Jill Lee starts her business on 1 July with £15,000 in the bank. Her plans for the first six months are as follows.

(a) Payments for goods will be made one month after purchase:

January February March April May June

£21,000 £19,500 £18,500 £23,400 £25,900 £31,100

(b) Ali sales will be cash sales:

January February March April May June

£25,200 £27,100 £21,200 £20,250 £48,300 £37,500

(c) Expenses will be £12,000 in January and will rise by 10% per month. They will be paid in the month incurred.

Required:

Prepare Jill Lee’s cash budget from 1 July to 31 December. LO1