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KooD has determined that all sales are on credit and they do not have any cash sales. The experience tells KooD they will collect 60%

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KooD has determined that all sales are on credit and they do not have any cash sales. The experience tells KooD they will collect 60% of sales in the month of the sale and the remaining 40% is collected the month after the sale. Account receivables at the beginning of the year are RM200,000 and are expected to be collected in January. Budgeted sales for the first quarter are as follow: January RM600,000 February March RM1,600,000 RM800,000 Budgeted sales Required: (a) Prepare the schedule of cash receipts for the first quarter. (b) Determine the account receivables as at 31 March. (6 marks) (2 marks)

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