【答案解析】(a) Billy Trading Company Budgeted Profit and Loss Account for period ended 30 June 2003 ＄ ＄ Sales (360,000 + 370,000 + 360,000) 1,090,000 Less: Cost of goods sold (180,000 + 200,000 + 190,000) 570,000 Gross Profit 520,000 Add: Discounts received (18,000 + 20,000 + 19,000) 57,000 577,000 Less: Expenses Depreciation (180,000×15%×3/12) 6,750 General expenses (60,000 + 70,000 + 80,000 - 6,750) 203,250 Discount allowed [5%×(360,000 + 370,000 + 360,000)×80%] 43,600 Debenture interest (70,000×10%×3/12) 1,750 255,350 Budgeted Net Profit for the period 321,650 (b) Billy Trading Company Cash Budget for the period from April to June 2003 April May June ＄ ＄ ＄ Receipts Opening balance b/f (8,000) 95,850 199,100 Collection from debtors (Workings 1) 323,600 353,200 347,600 315,600 449,050 546,700 Less: Disbursements Payments to creditors (Workings 2) 162,000 180,000 171,000 Payments of expenses (Workings 3) 57,750 67,750 77,750 Dividend paid — 2,200 — Debenture interest paid — — — 219,750 249,950 248,750 Closing balance c/f 95,850 199,100 297,950 Workings 1: Collections from debtors April May June ＄ ＄ ＄ March Sales (as per balance sheet) 50,000 April Sales —360,000×80%×95% 273,600 —360,000×20% 72,000 May Sales —370,000×80%×95% 281,200 —370,000×20% 74,000 June Sales —360,000×80%×95% ______ ______ 273,600 Collections in the month 323,600 353,200 347,600 Workings 2: Payments to creditors April May June ＄ ＄ ＄ Purchases 180,000 200,000 190,000 Less: Discount (@10%) 18,000 20,000 19,000 Payments in the month 162,000 180,000 171,000 Workings 3: Payments of expenses April May June ＄ ＄ ＄ Estimated expenses 60,000 70,000 80,000 Less: Depreciation 2,250 2,250 2,250 Cash expenses paid 57,750 67,750 77,750 (c) Billy Trading Company Budgeted Balance Sheet as at 30 June 2003 ＄ ＄ Fixed Assets Equipment (at cost) 180,000 Less: Provision for depreciation (68,400 + 6,750) 75,150 104,850 Current Assets Stocks 38,600 Debtors (360,000×20%) 72,000 Cash (for cash budget) 297,950 408,550 Current Liabilities Interest Payable 1,750 Net Current Assets 406,800 511,650 Financed by Share Capital 70,000 Revenue Reserves (50,000 + 321,650) 371,650 441,650 10% Debentures 70,000 511,650