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  3. The summary Balance Sheet of Billy Trading Company on 1 April 2003 was as follows: ＄ Equipment (at cost) 180,000 Less: Provision

The summary Balance Sheet of Billy Trading Company on 1 April 2003 was as follows: ＄ Equipment (at cost) 180,000 Less: Provision

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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
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