Answer Posted / jayashri

There are 3 Types in Accounting.
1) Personal A/c
2) Real A/c
3) Nominal A/c

Personal A/c:-
Debit-The Receiver of the benefit
Credit-The Giver of the benefit
Eg:-Capital Introduced by the Proprietor to the business
Rs.5,000/-
Real A/c:-
Debit-What Comes into the Business
Credit-What goes out of the Business
Eg:- Machinary purchased by cash Rs.1,500/-
Nominal A/C:-
Debit-All Expenses And Losses
Credit-All Incomes and Gains
Eg:-Bank Interest Received Rs.500/-

From the following information you are to prepare a Cash Budget for the period from July to December 2008. (i) The estimated sales and expenses are as follows: June July Aug. Sep. Oct. Nov. Dec. Sales 35,000 40,000 40,000 50,000 50,000 60,000 65,000 Purchases 14,000 16,000 17,000 20,000 20,000 25,000 28,000 Wages & Salaries 12,000 14,000 14,000 18,000 18,000 20,000 22,000 Expenses 5,000 6,000 6,000 6,000 7,000 7,000 7,000 Interest Received 2,000 - - 2,000 - - 2,000 Sale of Fixed Assets - - 20,000 - - - - (ii) Sales are 20% in cash and balance on credit. 50% of the debtors are collected in the month of sales and the remaining in the next month. (iii) The time lag in payment of purchases and expenses is 1 month. However, wages and salaries are paid fortnightly with a time lag of 15 days. (iv) The company maintains a minimum cash balance of Rs. 5,000. The cash balance in excess of Rs. 7,000 is invested in government securities in multiples of Rs. 1,000. Short falls in cash balance are made good by borrowing from banks. The interest received as well as paid is to be ignored.

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