(20 MARKS) QUESTION 1 REQUIRED Use the folowing information provided by Lindt Limited to: 11 Prepare a Debtors Collection Schedule for March and April 2020 1.2 Prepare the Cash Budget for March and April 2020. Note: Where applicable, round of all amounts to the nearest Rand, (6) (14) INFORMATION 1. Lindt Limited expects to have a favourable bank balance of R95 000 on 28 February 2020. 2. Total sales figures for 2019 and 2020 are as follows: December 2019 January February March April Actual (R) Budgeted (R) Total sales 390 000 280 000 295 000 280 000 290 000 2 50% of sales are cash sales. 3. Debtors settle their accounts as follows: 60% one month after the sale - a discount of 5% is given to these debtors 35% two months after the sale 5% is written off as bad debts 4. Purchases of inventory for 2020 are as follows: January February Total purchases (R) 185 000 195 000 March 170 000 April 210 000 5.50% of the purchases are for cash. The balance is purchased on credit. Creditors are paid one month after the month of purchase. 6. The proprietor made the following drawing during April: Trading stock R15 000 Cash R20 000 7. Monthly salaries amount to R18 000. Salaries will increase by 6% with effect from 01 March 2020 8. A fixed deposit of R45 000 will be made on 1 March 2020. Interest at 12% per annum will be received monthly on this fied deposit 9. Equipment costing R100 000 will be purchased on 31 March 2020. A deposit of R20 000 will be paid on this date. The balance will be paid in four equal monthly instalments commencing 30 April 2020, 10. Other cash operating expenses are expected to amount to R60 000 for February 2020 and are expected to increase by 10from 1 2020 Property rates and taxes are paid monthly and amount to R2 000 per month. These are expected to increase by 10% with effect from 1 April 2020 12 Rentals of 20 000 per month are paid monthly Rentals are expected to increase 10% per annum with effect from 1 April 2020