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TASK 4 20 The budgeted credit sales of Mafuta traders for the first...

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Accounting

TASK 4
20
The budgeted credit sales of Mafuta traders for the first half of 2009 are expected as follows:
\table[[Month of 2009,Budgeted credit sales R],[January,60000],[February,70000],[March,84000],[April,72000],[May,64000],[June,50000],[,]]
Debtors are expected to pay their debts as follows:
70% in the month of sale
20% in the second month following the month of sale
7% in the third month following the month of sale
3% is written off as irrecoverable
Credit losses are written off at the end of the month in which the last instalment is received. Debtors amounted R179200 on 1 January 2009. Credit sales for October 2008, November 2008 and December 2008 were R56000, R60000 and R66000 respectively.
Required:
Draft a schedule showing the amounts which Mafuta traders will receive from debtors each month from 1 January 2009 to 30 June 2009.
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