expenses R150 000. R170 000 Capital expenditures R120 000 (August) 1. The company expects to sell 10% of its merchandise for cash. 2. Credit sales will be collected as follows: 60% are expected to be collected in the month following the month of sale, and the remainder, in the second month following the month of sale. 3. On August 1 Cash balance was R55 000. 4. Accounts receivable as a result June credit sales was R442 000. 5. It is expected that R1 500 in dividends will be received in August. 6. All selling and administrative expenses are paid in cash in the period in which they are…
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