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Question 10.5: A business made credit sales of £250,000 in June. It receive...

A business made credit sales of £250,000 in June. It received 30 per cent of that amount during June, 40 per cent during July, 20 per cent during August and 10 per cent during September.

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The pattern of credit sales receipts and amounts owing is:

Pattern of credit sales receipts
Receipts from June credit
sales		 Amounts
received		 Amounts
outstanding from June
sales at month end		 Amounts
outstanding
£ % £ %
June 75,000 30 175,000 70
July 100,000 40 75,000 30
August 50,000 20 25,000 10
September 25,000 10 0 0

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