A business is setting up a new branch and is preparing a budget for the first 12 months of operation.

The following information is relevant.

Forecast sales per month
Month 1 to 6	GH10,000
Month 7 to 12	GH11,000
Budgeted gross profit margin	20%
Credit given to customers	2 months
Credit taken from customers	2 months
Month end inventories	3 months of demand
Monthly operating expenses (excluding depreciation)	GH1,000

At the start of the budget period, a non-current asset with a carrying amount of GH60,000 and useful life of 6 years is to be transferred to the branch and GH40,000 cash provided.

Construct the budgeted statement of profit or loss and the budgeted statement of financial position. (The closing cash balance is to be calculated as a balancing figure).