Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please help due 2day @12 Simba Limited supples components for cell phones Information The following details are available Estimated 2020 Actual 2020 July 96000 100000

image text in transcribed

please help due 2day @12

Simba Limited supples components for cell phones Information The following details are available Estimated 2020 Actual 2020 July 96000 100000 Sales Purchases Sales Commission Wages August September October November 120000 60000 160000 200000 50000 160000 34000 80000 320 1600 900 580 1000 1000 12 2 780 1000 40% of all sales are for cash 30% of all purchases are cash - 1. Collections for credit sales are as follows: 20% is collected in the month of the sale and 2% discount is granted on these collections 60% is collected in the first month following of sale 15% is collected in the second month following the month of sale The remaining 5% is written off as bad debts 2. Creditors are paid 2 months after the date of invoice 3. Simba Limited will make an investment of R80 000 in fixed deposit on 1 October 2020 Interest of 15% per month is expected to be received from 31 October 2020 4. Rent expense amounts R6 800 per month and is payable on the first day of each month 5. Wages will be increased by 9% in October 2020 and will increase by a further 10% in November 2020 6. A new machine is expected to be purchase for R22 100 cash in November 2020 7 Commission is paid to sales personnel in the month following the month in which it was earned 8. On 30 September 2020 Simba Limited had a bank overdraft of R7 000 Required 3.1 Debtors collection schedule 3.2 Cash Budget for October and November 2020

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Payroll Accounting 2020

Authors: Jeanette Landin

6th Edition

1260247961, 9781260247961

More Books

Students also viewed these Accounting questions