You are the cost accountant of The Big Five Mining Group (Pty) Ltd and you compiled the following total sales and total purchases figures for your company for the past four months:

March 2022 (R) April 2022 (R) May 2022 (R) June2022 (R) Total sales 540 000 520 000 650 000 730 000 Total purchases 430 000 340 000 502 000 480 000

The budgeted sales and purchases figures for July, August, September, and October are as follows:

July 2022 (R) Aug 2022 (R) Sept 2022 (R) October 2022 (R) Budgeted total sales 750 000 820 000 860 000 900 000 Budgeted total purchases 500 000 520 000 550 000 560 000

Notes:

1.80% of all sales are on credit

2. Cash is collected from debtors as follows:

50% of the outstanding amount is collected during the second month following the month during which the sale took place (i.e. after 60 days) 30% is collected in the subsequent month (i.e. after 90 days) 18% is 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

Please show how to get to answer.

Thank you