BioGrow Sdn. Bhd is a retail fertilizer to farmers in Jitra. The company has approached its Bankers to provide funding for next year's operations. In considering their funding application, a three - month master budget has been requested for review by the bankers.

As a freelance accounting service provider, you have been approached by the management as a consultant to prepare the 1st quarter budget for the banker's consideration for its next year's (2021) operations.

Below is the information as at the end of accounting year of December 2020:

Details RM Debtors 23,000 Bank 55,000 Fixed asset at cost 698,000 Accumulated depreciation 98,000 Creditors 48,000 Operating expenses for December 60,000 Sales for December 400,000 Ending inventory 20,000 Retained earnings 120,000