63. Summarized below are the Receipts ad Payments forecasts for the months of July to December 2010 Selling Purchases Wages Exp. 4,000 2,000 3,000 Misc. Exp. 8,000 7,000 9,000 Months Sales July August September 4,000 5,000 30,000 16,000 18,000 32,000 34,000 4,000 3,000 15,000 17,000 18,000 16,000 October 3,000 30,000 26,000 6,000 2,000 4,000 8,000 9,000 November 4,000 3,000 December 30,000 You are given the following further information: 1. Machinery costing Rs. 20,000 is due for delivery in Dec. payable 10% on delivery and balance after three months. 2. Advance income tax in Nov. Rs. 3,000. 3. Period of credit allowed: (i) (ii) By suppliers 2 months and To customers 1 month. 4. Lag of payments of wages – 12 month. 5. Lag of payment of selling expenses 1 month. You are required to prepare a cash budget for four months starting on 1 September 2010 when there was cash balance of Rs. 10,000.

63. Summarized below are the Receipts ad Payments forecasts for the months of July to December 2010 Selling Purchases Wages Exp. 4,000 2,000 3,000 Misc. Exp. 8,000 7,000 9,000 Months Sales July August September 4,000 5,000 30,000 16,000 18,000 32,000 34,000 4,000 3,000 15,000 17,000 18,000 16,000 October 3,000 30,000 26,000 6,000 2,000 4,000 8,000 9,000 November 4,000 3,000 December 30,000 You are given the following further information: 1. Machinery costing Rs. 20,000 is due for delivery in Dec. payable 10% on delivery and balance after three months. 2. Advance income tax in Nov. Rs. 3,000. 3. Period of credit allowed: (i) (ii) By suppliers 2 months and To customers 1 month. 4. Lag of payments of wages – 12 month. 5. Lag of payment of selling expenses 1 month. You are required to prepare a cash budget for four months starting on 1 September 2010 when there was cash balance of Rs. 10,000.

Name: 63. Summarized below are the Receipts ad Payments forecasts for the m
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Description: 63. Summarized below are the Receipts ad Payments forecasts for the months of July toDecember 2010Purchases Wages4,000SellingExp.MonthsSalesMisc. Exp.30,00032,0004,0005,0008,000JulyAugustSeptember16,00018,00015,0002,0007,00034,00030,00026,00030,0003

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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