From the following information prepare a monthly cash budget for the three months ending 31st Dec.2020 Month Sales (RM) Materials (RM) Wages (RM) Production (RM) Admin. Selling, etc (RM) June 6,000 3,600 1,300 450 320 July 6,500 4,000 1,500 450 320 Aug. 7,000 4,800 1,500 500 350 Sep. 7,500 4,500 1,500 600 350 Oct. 8,000 4,600 1,600 600 400 Nov. 8,500 5,000 1,800 700 400 Dec. 9,000 5,200 2,000 700 450 Credit terms Sales 3 months to debtors. 10% of sales are on cash. On an average, 50% of credit sales are paid on the due dates while the other 50% are paid in the month following Creditors for material 2 months. Lag in payment Wages. 1/4 month, overheads 1/2 month. Other information Plant and Machinery to be installed in Aug. at a cost of RM30,000. It will be paid for by monthly installments of RM1,000 each from 1st Oct.; Preference share dividend @ 6% on RM100,000 are to be paid on 1st Dec. Calls on 500 equity shares @ RM2 per share expected on 1st November; Dividends from investments amounting to RM500 are expected on 31st Dec.; Income tax (advance) to be paid in December RM 1,000 Cash and Bank Balance on 1st Oct. expected RM3,000. Required: Prepare cash budget for 3 months period ending 31st December 2020 in detail with appropriate workings.