The payment schedule of purchases made on account is as follows: 75% during the month of purchase, 15% in the month after the month of purchase, and 10% in the subsequent month. Total credit purchases were P150,000 in October and P220,000 in December. Total payments on credit purchases were P209,250 in December. What were the credit purchases in the month of November? P200,000 B P195,000 P292,500 D P180,000
Master Budget
A master budget can be defined as an estimation of the revenue earned or expenses incurred over a specified period of time in the future and it is generally prepared on a periodic basis which can be either monthly, quarterly, half-yearly, or annually. It helps a business, an organization, or even an individual to manage the money effectively. A budget also helps in monitoring the performance of the people in the organization and helps in better decision-making.
Sales Budget and Selling
A budget is a financial plan designed by an undertaking for a definite period in future which acts as a major contributor towards enhancing the financial success of the business undertaking. The budget generally takes into account both current and future income and expenses.
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