Accounting

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Question

Toggel Limited is in the business of sale and distribution of computer software. The

company collates the following data to prepare its cash budget for the 6 months ended

30 September 2014.

 Sales for the 6 months are expected to rise by 3% month-on-month. The sales

expected for 30 September 2014 is $2 million.

 The bank balance on 1 April 2014 is expected to be $50,000.

 Out of the 80% of sales that are on credit, 3% of debtors is expected not to pay

up while 80% will pay up one month after sale and the remaining will pay two

months after sale (assume nil sales before 1 April 2014).

 Research and developments costs are estimated at $550,000 per month while

depreciation expense on its equipment is expected to be $250,000 per month.

 Staff costs is divided into permanent and temporary staff. The permanent staff

wages averages $280,000 per month while temporary staffs are employed only

from April to June 2014 to cope with the seasonal increases in sales. Temporary

staff are paid 2% of sales each month.

 The company expects to replace its computers in the month of August 2014 and

this is expected to cost $1,000,000.

 Rental of its business premise is prepaid in January each year at $60,000

annually.

 

Required:

(a) Prepare the cash budget for the period 1 April 2014 to 30 September 2014 for

 Toggel Limited. 

(b) Evaluate the benefits and problems associated with the participative style of

 setting the budget. 

 

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