Notes: The balance of the bank account on 1 January 2021 was R 210 000. All sales are on credit. There were no outstanding amounts from debtors on 1 January 2021. The gross margin is 40%. All merchandise is purchased on credit and sold within the same month (i.e. cost of sales represents credit purchases). All expenses are paid in cash. It is company policy to settle all creditors after 30 days. NB! Debtors were all collected after 60 days. NB! Required: 3.1 Calculate the mark up percentage applied by your company 3.2 Complete the scheduled budget by filling-in the missing figures (4 marks) (31 marks) Question 3 (35 marks) You are the cost accountant of Gau Mining Group Pty Ltd and your company used to have a debtors collection period and a creditors settlement period of 30 days. You have prepared the following incomplete budget to help you with a very important decision: Whether or not the company should extend the debtors collection period to 60 days in order to boost sales revenue, or whether to keep the collection period constant at 30 days. Incomplete budget: Keeping the collection period constant with no change in sales Jan 2021 R Feb 2021 R March 2021 R April 2021 R ) 180 000 (90 000 ? (35 000 ? 00 180 000 00) (90 000 ? ? 00) (35 000 ? ? 00 180 000 00) (90 000 ? ? 00) (35 000 ? ? 00 180 000 00) (90 000 ? ? 00) (35 000 ? ? 00 00) ? 00) ? Abbreviated statement of comprehensive income Sales (all on credit) Cost of sales Gross Profit Expenses paid in cash Net Profit Bank balance Opening balance for the month Movement during the month Expenses paid in cash Creditors settled in cash Cash receipts from debtors Closing balance ? ? 210 000 ? ? 00 ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? lalala.a