Dudes Fashion, sells exclusive men's wear. The Dudes Fashion has supplied you with the following information....

 

 

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Dudes Fashion, sells exclusive men's wear. The Dudes Fashion has supplied you with the following information. 2.1 The Debtors Collection Schedule for the period, 01 July to 31 August 2020. (10 marks) 2.2. The Cash Budget for the period 01 July to 31 August 2020. (15 marks) INFORMATION: Actual and projected amounts: Details Total sales Total Purchases Rent income Salaries May 2020 400 000 250 000 25 000 45 000 ACTUAL June 2020 430 000 268 700 25 0000 45 000 PROJECTIONS July 2020 480 000 300 000 ? ? August 2020 540 000 337 500 ? 1. Sales: Credit sale amount to 40% of the total sales. Credit sales are collected as follows from debtors: -50% in the month of sales less 6% discount allowed for prompt payment. -30% in the month after sales. -20% in the second month after sales. ? 2. Purchases: All purchases are on credit. Creditors are paid in full in the month following the purchase and earning an 8% discount for early settlement. 3. The monthly rent income will increase by 12% with effect from 01 July 2020. 4. The business has R150 000 invested in fixed deposit. A fixed deposit of R60 000 will be maturing on 01 August 2020. Fixed deposit earns 10% p.a. interest which is received monthly. 5. The business has 6 employees on equal pay. However one employee will be relocating to Gauteng on 31 July 2020. 6. The proprietor has decided to give a donation of R150 000 on his birthday, 15 July 2020, to the local high school where he matriculated for the building of new classrooms. 7. Additional office equipment costing R18 000 will be purchased in July. Half the amount will be paid immediately and the balance in six equal monthly instalments starting in August 2020. 8. The expected bank balance on 01 July 2020 is an overdraft of R136 156. Dudes Fashion, sells exclusive men's wear. The Dudes Fashion has supplied you with the following information. 2.1 The Debtors Collection Schedule for the period, 01 July to 31 August 2020. (10 marks) Dudes Fashion, sells exclusive men's wear. The Dudes Fashion has supplied you with the following information. 2.1 The Debtors Collection Schedule for the period, 01 July to 31 August 2020. (10 marks) 2.2. The Cash Budget for the period 01 July to 31 August 2020. (15 marks) INFORMATION: Actual and projected amounts: Details Total sales Total Purchases Rent income Salaries May 2020 400 000 250 000 25 000 45 000 ACTUAL June 2020 430 000 268 700 25 0000 45 000 PROJECTIONS July 2020 480 000 300 000 ? ? August 2020 540 000 337 500 ? 1. Sales: Credit sale amount to 40% of the total sales. Credit sales are collected as follows from debtors: -50% in the month of sales less 6% discount allowed for prompt payment. -30% in the month after sales. -20% in the second month after sales. ? 2. Purchases: All purchases are on credit. Creditors are paid in full in the month following the purchase and earning an 8% discount for early settlement. 3. The monthly rent income will increase by 12% with effect from 01 July 2020. 4. The business has R150 000 invested in fixed deposit. A fixed deposit of R60 000 will be maturing on 01 August 2020. Fixed deposit earns 10% p.a. interest which is received monthly. 5. The business has 6 employees on equal pay. However one employee will be relocating to Gauteng on 31 July 2020. 6. The proprietor has decided to give a donation of R150 000 on his birthday, 15 July 2020, to the local high school where he matriculated for the building of new classrooms. 7. Additional office equipment costing R18 000 will be purchased in July. Half the amount will be paid immediately and the balance in six equal monthly instalments starting in August 2020. 8. The expected bank balance on 01 July 2020 is an overdraft of R136 156. Dudes Fashion, sells exclusive men's wear. The Dudes Fashion has supplied you with the following information. 2.1 The Debtors Collection Schedule for the period, 01 July to 31 August 2020. (10 marks)

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