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Make a cash budget for the first quarter of the year

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Reference no: EM132992438

Collection method is half in the month of sales and another half in the following month.

Monthly sales: RM200,000 January, RM240,000 February, RM 250,000 March.

Cash purchases: RM30,000 January, RM40,000 February, RM 50,000 March.

Credit Purchase: RM20,000 January, RM20,000 February, RM 30,000 March. Payment made in the following month of purchase.

  • Rent and salary paid RM20,000 and RM30,000 each month.
  • A loan received from ABM Financing at the beginning of the year in January is RM20,000. This loan will be paid at the beginning of March with interest of 10% per month.
  • Bought Furniture RM5,000, a deposit paid in cash RM2,000 in February. The full settlement will be made following month.
  • Bank balance on the last day of December last year was RM12,000.

Required:

Problem 1: Prepare a cash budget for the 1st Quarter of the year.

Reference no: EM132992438

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