FAS Manufacturing, Located in New Industrial Estate in Sohar, Sultanate of Oman. The Financial Manager is in process of budgeting for the upcoming first year. He requests you to prepare cash budget for the company. All amounts are in Omani Riyal, expressed as OMR, local currency in Oman .

Relevant budgeted data is given as follows:

Quarter 1 Quarter 2 Quarter 3 Quarter 4

Cash receipts 80,000 35,000 98,000 105,000

Cash disbursements 70,000 80,000 55,000 64,000

Beginning balance of the cash is estimated at OMR 9,000. The company wishes to maintain a minimum balance of OMR 5,000. Any borrowing required can be acquired from a local bank at the interest rate of 5% per quarter. Company may borrow at the beginning of a quarter and may repay at the end of the quarter.

Required:

Prepare cash budget for the upcoming fiscal year for each quarter and the total.

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