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Complete the following extract from the Dolan household budget for three months - Junior Cycle Business Studies - Question 13 - 2022

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Complete the following extract from the Dolan household budget for three months. Months July August September Total Net cash 150 (300) (150) (300) Opening c... show full transcript

Worked Solution & Example Answer:Complete the following extract from the Dolan household budget for three months - Junior Cycle Business Studies - Question 13 - 2022

Step 1

Net cash for August

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Answer

To find the net cash for August, we can use the formula:

Net Cash=Closing CashOpening Cash\text{Net Cash} = \text{Closing Cash} - \text{Opening Cash}

Since we are given the total opening cash for August as 360 and we need the total adjustment of $300, the closing cash for July will be the same as the opening cash for August. Thus,

Net Cash for August=360300=(300)\text{Net Cash for August} = 360 - 300 = (300).

Step 2

Net cash for September

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Answer

Using the same approach as above, we can calculate the net cash for September.

Let’s consider the closing cash from August, which was ($300) since it was the total of previous months. Using the formula again, we see:

Net Cash=Closing CashOpening Cash\text{Net Cash} = \text{Closing Cash} - \text{Opening Cash}

Thus, with Opening cash for September the closing amount follows that:

Net Cash for September=15060=(150)\text{Net Cash for September} = -150 - 60 = (150).

Step 3

Calculate Opening Cash for September

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Answer

Given that the closing cash for July was 360, we now assess the opening cash for September. According to our calculations, the opening cash in September should equal the closing cash from August. Thus,

Opening Cash for September=60\text{Opening Cash for September} = 60.

Step 4

Total Closing Cash Calculation

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Answer

To find the total closing cash across the three months, we will sum each month's closing cash:

  • July: 360
  • August: 60
  • September: 90 (based on net calculations)

Thus, the total closing cash will be:

360+60+90=510360 + 60 + 90 = 510.

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