monthly Cash Budget (accounting)

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Project Budget
$250 - $750 SGD
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Project Description

Prepare a monthly Cash Budget in tabular form for the months of February, March and April; showing the bank balance at each month's end.

Company Information and Background

The following data is available from the various functional budgets prepared at Congo Limited.

$'000 $'000 $'000 $'000
CASH SALES 128 84 72 90
Credit Sales 1,140 760 640 800
Purchases for Resale 880 560 520 320
Salaries and Wages 266 280 238 248
Overhead Expense 160 150 160 140

Other information is available as follows:

1.5% of all sales on credit are expected to become bad debts. Receipts from credit customers are due in the month following sale.
[url removed, login to view] goods are bought on credit from suppliers who allow 2½% cash discount for payment in the month following purchase.
[url removed, login to view] and wages are paid in the month in which they are earned.
[url removed, login to view] for overhead expenses are made in the month following the month in which expenses are incurred. The above overhead budget includes $28,000 per month for depreciation.
[url removed, login to view] new vans costing $21,000 each are to be paid for in April.
[url removed, login to view] amounting to $175,000 is to be paid in March.
[url removed, login to view] balance at the bank as at 31st January is expected to be $222,000.

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