Homework Answers
Answer-
| Schedule of Cash Collections from sales | ||
| Particulars | January | February |
| $ | $ | |
| Cash Collection | ||
| November sales on account:- | ||
| Collected in January | 391000*25%= 97750 | |
| December sales on account:- | ||
| Collected in January | 399000*30%= 119700 | |
| Collected in February | 399000*25%= 99750 | |
| January sales on account:- | ||
| Collected in January | 700500*40%= 280200 | |
| Collected in February | 700500*30%= 210150 | |
| February sales on account:- | ||
| Collected in February | 354000*40%= 141600 | |
| Total cash collections $ | 497650 | 451500 |
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