The following details have been extracted from the debtor collection records of C Limited:

Invoices are issued on the last day of each month.
Customers paying in the month after sale are entitled to deduct a 3% settlement discount.
Credit sales values for July to October 2001 are budgeted as follows:

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Invoices paid in the month after sale 50% Invoices paid in the second month after sale 30% Invoices paid in the third month after sale 15% Bad debts 5%