Dafa Ltd is a trading company dealing in a single product. It is preparing its annual budget for the twelve months ending 30th June 2021. So far, the following budgets have been prepared: ITEM DESCRIPTION July – September Quarter £ October – December Quarter £ January – March Quarter £ April – June Quarter £ Sales (at £ 3 per unit) 15,000 18,000 21,000 12,000 Purchases (at £2 per unit) 12,000 14,000 10,000 8,000 Sundry Expenses: Distribution 500 800 1,100 200 Administration 1000 1000 1000 1000 Depreciation 500 500 500 500 

Additional information: 

i. Sales are made on one month’s credit. It may be assumed that debtors outstanding on sales at the end of each quarter are equivalent to one-third of sales in that quarter, and that this is received the following quarter. 

ii. All purchases are for cash. No credit is received.

iii. Distribution and administration expenses are paid in cash as incurred. 

iv. The company has no expenses apart from those given. 

v. Opening balances as at 1st July 2020 are: Debtors £ 3,000 Cash £ 2,000 Stock 1,000 units. 

Required: Prepare Dafa Ltd’s annual cash budget (in quarterly format) for the twelve months ending 30th June 2021.