The following information was made available on 31 August 2021.
Balances extracted from financial records on 31 August 2021:
Equipment (including computers) at cost price
R180
000
Accumulated depreciation on equipment
60 000
Bank (dr)
112 500
Sales
ACTUAL
BUDGETED (PROJECTED)
July 2021
Aug 2021
Sept 2021
Oct 2021
Nov 2021
R135 000
R126 000
R112 500
R180 000
R225 000
e
Credit sales: 40% of all sales are on credit
Debtors collection trend:
40% in the month of sale when a 24% settlement discount is allowed for prompt settlement.
35% in the month following the sale (after 30 days)
20% in the second month following the sale (after 60 days)
The rest is written off as irrecoverable in the third month after the sale (after 90 days)
Sanitation services income
A contract was secured with a chain group of stores for R20 500 per month from
1 September 2021.
Purchases
The business uses a fixed stock base - stock sold are replaced in the same month
A fixed mark-up percentage of 50% on cost is used
25% of the purchases are paid in cash
Creditors are paid in the month following the purchases (after 30 days)
.
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Answers: 1
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The following information was made available on 31 August 2021.
Balances extracted from financial...
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