Question
On 31 March 2016 the bank account in the general ledger reflected a debit balance of R40 000. 2. Sales figures before taking any discounts
On 31 March 2016 the bank account in the general ledger reflected a debit balance of R40 000. 2. Sales figures before taking any discounts in respect of cash or credit sales are:
March R
April R
May R
JuneR Cash Sales 60 000 68 000 64 000 70 000 Credit Sales 42 000 36 000 32 000 40 000
1. The following discounts are given as incentives to customers:
Cash discount of 12%;
settlement discount of 5% on credit sales if accounts are settle 30 days after the sales.
2. Collections from debtors are expected as follows: 50% 30 days after the sale 30% 60 days after the sale 18% 90 days after the sale 2% written off after 90 days
PROGRAMME HIGHER CERTIFICATE IN PROJECT MANAGEMENT
MODULE PROJECT SCHEDULE COST AND BUDGET CONTROL
TOTAL MARKS 60 MARKS
3. The production records for finished goods reveal the following production costs:Actual BudgetedMarch R AprilMayJuneRRR Direct material 40 00032 00028 00030,000 Direct Labour 32 000 24 00020 00016 000 Overheads 16 00012 00010 0008 000
4.50% of the material purchases are on credit. Creditors are usually paid as follows:
70% within the same month of the purchase 30% 30 days after the purchase.
5.Payment of overhead costs and selling and administrative costs are delayed by one month.Selling and administrative costs are as follows: March (actual)R13 000 April (expected)R14 000 May (expected)R14 400 June (expected)R16 000
prepare creditors payment schedule for the period 01 April to 30 June 2016.
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