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The management of Vuti has supplied the following sales amounts for the next five months: January R60 000 February R75 000 March R55 000 April
The management of Vuti has supplied the following sales amounts for the next five months: January R60 000 February R75 000 March R55 000 April R65 000 May R50 000 Additional information: Off all sales 35% are cash sales based in value. Of credit sales 50% is collected within the month of sales. Two-thirds of the credit sales collected within the month of sales receives 2% discount. A further 30% of credit sales is collected in the following month; and the remaining credit sales is collected in the month thereafter. Bad debts amounts to 3% of the credit sales. Required: Prepare a debtor's collection schedule that clearly shows how credit sales for the five months will be collected. NB: Round off calculations to two decimal places and the final amount to the nearest value
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