QUESTION 1 (20 Marks) Use the information provided below to prepare the following for Juigi Limited for May and June 2021 (use separate columns for each month): 1.1 Debtors collection schedule (4 marks) 1.2 Creditors payment schedule and cash budget (16 marks) Note: Where applicable, round off amounts to the nearest Rand. 138% The following budgeted information was provided by Juigi Limited: 1. A favourable bank balance of R120 000 is expected on 30 April 2021. 2. 60% of all sales are for cash; the balance is for credit sales. Sales for April 2021 are forecasted to be R750 000. Sales are expected to increase by 10% per month. 30% of the sales to credit customers are expected to be collected in the month of sale for a cash discount of 5%. The remaining customers usually pay in the month after the sale. 3. Juigi Limited sells its goods at cost plus 100%. All goods that are sold each month are replaced in the same month. All purchases are on credit and creditors are paid one month after the purchase. 4. Salaries and wages cost R120 000 per month for April 2021, with a 10% increase in March. 5. Rental of property costs R120 000 per annum, payable monthly 6. Municipal rates are forecasted at R100 000 per year payable semi-annually in May and November 7. Monthly administration costs, R55 000 (including R5 000 for depreciation), are payable in invoice month. 8. Advertising expenses are expected to amount to 8% of the monthly sales, and are paid one month in arrears. 9. Machinery costing R400 000 is expected to be purchased during May 2021. A deposit of R40 000 will be paid in May and the balance payable in 6 equal instalments commencing June 2021. 10. A long-term loan of R400 000 at 12% per annum interest is to be raised on 01 June 2021. Interest is payable monthly with the first interest payment to be made on 30 June 2021 Type here to search BI 0