Green Enterprises Ltd is preparing to set up a new business on the first of January 2021 to…

Green Enterprises Ltd is preparing to set up a new business on the first of January 2021 to manufacture a single product. Below is the sales budget for the company for the first 6 months of 2021.

Sales Budget

January

February

March

April

May

June

Sales Unit

8 000

8 500

10 000

11 000

11 500

10 500

Sales Revenue

240 000

255 000

300 000

330 000

345 000

315 000

Additional Information;

  1. The Cash collections patterns from sales is expected to be as follows:
    1. Cash Customers 30% of sales revenue will be for immediate cash
    2. Credit Customers 70% of sales revenue will be from credit customers. These debtors will pay their bills, 50% in the month after sales and the reminder in the second month after sales.
  2. Stocks of finished goods are maintained 60% of the following months sales requirement, and the budgeted cost of a unit of finished goods is valued at N$ 20.
  3. The product requires 4 kg of material X which cost N$ 1.5 per kg, it is expected that this price will increase with five cents from April.
  4. One month`s credit is received from suppliers.
  5. Stock of raw materials sufficient for 10% of the following month`s requirement in kgs are held at the end of each month.
  6. One month`s credit is received from suppliers.
  7. Expenses of the business will be settled as follows;
    1. Expected Costs Wages N$ 20 000 per month payable as incurred. Variable Overheads of N$ 5 per Unit is payable as incurred.
    2. There will be an Equipment to be purchased on 01 January 2021 it cost N$ 30 000, this equipment is expected to have a useful life of 5 years. To finance this purchase, a loan of N$ 24 000 will be secured from Development Bank of Namibia at 10% per annum. Interest is payable monthly, but capital loan repayment will not commence until July 2021.

REQUIRED:

1.3.

Prepare a budgeted Trading Profit and Loss Account for the four months ending April 2021

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