Prepare Balance Sheet as June 30 provide budgets Q3: Golden Horn (a) Sales Budget Jan Feb March

Prepare Balance Sheet as June 30

provide budgets

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Q3: Golden Horn (a) Sales Budget Jan Feb March Apr May Sales excluding GST 75,000 78,000 85,200 86,100 90,500 GST Collected 10% 7,500 7,800 8,520 8,610 9,050 Sales including GST 82,500 85,800 93,720 94,710 99,550 Credit Sales 90% 74,250 77,220 84,348 85,239 89,595 Cash Sales 10% 8,250 8.580 9,372 9,471 9,955 (b) Purchases Budget Apr May June Quarter July Cost of Sales 70% 50,647 53,235 51,471 155,353 50,000 Add ending inventories 30% 15,971 15,441 15,000 15,000 66,618 68,676 66,471 170,353 Less opening inventories -18,200 -15,971 -15,441 -18,200 Total Purchases ($) 48,418 52,706 51,029 152,153 Add GST Paid 10% 4,842 5,271 5,103 15,215 Purchases including GST 53,259 57,976 56,132 167,368 (c) Cost of Goods Sold Budget Opening stock Add Purchases Less Closing Stock Cost of Goods Sold Apr May June Quarter 18,200 15,971 15,441 18,200 48,418 52,706 51,029 152,153 66,618 68,676 66,471 170,353 30% -15,971 -15,441 -15,000 -15,000 50,647 53,235 51,471 155,353 Q3: Golden Horn (a) Sales Budget Jan Feb March Apr May Sales excluding GST 75,000 78,000 85,200 86,100 90,500 GST Collected 10% 7,500 7,800 8,520 8,610 9,050 Sales including GST 82,500 85,800 93,720 94,710 99,550 Credit Sales 90% 74,250 77,220 84,348 85,239 89,595 Cash Sales 10% 8,250 8.580 9,372 9,471 9,955 (b) Purchases Budget Apr May June Quarter July Cost of Sales 70% 50,647 53,235 51,471 155,353 50,000 Add ending inventories 30% 15,971 15,441 15,000 15,000 66,618 68,676 66,471 170,353 Less opening inventories -18,200 -15,971 -15,441 -18,200 Total Purchases ($) 48,418 52,706 51,029 152,153 Add GST Paid 10% 4,842 5,271 5,103 15,215 Purchases including GST 53,259 57,976 56,132 167,368 (c) Cost of Goods Sold Budget Opening stock Add Purchases Less Closing Stock Cost of Goods Sold Apr May June Quarter 18,200 15,971 15,441 18,200 48,418 52,706 51,029 152,153 66,618 68,676 66,471 170,353 30% -15,971 -15,441 -15,000 -15,000 50,647 53,235 51,471 155,353