All Shall Pass Limited was incorporated some five years ago. The financial position as at 31^st December, 2020 was as follows:

EQUITY AND LIABILITIES	GHC	GHC
Stated capital: Ordinary share [40,000 at GHC12.50 each] Preference shares [20,000 at GHC8.00 each] Long term capital NON-CURRENT ASSETS Building and Land Equipment Motor Vehicles CURRENT ASSETS Inventory Accounts Receivables Cash at bank CURRENT LIABILITIES Accounts payable TOTAL ASSETS	40,000 20,000 124,000 184,000 (14,000)	500,000 160,000 660,000 140,000 800,000 400,000 182,000 48,000 630,000 170,000 800,000

The Company has produced the following estimates:

1. The accounts payable figure of GHC14,000 stated in the financial statement would be paid in January, 2021.

The following credit purchases are settled a month after the month of purchase, after deducting two percent (2%) discount.

GHC

January 28,000

February 42,000

March 36,000

April 45,000

May 41,000

June 37,000

1. Sales for January will be GHC51, 300 and will increase at the rate of 20% per month until March. In April, sales will rise to GHC80, 000 and this will rise by10% per month thereafter.

Sales will be divided equally between cash and credit sales. Credit customers are expected to pay two months after the sales.70% of sales will be generated by sales agents who will receive 10% commission on sales.

The commission is payable one month after the sales.

1. The company intends to purchase further equipment in August for GHC45, 000. However, a deposit of 20% is supposed to be made in June.

1. Accounts receivable as at 31/12/2020 will be settled in January, 2021.

1. Other overheads will be GHC6, 500 per month for the first three months and GHC8,400 thereafter. Wages and salaries will be GHC16, 000 per month. Both types of expense will be payable when incurred.

1. Depreciation is to be provided at the rate of 10% per annum on land and building and 20% per annum on equipment (depreciation has not been included in the overheads mentioned above).

Required:

1. Prepare a monthly Cash Budget for All Shall Pass Ltd for January 2021 to June 2021.

Explain the objectives and the limitations of budgetary Control.