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  1. business
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  3. cash is collected from customers in the following

Cash is collected from customers in the following manner: 60% of purchases are paid...

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Question

Accounting

Cash is collected from customers in the following manner:
60% of purchases are paid for in cash in the month of purchase and the
balance is paid the following month.
Required:
Prepare a summary of cash disbursements and collections for the 4th quarter of
Lailai Sdn Bhd.
(15 marks) MonthSalesPurchasesRM000RM000July258August3412September3814October4216November4818December6020Cash is collected from customers in the following manner:Month of sales (2% cash discount).30%Month following sales 50%Two months following sales 15%Amount uncollectible 5%60% of purchases are paid for in cash in the month of purchase and the balance is paidthe following month.Required:Prepare a summary of cash disbursements and collections for the 4thquarter of Lailai Sdn Bhd.(15 marks
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