问答题 May Trading Co. Ltd. has following figures at 31 December Year 1 ＄ Fixed assets 1,300,000 Provision for depreciation 350,000 Stock 450,000 Debtors(net) 142,500 Bank 250,000 Creditors 240,000 Accrued expenses 65,000 Share capital(＄10 par) 1,600,000 Profit and loss account 467,350 As the accountant of May Trading Co. Ltd., you are required to prepare its master budgets for the 6 months from 1 January Year 2 to 30 June Year 2. You have the following information available: Sales Purchase Wages Overheads excluding depreciation (Units) Oct Year 1 (Actual) 25,000 130,000 90,000 70,000 Nov Year 1 (Actual) 27,000 150,000 90,000 70,000 Dec Year 1 (Estimated) 33,000 170,000 90,000 90,000 Jan Year 2 (Estimated) 30,000 170,000 90,000 70,000 Feb Year 2 (Estimated) 35,000 180,000 100,000 90,000 Mar Year 2 (Estimated) 36,000 200,000 110,000 90,000 Apr Year 2 (Estimated) 34,000 190,000 110,000 90,000 May Year 2 (Estimated) 33,000 190,000 110,000 80,000 Jun Year 2 (Estimated) 37,000 160,000 120,000 80,000 Additional Information: 1. The selling price in October Year 1 was ＄9 per unit and this will be increased to ＄10 in February Year 2. 2. 30% of sales are on cash basis, credit sales are to be settled one month after the sales. It is expected that 5% of credit sales are uncollectible. 3. Purchases are to be paid for two months after purchases. 4. Wages and overheads are to be paid equally in the month incurred and the following months. 5. A machine will be purchased on 1 January Year 2 at a cost of ＄240,000. 6. The depreciation policy on fixed assets is 10% p.a. on cost on those owned at the end of the budget period. 7. The stock level at 30 June Year is estimated to be two months' purchases in the past. 8. The company plans to raise money from the stock market by issuing 50,000 preference shares at＄5 per share in March Year 2. 9. Accrued expenses are to be settled in one month. Required: (a)Prepare a Budgeted Profit & Loss Account for the 6 months period ended 30 June Year 2. (b)Prepare a Cash Budgeted for the 6 months period ended 30 June Year 2.

【正确答案】

【答案解析】May Trading Co. Ltd. Budget Profit and Less Account for the period ended 30 June year 2 ＄＄ Sales (270,000 + 350,000 + 360,000 + 340,000 + 2,020,000 330,000 + 370,000) Less: Cost of Sales Opening Stock 450,000 Add: Purchases (170,000+ 180,000 + 200,000 1,090,000 + 190,000 + 190,000 + 160,000) Less: Closing Stock (190,000 + 160,000) (350,000) 1,190,000 Gross Profit 830,000 Less: Expenses Wages(90,000 + 100,000 + 110,000 + 110,000 640,000 + 110,000 + 120,000) Overheads (70,000 + 90,000 + 90,000 + 90,000 500,000 + 80,000 + 80,000) Depreciation [(1,300,000 + 240,000)×10%× 6/12] 77,000 Bad debt expenses (2,020,000×70%×5%) 70,700 1,287,700 Net loss for the period (457,700) (b) May Trading Co. Ltd. Cash Budget for the period ended 30 June year 2 Jan Feb Mar Apr May Jun Jan-Jun ＄＄＄＄＄＄＄ Opening Balance 250,000 208,505 148,055 373,805 335,205 265,305 250,000 Cash Inflows From Cash Sales 81,000 105,000 108,000 102,000 99,000 111,000 606,000 (Working 1) From Credit Sales 197,505 179,550 232,750 239,400 226,100 219,450 1,294,755 (Working 1) From Share Issue 250,000 250,000 Cash Available 528,505 493,055 738,805 715,205 660,305 595,755 2,400,755 Cash Outflow Purchase payment 150,000 170,000 170,000 180,000 200,000 190,000 1,060,000 Wages & Overheads 170,000 175,000 195,000 200,000 195,000 195,000 1,130,000 (Working 2) Ending Balance 208,505 148,055 373,805 335,205 265,305 210,755 210,755 Working 1 Collection from Cash Sales Unit Sales Unit Price Sales Revenue Credit Sales (30%) (95% of 70%=66.5%) ＄＄＄＄＄ Dec Year 1 33,000 9 297,000 - 197,505 Jan Year 2 30,000 9 270,000 81,000 179,550 Feb Year 2 35,000 10 350,000 105,000 232,750 Mar Year 2 36,000 10 360,000 108,000 239,400 Apr Year 2 34,000 10 340,000 102,000 226,100 May Year 2 33,000 10 330,000 99,000 219,450 Jun Year 2 37,000 10 370,000 111,000 Working 2 Wages Overheads Payment ＄＄＄ Dec Year 1 90,000 90,000 90,000 (Dec Year 1) 90,000 (Jan Year 2) / 170,000 Jan Year 2 90,000 70,000 80,000 (Jan Year 2) / 80,000 (Feb Year 2) / 175,000 Feb Year 2 100,000 90,000 95,000 (Feb Year 2) / 95,000 (Mar Year 2) / 195,000 Mar Year 2 110,000 90,000 100,000 (Mar Year 2) / 100,000 (Apr Year 2) / 200,000 Apr Year 2 110,000 90,000 100,000 (Apr Year 2) / 100,000 (May Year 2) / 195,000 May Year 2 110,000 80,000 95,000 (May Year 2) / 95,000 (Jun Year 2) / 195,000 Jun Year 2 120,000 80,000 100,000 (Jun Year 2) Jul Year 2 100,000 (Jul Year 2)