e Management of Ankit Ltd. decided to prepare a cash budget for May and June 2018. Following information was extracted from the books of Ankit Ltd. 2. Th Budgeted Actual June May April Feb Mar Sales: Cash 250 600 2500 305 700 300 000 320 000 Credit 410 500 50500 585 800 580 000 600 000 Purchases 595 400 685 700 700 800 69000 710000 Salaries and wages 65 800 65 800 Sundry Expenses 18700 19400 25 400 20 500 65 800 65 800 65 800 21 500 Additional Information: Cash in respect of credit sales is collected as follows: a) 50% within 30 days 30% within 60 days 15% within 90 days 5% within-(uncollectible) The following discounts are allowed on sales: b) 10% on cash sales 5% on credit sales if accounts are settled within 30 days. All salaries, wages and expenses are paid in cash Sundry expenses include depreciation of $3 000 per month. c) d) e) Sixty percent (60%) of all purchases are on credit and are paid during the month that follows the month of transaction. f) On 30 June a dividend of $5 000 was declared. g) The cash in the bank on 30h April 2018 was $15 500. Required Prepare a cash budget for the period 1 May to 30th June 2018. (7 Marks)