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QUESTION 3 ( 2 0 Marks ) REQUIRED Study the information provided below and prepare the following for July and August 2 0 2 4
QUESTION Marks REQUIRED Study the information provided below and prepare the following for July and August Debtors Collection Schedule marks Cash Budget marks INFORMATION Glenville Limited is in the process of developing a cash budget for July and August The following information is available: Expected sales from May to August are as follows: Historically of the company's sales has been on cash and the rest on credit. Twenty percent of the cash sales is subject to a discount of Sixty percent of the credit sales is usually collected in the month after the sales, thity five percent is collected two months after the sale and the balance is written off as bad debts. During August the company expects to receive a dividend of cents per share on the shares that it holds in Camry Limited. The company's purchases of inventory are estimated to be of sales. Thirty percent is paid in cash and a discount of is receivable. The balance is paid in the month after the purchase. Separate entries are required for the cash purchases and payments for credit purchases. The monthly rental, payable at the end of each month, will increase by with effect from August The rental payable on August is R The fixed salary cost for is and is paid evenly every month. Interest on loan for two months at a rate of per year is payable on the loan balance of during August New machinery with a cost price of R will be purchased and paid for during July Other cash operating expenses are forecast at R for June and are expected to increase by each month. Cash in the bank on June is expected to amount to R REQUIRED Study the information provided below and prepare the following for July and August Debtors Collection Schedule marks Cash Budget marks INFORMATION Glenville Limited is in the process of developing a cash budget for July and August The following information is available: Expected sales from May to August are as follows: tableMayRJuneRJulyRAugustR
QUESTION
Marks
REQUIRED
Study the information provided below and prepare the following for July and August
Debtors Collection Schedule
marks
Cash Budget
marks
INFORMATION
Glenville Limited is in the process of developing a cash budget for July and August The following information is available:
Expected sales from May to August are as follows:
Historically of the company's sales has been on cash and the rest on credit. Twenty percent of the cash sales is subject to a discount of
Sixty percent of the credit sales is usually collected in the month after the sales, thity five percent is collected two months after the sale and the balance is written off as bad debts.
During August the company expects to receive a dividend of cents per share on the shares that it holds in Camry Limited.
The company's purchases of inventory are estimated to be of sales. Thirty percent is paid in cash and a discount of is receivable. The balance is paid in the month after the purchase. Separate entries are required for the cash purchases and payments for credit purchases.
The monthly rental, payable at the end of each month, will increase by with effect from August The rental payable on August is R
The fixed salary cost for is and is paid evenly every month.
Interest on loan for two months at a rate of per year is payable on the loan balance of during August
New machinery with a cost price of R will be purchased and paid for during July
Other cash operating expenses are forecast at R for June and are expected to increase by each month.
Cash in the bank on June is expected to amount to R
REQUIRED
Study the information provided below and prepare the following for July and August
Debtors Collection Schedule
marks
Cash Budget
marks
INFORMATION
Glenville Limited is in the process of developing a cash budget for July and August The following information is available:
Expected sales from May to August are as follows:
tableMayRJuneRJulyRAugustR
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