Homework Answers
| SCHEDULE OF THE CASH RECEIPT FOR THE MONTH OF MAY, JUNE & JULY | |||||
| PARTICULARS | MAR | APRIL | MAY | JUNE | |
| Sales On Account | $ 20,000 | $ 10,000 | $ 34,000 | $ 15,000 | |
| Cash Sales 30% | $ 6,000 | $ 3,000 | $ 10,200 | $ 4,500 | |
| Balance 70% Is credit sales | $ 14,000 | $ 7,000 | $ 23,800 | $ 10,500 | |
| 25% Expected to collect in the same month | $ 3,500 | $ 1,750 | $ 5,950 | $ 2,625 | |
| 75% in the month following the sale | $ 10,500 | $ 5,250 | $ 17,850 | ||
| Total Cash Collected | $ 3,500 | $ 12,250 | $ 11,200 | $ 20,475 | |
| In month of May Credit sales = | $ 23,800 | ||||
| Cash collected against this sales = | $ 5,950 | ||||
| Cash collected against sales of April month | $ 5,250 | ||||
| AR balance of May = $ 23,800 - $ 5,950 = | $ 17,850 | ||||
| Answer = Option 2 = $ 17,850 | |||||
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