1. Systems Ltd is going to commence trading in a few months' time on 1st of January 200X with cash issued from share capital of 60000 ,- The first budgeting period is 6 months (January-June). The quarterly rent of premises, payment due in January and April is 1400, per quarter. Cash outlay on equipment, 59000 ,- payable in January and 16000 ,- payable in March. Monthly planned purchase for resale; January 10000 ,-- February 15000 ,- and from March to June 21000 ,- each month. All purchases are bought on two-months credit (buy Jan pay in March). Monthly planned sales are; January 8000 ,- February 20000 ,- and from March to June 28000 ,per month. All sales are on one-month credit. The budgeted closing stock for 30th of June 200X is 4000 ,- The monthly cash outlay on general expenses is expected to be 500 ,- and wages and salaries 1000 ,- per month. Depreciation is to be at 20% of equipment cost per annum. An overdraft (cash at the end of month) has been agreed at a maximum of 7500,. Prepare a) Estimated profit and loss account b) Cash budget c) Estimated balance sheet