Reference no: EM132804240
Ichi Bhd is analysing its financial budget for first quarter of 2020. Below are the information that related to the budget:
i. Opening cash balance for January 2020 is estimated to be RM10,000.
ii. Sales for the month of November 2019 to April 2020 are as follows:
Month RM
November 2019 45,000
December 2019 54,000
January 2020 65,000
February 2020 75,000
March 2020 93,000
April 2020 112,000
lchi Bhd has estimated the following payment schedules for sales for its customer
25% V/iII be paid in cash.
60% Will be collected in one month after the sales.
15% Will be collected in two months after the sales.
iii. There will be monthly rental received for one of the shop outlets in Shah Alam amounted to RM1,000 per month.
iv. The company's purchases costs are 60% of the mothly sales revenue. Ichi Bhd expects the following repayment schedules:
12% of total purchases are paid in cash
78% of total purchases afe paid one month after the pufchases 10% of the total purchases are paid two months after the purchases
V. Monthly fixed production expenses are expected to be RM7,000 (exclude of RM2,000 depreciation expenses of machinery) and is paid in the month they are incurred.
VI. In January 2020 the company will sell back one of the unused machine (market value RM80,000) to supplier amounted to RM100,000, but the supplier will make the payment in two equal instalments starting February 2020.
VII. Labour costs are estimated to be RM10,000 per month and are paid one month in arrears.
Required:
Problem a. Prepare a cash budget for Ichi Bhd for the first quarter of the year 2020. (All answer must be rounded up to the nearest RM)
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