question archive The opening cash balance on 1st October was expected to be 30000 naira

The opening cash balance on 1st October was expected to be 30000 naira

Subject:AccountingPrice: Bought3

The opening cash balance on 1st October was expected to be 30000 naira.the sales budget where as follows

August. #80,000

September. #98,000

October. #75,000

November. #75,000

December. #80,000

Examination of records shows, debtors settled according to the following manner

60% within the month of sales

25% the month following

15% the month after

Purchases budget were as follows

September #60,000

October #55,000

November. #45,000

December #55,000

All purchases are on credit and past records shows that 90% has settled in the month of purchase and balance settled the month after.

Prepare the cash budget of October, November and December

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