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MANCOSA: BACHELOR OF BUSINESS ADMINISTRATION HONOURS 8.12 FORMATIVE ASSESSMENT 2 (PROJECT) QUESTIONS - SEMESTER 2 ASSESSMENTS: ACCOUNTING AND FINANCIAL MANAGEMENT QUESTION 1 Required: 20) Use the information given below to prepare the following for Altech Limited to sely and August 2011: 1.1 Debtors Collection Schedule 1.2 Cash Budget Note: Provide separate monetary columns for each month. Where applicable, round off amounts to the neares 116 Rand Information: 1 200 9000 Extract of Statement of Comprehensive Income for the month ended 30 June 2021 Sales 200 000 Cost of sales 100 000 Rent income 8000 Advertising 4000 Salaries and wages 10 000 Rates and taxes Electricity 3000 Other operating expenses 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 follows: 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 July 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. 56 PROGRAMME HANDAO MANCOSA: BACHELOR OF BUSINESS ADMINISTRATION HONOURS 57 8. Rates and taxes will be paid in one instalment for the year during July 2021. Rates to be paid will amount to R6 000 9. Other operating expenses are expected to increase by RS00 every month. These expenses are paid for in the month in which they are incurred. 10. Electricity is expected to increase by 12% from 1 August 2021 due to tariff increases 11. The balance in the bank on 30 June 2021 is estimated to be R40 000 (favourable)