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Prepare cash budget for june

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Reference no: EM132583863

North Point Ltd.'s management has an estimated overdraft of $10,000 at 1 June. The following information has been taken from budgets for June.

Cash Sales : 53,000

Credit Sales: 92,000

Wages (gross): 22,000

Rent: 6,000

Credit purchases of trading stock: 18,000

Cash purchases of trading stock: 8,000

Loss on sales of asset: 3,000

  • 60% of sales credit sales are collected in the month of sale and 40% in the following month.
  • Credit sales for May was budgeted for $80,000
  • 90% of credit purchases are paid in the month of purchase and 10% in the following month.
  • Credit purchases for May was budgeted for $22,000
  • Wages for May was budgeted for $15,000.
  • PAYG tax deductions are calculated at 20% of gross wages and paid to ATO in the following month of wages paid.

Task:

Question 1: Prepare cash budget for June. (Note: For simplicity ignore GST in your calculations).

North Point Ltd.'s Policy and Procedures Manual requires Cash Budgets to be prepared in a spreadsheet package using the format on the following page.

Reference no: EM132583863

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