Reference no: EM132992257
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.
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