Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. b) the following relates to sintax manufacturing b

b) The following relates to Sintax Manufacturing Bhd. Month Overhead RM Sales RM February March...

60.1K

Verified Solution

Question

Accounting

image

b) The following relates to Sintax Manufacturing Bhd. Month Overhead RM Sales RM February March April May June July August September Materials purchased RM 20,000 30,000 25,000 35,000 30,000 25,000 25,000 30,000 10,000 12,000 16,000 14,000 18,000 16,000 14,000 14,000 30,000 40,000 60,000 50,000 70,000 60,000 50,000 50,000 Additional information: i. It is expected that the cash balance on 31 May will be RM22,000. ii. It is the company's policy to pay creditors 50% of their material purchases one month after the month of purchase and the remaining 20% in the following month. iii. 30% of the monthly purchases of materials are for cash and 70% are purchased on credit. iv. Debtors are expected to pay two (2) months after delivery. 10% of the monthly sales are for cash and 90% are sold on credit. vi. Sales tax of 10% on total sales of a month to be paid in the following month. Required: Prepare a schedule of cash receipt from customers and a schedule of cash payments for materials purchased for three month of June, July and August (7 marks) V

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students