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CASH BUDGET ASSIGNMENT 1.Alex plans to start the business with cash $30,000 on 1st July 2012. 2.He will rent a shop lot…

CASH BUDGET ASSIGNMENT 1.Alex plans to start the business with cash $30,000 on 1st July 2012. 2.He will rent a shop lot with agreed rate of $6,000 per quarter payable at the beginning of 3.He plans to buy a $80,000 car for business use by paying deposit 20% cash and balance by bank loan. Monthly repayment of $1000 is required over the 7 year loan period 4.Plans to hire 3 shop assistants with minimum wage rate of $900 and 5% sales commission. 5.He does not know how to set the selling price and hence plans to mark up 100% on cost to device at the selling price. he estimate the sales for the July will be $30000 and 20% of the sales will be on cash. He will offer 30 days interest free credit period to credit customers. Estimates of cash collection from credit customers: Collected within % of A/R one time interest charge 1 month later 45% No charge 2 month later 35% 1.00% 3 month later 18% 1.50% Uncollectable 2% to be written off as bad debt 6.He expects that sales volume will be increased 10% per month gradually until September and 20% consistantly starting from October onwards. Sales volume in March 2013 will drop by 30% and remains constant until end of July 2013 7.He will make purchases so that opening inventoy for the subsequent months equals 20% of monthly sales estimates. He will have to make purchases on cash basis until end of September 2012. Due to good payment track record, he believes he will be allowed to make 60% of purchases on 1 month credit term from October 2012 onwards. 8. He believes cash is important to business survival and hence would like to make sure he has cash $20,000 in bank beginning of each month. Cash in excess of $20,000 will be transferred to Fixed Deposit accounts paying 12% per annum (interest paid monthly for deposit) Interest on loan is charged at 18% per annum payable at the end of each quarter. 9.Electricity for the type of shop lot he plans to rent will cost him $1,500 per month on average. 10.He expects general expenses for the business will be 10% of the estimated monthly sales. 11.He will withdraw $1,500 monthly for personal uses 12.He estimates that Net profit of the business is going to be 10% of total sales and need to pay 30% tax to Inland Revenue on 30th April 2013 for the financial year ended 31 MMarch 2013. He will be allowed to make tax payment by 50% in April, 25% in May and June. 13.Plans to buy the shop lot (estimated value $500,000)by 5% cash deposit (to be taken out from Fixed Deposit account)and balance by loan in January 2013 and Monthly repayment of $2800 over 25 years is required. 14.Plans to pay back the loan taken out for Cash balance purposes if sufficient cash is saved in Fixed Deposit Account .(e.g. if you borrow $5000 then youmust wait until you have $5000 in saving account to settle the outstanding loan!) REQUIRED: A.Draw up Monthly Cash Budget for 12 Months and Year ended 30th June 2013. B.Explaim why Cash Budget is so important for a trader like Alex who just started his business.



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