A company has a cash balance of Rs.27000 at the beginning of March and you are required to prepare a cash budget for March, April and May having regard to the following information.

Creditors give 1 month credit

Salaries are paid in the current month

Fixed costs are paid one month in arrears and include a charge for depreciation of Rs.5000 per month.

Credit sales are settled as follows:

40% in month of sales

45% in next month and 12% in the following month. The balance represents bad debts.

the fourth quarter of 2003, Casey Wholsalers had the following net income.

Sales Rs.500,000

Less: Cost of goods sold 250,000

Gross Profit 250,000

Selling and administrative exp. 200,000

Income before tax 50,000

Income tax 17,500

Net income 32,500

Purchases in the fourth quarter amounted to Rs.300,000.

Estimated data for Casey Wholsalers, Inc. for 2004 are as follows:

		Qtr 1	Qtr 2	Qtr 3	Qtr 4
		Rs.	Rs.	Rs.	Rs.
Sales		600,000	700,000	800,000	900,000
Cost of sales		300,000	350,000	400,000	450,000
Purchases		350,000	400,000	450,000	485,000
Selling and Adm.		200,000	200,000	200,000	200,000

Taxes are 35% of pretax income. 60% of sales are collected in the quarter of sales and 40% in the next quarter. 80% of purchases are paid in the quarter of purchase and 20% in the next quarter. Selling and administrative expenses are paid in the quarter incurred except for Rs.10,000 of depreciation included in selling and administrative expense. A capital expenditure for Rs.50,000 is planned for the fourth quarter of 2004.

Required

Prepare cash receipts and disbursements budget for each quarter of 2004.