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Oops, sorry. GST is 1 0 % Also please help me with this too. Im stuck. Maya has commenced business as a retailer of paper
Oops, sorry. GST is
Also please help me with this too. Im stuck.
Maya has commenced business as a retailer of paper boxes, MAY Enterprises that is registered for GST The GST accounting is done on an accrual basis for each quarter.
Expected sales are:
Cash sales is while credit sales is of the expected sales.
The collections from accounts receivable debtors is expected to be according to the following pattern:
in the month of sale
in the month following the sale
in the second month after the sale
Expenses are estimated to be:
July
Stock Purchases $
Salary $
Other Overheads $
August
Stock Purchases $
Salary $
Other Overheads $
September
Stock Purchases $
Salary $
Other Overheads $
Other Overhead above includes depreciation expense of $
Stock Purchases are paid for in the month of purchase
Administration Expenses consists of of the sales for each month
Other overheads and salary are paid for in the month in which they have been incurred
Opening balance of the Bank Account on July is $
Ignore GST for the purpose of this budget.
Required:
a Accounts Receivable Budget ie Cash Receipts Budget for July to September showing the total collections
b A cash budget showing the receipts and payments for July, August and September including the cash balance at the end of each month
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