Reference no: EM133177978
Question -The following information has been presented to you for 2018 by Wonder Projects Limited:
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September
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October
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November
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Rand
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Rand
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Rand
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Cash revenue
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200 000
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220 000
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240 000
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Credit revenue
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120 000
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180 000
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190 000
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Purchases (all credit)
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130 000
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140 000
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120 000
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Additional information:
1. Collection of credit revenue: 50% in the month of invoice 30% one month after invoice 15% two months after invoice and the balance written off as irrecoverable.
1. Purchases are on credit and are paid for one month after the purchase, less 5% discount.
2. Rent income amounts to R10 000 per month. The rent will increase by 8% on 1 October 2018.
3. A fixed deposit of R150 000 will mature on 31 October2018. Interest of R15 000will also be received on this date.
4. A new computer will be purchased on 3 September2018 for R25 000 cash.
5. Salaries amount to R20 000 per month. A 10% increase will take effect on 1 October 2018.
6. The owner is expected to take R5 000cash from the business on 20 October2018 for his son's birthday gift.
7. Variable expenses are estimated to be R6 000 in September 2018 and expected to increase by R2 000 per month thereafter.
8. The business expects to have a favourable bank balance of R50 000 on 1 September 2018.
9. Debtors collection schedule for September, October and November 2018.
Required - Make cash budget statement for the three months ending 30 November 2018.
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