2Thel Manageamoem of nkit lad decided so preare csbget for May and June 2018. Following information was extracted from the books of Ankit Ltd. Budgeted Actual June May April Feb Mar Sales: Cash 250 600 290 500 35 700 300 000 320 000 600 000 580 000 585 800 Credit 410 500 500 500 710 000 690 000 685 700 700 800 Purchases 595 400 Salaries and wages 65800 65 800 Sundry Expenses 18700 19400 25 400 20 500 21 500 65 800 65 800 65 800 Additional Information: Cash in respect of credit sales is collected as follows: a) 50% within 30 days 30% within 60 days 15% within 90 days 5% within-(uncollectible) The following discounts are allowed on sales: b) 10% on cash sales 5% on credit sales if accounts are settled within 30 days. All salaries, wages and expenses are paid in cash c) d) e) Sundry expenses include depreciation of $3 000 per month. Sixty percent (60%) of all purchases are on credit and are paid during the month that follows the month of transaction. On 30 June a dividend of $5 000 was declared. 1) g) The cash in the bank on 30 April 2018 was $15 500. Prepare a cash budget for the period I May to 30th June 2018. (7 Marks)