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problem 1: You are given with the information shown below relating to ABC Limited. The accountant is presently preparing the budget for the next three months ending August 2010.

                     June (Rs)      July (Rs)     August (Rs)
Sales              45,000         50,000        60,000
Wages            12,000         13,000        14,500
Overheads       8,500           9,500         9,000

Additional information:

A) 10% of sales are for cash, the balance is received the given month. The amount received in June for May’s sales is Rs 29,500.

B) Wages are paid in the month they are incurred.

C) Overheads are settled the given month. Rs 6,500 are to be paid in June for May’s overhead.

D) The opening cash balance in June is Rs 11,750.

E) A tax bill of Rs 25,000 is to be paid in July.

Required:

Make cash budgets for the month of June, July and August 2010.

problem 2:

a) What are the main objectives of a budgetary planning and control system?

b) Describe what you understand by the term incremental budgeting.

Cost Accounting, Accounting

  • Category:- Cost Accounting
  • Reference No.:- M96680

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