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Question: Brothers Ltd is a trading company selling many types of home appliances. They have provided the following budgeted revenue and cost information for eight months from May to December 2023. Additional information is given below: 1. Receipts from trade receivables: (a) 30% of the total sales is on Cash basis and 70% is on Credit basis. (b) 40% of credit customers will pay in the same month of sales, 30% will pay in the next month of sale and the balance will pay in 2 months time. There will be 5% bad debts recognized in 2 months time. 2. Monthly purchases of finished goods from their credit supplier represents 40% of the current month's total sales and payments to trade creditors are made two months after purchases. 3. 20% of the purchases of a month will be the opening inventory for following month. 4. All expenses are paid in the following manner: - Salaries expenses are paid in the same month of incurrence. - Travelling and Utilities expenses are paid one month in arrears. - Commission will be paid in arrear by two months. - Advertisement expenses will be paid two months in advance. It is expected to increase by 10% each month in the year 2024 . - Rental are paid one month in advance. 5. The rental agreement will expire on 30th September 2023 and the new tenancy agreement will result in an increase of 30% rental payable with effect from 1st October 2023 to 30th September 2024. In view of the increase in rental payable by a significant amount of 30%, the owner of Brothers Ltd has decided to sub-let a small portion of its premises for a rental income of $1,000 per month with effect from 1st September 2023 and the rental income is to be received in advance by the 5th of every month. 6. A down payment of $100,000 will be paid in the month of August 2023 for a new equipment costing $210,000. The balance amount owing will be paid in 5 equal monthly installments starting from September 2023. Depreciation on the new equipment will be calculate at 10% per annum using the straight line method. 7. Mr. Tom, the proprietor, will invest $100,000 cash into the business in December 2023. 8. As at 30th June 2023 , the bank account in the company's books showed a debit balance of $50,000. 9. The month of December is holiday and festive seasons. Required: (a) Prepare the Cash Budget for each of the six months from 1 1st July 2023 to 31ts December 2023 using Excel spreadsheet programme. (b) Prepare the Budgeted Profit and Loss Account for the six months ending 31th December 2023 using Excel spreadsheet. Question: Brothers Ltd is a trading company selling many types of home appliances. They have provided the following budgeted revenue and cost information for eight months from May to December 2023. Additional information is given below: 1. Receipts from trade receivables: (a) 30% of the total sales is on Cash basis and 70% is on Credit basis. (b) 40% of credit customers will pay in the same month of sales, 30% will pay in the next month of sale and the balance will pay in 2 months time. There will be 5% bad debts recognized in 2 months time. 2. Monthly purchases of finished goods from their credit supplier represents 40% of the current month's total sales and payments to trade creditors are made two months after purchases. 3. 20% of the purchases of a month will be the opening inventory for following month. 4. All expenses are paid in the following manner: - Salaries expenses are paid in the same month of incurrence. - Travelling and Utilities expenses are paid one month in arrears. - Commission will be paid in arrear by two months. - Advertisement expenses will be paid two months in advance. It is expected to increase by 10% each month in the year 2024 . - Rental are paid one month in advance. 5. The rental agreement will expire on 30th September 2023 and the new tenancy agreement will result in an increase of 30% rental payable with effect from 1st October 2023 to 30th September 2024. In view of the increase in rental payable by a significant amount of 30%, the owner of Brothers Ltd has decided to sub-let a small portion of its premises for a rental income of $1,000 per month with effect from 1st September 2023 and the rental income is to be received in advance by the 5th of every month. 6. A down payment of $100,000 will be paid in the month of August 2023 for a new equipment costing $210,000. The balance amount owing will be paid in 5 equal monthly installments starting from September 2023. Depreciation on the new equipment will be calculate at 10% per annum using the straight line method. 7. Mr. Tom, the proprietor, will invest $100,000 cash into the business in December 2023. 8. As at 30th June 2023 , the bank account in the company's books showed a debit balance of $50,000. 9. The month of December is holiday and festive seasons. Required: (a) Prepare the Cash Budget for each of the six months from 1 1st July 2023 to 31ts December 2023 using Excel spreadsheet programme. (b) Prepare the Budgeted Profit and Loss Account for the six months ending 31th December 2023 using Excel spreadsheet