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MANCOSA: BACHELOR OF BUSINESS ADMINISTRATION HONOURS 120) R 200 000 4000 10 000 1200 8.12 FORMATIVE ASSESSMENT 2 (PROJECT) QUESTIONS - SEMESTER 2 ASSESSMENTS: ACCOUNTING AND FINANCIAL MANAGEMENT QUESTION 1 Required: Use the information given below to prepare the following for Altech Limited for Buty and August 2013 1.1 Debtors Collection Schedule 14 1.2 Cash Budget 16 Note: Provide separate monetary columns for each month. Where applicable, round off amounts to the newest Rand Information: Extract of Statement of Comprehensive income for the month ended 30 June 2011 Sales Cost of sales 100 000 Rent income 8000 Advertising Salaries and wages Rates and taxes Electricity 3000 Other operating expenses 9 000 Additional information: 1. The business uses a fixed mark-up of 100% on cost. 2. Sales are expected to increase by 10% each month. 3. Thirty percent (30%) of the sales are for cash and the balance is on credit. Collections from credit sales are as 40% in the month of the sale, and these customers are entitled to a 2% discount; 55% one month after the sale. The balance is usually written off as bad debts. 4. Closing Inventories are kept at a constant level 50% of purchases are for cash. Creditors are paid one month after purchase. 5. In terms of the lease agreement, the rental income will increase by 10% per annum with effect from 01 June 2021. Rent is received monthly 6. Advertising is paid monthly and is estimated to be the same percentage of sales as for June 2021. 7. Salaries and wages will increase by 10% with effect from 01 July 2021, follows: PROGRAMME HANDBOOK: JANUARY 2021 INTAKE