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  3. The summary Balance Sheet of Billy Trading Company on 1 April 2003 was as follo

The summary Balance Sheet of Billy Trading Company on 1 April 2003 was as follo

游客2025-06-21  23
问题  The summary Balance Sheet of Billy Trading Company on 1 April 2003 was as follows:
＄
Equipment (at cost) 180,000
Less: Provision for depreciation (68,400)
Stock 38,600
Debtors 50,000
Total assets 200,200
Financed by:
Share Capital 70,000
Revenue Reserves 50,000
10% debentures 70,000
Proposed dividends 2,200
Bank overdraft 8,000 200,200
Additional information:
1. The following sales, purchases and payment transactions are expected to occur in the next three months:
Sales Purchases Expenses
＄ ＄ ＄
April 360,000 180,000 60,000
May 370,000 200,000 70,000
June 360,000 190,000 80,000
2. All sales are on credit basis and the collection pattern is expected as follows:
(a)80% of the money will be collected in the month of sales. It is estimated that 5% cash discount will be given for collections in this period.
(b)The remaining 20% of the money will be collected in the month subsequent to sales.
3. Payment to creditors is made in the month of purchases in order to take the advantage of 10% discount which is calculated on the gross purchase figures.
4. Depreciation of tide equipment is calculated at a rate of 15% per annum on cost. Depreciation charges have been included in the estimation of expenses for each month from April to June 2003.
5. Expenses are paid in the month in which they are incurred.
6. Stock levels are expected to remain unchanged throughout the period.
7. The proposed dividend will be paid in May 2003.
8. The debentures interest for the three months will be paid in July 2003.
Required:
(a)Prepare a Budgeted Profit and Loss Account for the three months ended 30 June 2003.
(b)Prepare a Cash Budget for each of the three months from April to June 2003.
(c)Prepare a Budgeted Balance Sheet as at 30 June 2003.
选项
答案 (a) Billy Trading Company
Budgeted Profit and Loss Account for period ended 30 June 2003
＄ ＄
Sales (360,000 + 370,000 + 360,000) 1,090,000
Less: Cost of goods sold (180,000 + 200,000 + 190,000) 570,000
Gross Profit 520,000
Add: Discounts received (18,000 + 20,000 + 19,000) 57,000
577,000
Less: Expenses
Depreciation (180,000×15%×3/12) 6,750
General expenses (60,000 + 70,000 + 80,000 - 6,750) 203,250
Discount allowed
[5%×(360,000 + 370,000 + 360,000)×80%] 43,600
Debenture interest (70,000×10%×3/12) 1,750 255,350
Budgeted Net Profit for the period 321,650
(b) Billy Trading Company
Cash Budget for the period from April to June 2003
April May June
＄ ＄ ＄
Receipts
Opening balance b/f (8,000) 95,850 199,100
Collection from debtors (Workings 1) 323,600 353,200 347,600
315,600 449,050 546,700
Less: Disbursements
Payments to creditors (Workings 2) 162,000 180,000 171,000
Payments of expenses (Workings 3) 57,750 67,750 77,750
Dividend paid — 2,200 —
Debenture interest paid — — —
219,750 249,950 248,750
Closing balance c/f 95,850 199,100 297,950
Workings 1: Collections from debtors
April May June
＄ ＄ ＄
March Sales (as per balance sheet) 50,000
April Sales
—360,000×80%×95% 273,600
—360,000×20% 72,000
May Sales
—370,000×80%×95% 281,200
—370,000×20% 74,000
June Sales
—360,000×80%×95% ______ ______ 273,600
Collections in the month 323,600 353,200 347,600
Workings 2: Payments to creditors
April May June
＄ ＄ ＄
Purchases 180,000 200,000 190,000
Less: Discount (@10%) 18,000 20,000 19,000
Payments in the month 162,000 180,000 171,000
Workings 3: Payments of expenses
April May June
＄ ＄ ＄
Estimated expenses 60,000 70,000 80,000
Less: Depreciation 2,250 2,250 2,250
Cash expenses paid 57,750 67,750 77,750
(c) Billy Trading Company
Budgeted Balance Sheet as at 30 June 2003
＄ ＄
Fixed Assets
Equipment (at cost) 180,000
Less: Provision for depreciation (68,400 + 6,750) 75,150
104,850
Current Assets
Stocks 38,600
Debtors (360,000×20%) 72,000
Cash (for cash budget) 297,950 408,550
Current Liabilities
Interest Payable 1,750
Net Current Assets 406,800
511,650
Financed by
Share Capital 70,000
Revenue Reserves (50,000 + 321,650) 371,650
441,650
10% Debentures 70,000
511,650
解析
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