Answer the following Question

Qno 1

Sales Budget:- Q:- Suppose a division of Nike has the following data:- Accounts receivable, May31: (0.3XMay sales of Rs 400,000)=Rs 120,000. Monthly forecasted sales: June, Rs 400,000;July Rs 440,000; August, Rs 500,000, September, Rs 530,000. Sales consist of 70% cash and 30% credit. All credit accounts are collected in the month following the sales. (assume no bad debts) Required:- Prepare a sales budget schedule and a cash collection budget schedule for June, July and August