ASSIGNMENT 3
Aiyegbaogbon Limited has a cash balance of
N200,000 at the beginning of January
2017.
The sales and purchases for the first 5 months are given below:
Month Sales Purchases
Jan. 200,000 50,000
Feb. 300,000 80,000
Mar. 450,000 120,000
Apr. 600,000 170,000
May 750,000 200,000
(b) 70%
of sales are realised in the month following sales and the remainder in the
following 2 months.
(c)
Creditors are settled one month in arrears.
(d)
Overhead expenses of N40,000 is incurred on monthly basis.
(e) The company plans to purchase a new generator
costing N70,000 in April 2017
(f) Wages of N50, 000 are incurred on monthly
basis.
Required:
Prepare
cash budget for January to April 2017.
ASSIGNMENT 4
. The
opening balance of Aiyefele Limited on 1 January was expected to be N360, 000. The
Budgeted sales and purchases were as follows:
Sales Purchases
N N
November 960,000 -
December 1,080,000 720,000
January 900,000 660,000
February 900,000 540,000
March 960,000 660,000
Notes:
i.
Analysis of record shows that debtors settle
according to the following pattern: 60% within the month of sales, 25% in the
month following and remaining 15% the next month.
ii.
All purchases are on credit and past
experience shows that 90% are settled in the month of purchase and the balance
settled the month after.
iii.
Wages of N180, 000 and overheads of N240, 000
(including N60, 000 depreciation) are settled monthly.
iv.
Taxation of N96, 000 has to be settled in
February and the company will receive insurance claim of N300, 000 in March.
You are required to prepare a cash
budget for January, February and March.
NOITCE: DO IT ON A SEPARATE SHEET OF PAPER
STUDENTS VISIT:
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