Required:

Prepare for JJ Asian Cuisine for three months ending 30 September 2021

1. Schedule of receipts from accounts receivable
2. Schedule of payments from Accounts Payable (packaging)
3. Cash budget
4. Comment on the business cash position

JJ Asian Cuisines has been operating the business for more than 2 years. Recently there are few big super markets approached the business for few big contracts. Some local smaller size shops also started trading with the business. The business also sells directly only to end users. The following estimates have been made with respect to the third quarter of operation in 2021: Budgeted information for 3rd quarter 2021 ($) July August $ 28,029.60 $ 33,638.40 Sept $ 25,228.80 Cash Sales $ 12,016.80 $ 14,421.60 $ 10,814.40 Credit Sales $ 40,046.40 $ 48,060.00 $ 36,043.20 Total $ 13,181.94 $ 15,819.75 10,863.02 Cost of Packaging and Groceries used $ 2,239.80 $ 2,685.00 $ 2,022.40 Packaging purchases $ 10,957.14 $ 13,149.75 $ 9,861.82 Grocery purchases $ 667.44 $ 801.00 $ 600.72 Petrol Advertising 300.00 300.00 300.00 11,583.54 11,541.82 Wages Depreciation expense - Vacuum sealer Depreciation expense -Bowl sealing machine Depreciation expense - website Depreciation - car Rent expense Electricity and Gas Water 11,555.72 11.11 50.00 33.33 166.67 1,320.00 1,617.36 151.24 11.11 50.00 33.33 166.67 1,320.00 1,929.00 173.50 11.11 50.00 33.33 166.67 1,320.00 1,461.68 140.12 Actual Purchases (Packaging) Actual Sales Cash Credit Focus Actual Purchases (Packaging) Actual Sales Cash Credit $19,051.20 $8,164.80 $1,525.00 March March $21,772.80 $9,331.20 $1,765.00 April April $27,216.00 $11,664.00 $2,175.00 May May $32,659.20 $13,996.80 June June $2,638.00 Additional information: $12,765.60 All the grocery purchases are made on credit and paid for in the month following the purchase. Grocery purchases in June were Percentage of purchases (Packaging) on credit Utilities; Electricity, Gas and Water are all paid at the end of the quarter 80% Rent is paid in advance at the beginning of the quarter All other expenses are paid at the time they are incurred $53,222.32 Bank balance at the beginning of the budget period is E Focus Additional information: $12,765.60 All the grocery purchases are made on credit and paid for in the month following the purchase. Grocery purchases in June were Percentage of purchases (Packaging) on credit Utilities; Electricity, Gas and Water are all paid at the end of the quarter 80% Rent is paid in advance at the beginning of the quarter All other expenses are paid at the time they are incurred $53,222.32 Bank balance at the beginning of the budget period is Pattern of receipts from A/C Receivable Same month as sale 15% 55% 30% Month following month of sale Second month following month of sale Third month following month of sale Pattern of payments from A/C Payable ; Packaging Suppliers 0% Same month of purchase 50% Month following month of purchase 50% Required: Prepare for JJ Asian Cuisine for three months ending 30 September 2021 1. Schedule of receipts from accounts receivable 2. Schedule of payments from Accounts Payable (packaging) 3. Cash budget 4. Comment on the business cash position E Focus