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please help with this clearly showing all workings Question 2 26 marks You are the cost accountant of Prime Mining Group Pty Ltd and you
please help with this clearly showing all workings
Question 2 26 marks You are the cost accountant of Prime Mining Group Pty Ltd and you compiled the following total sales and total purchases figures for your company for the past four months: The budgeted sales and purchases figures for July. August, September and October are as follows: Notes: 1. 80% of allsales are oncredit 2. Cash is collected from debtors as follows: - 50% of outstanding amounts are collected during the second month following the month during which the sale took place (i.e. after 60 days) - 30% are collected in the subsequent month (i.e. after 90 days) - 18% are collected in the subsequent month (i.e. after 120 days) - 2% is irrecoverable 3. 50% of all purchases are on credit. 4. Creditors are settled as follows: - 70% of outstanding amounts are paid back within 30 days, and an early settlement discount of 5% is allowed by these creditors. - The balance of 30% is settled in the subsequent month (i.e. 60 days). Required: Prepare a schedule of budgeted receipts from debtors for the period 1 July to 31 December 2022. NB: Show all your workings to get maximum marks Step by Step Solution
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