Joshua Ltd is preparing its budgets for the next financial year beginning in January 2018 and has projected the following financial information: (all values 000s ) Notes: 1. Customers are granted one month's credit except one regular customer who pays cash for 20,000 of sales each month 2. All purchases are on a one month's credit basis. 3. 75% of the wages are paid in the month in which they are incurred and the balance is paid in the following month 4. Expents are paid in the month in which they are incurred. Depreciation on capital equipment amounting to 9,000 per month is included in expenses. 5. The opening cash balance is projected at 45,000 (overdrawn) at 1st January 2018 6. Capital equipment costing 125,000 will be purchased in January 2018 on a month's credit basis. 7. Corporation tax of 18,000 will be paid in February 2018 8. Dividends of 22,000 will be paid in March 2018 Required: (a) Prepare a Cash Flow projection on a monthly basis for the six months from January to June 2018. (50%) (b) What are the issues which the company will face during the first six months of 2018 and how might they be resolved? (20%) (c) Discuss the purpose of budgetary control from a managerial perspective and describe how it is operated (30%) Total 100%