please show calculations and answer all the questions

Question 1 Candy Ltd sells high quality marshmallows and sweets which it buys in bulk, packages and then distributes to customers. The following is a table of estimated revenues and their related costs for the period July 2019 to December 2019. Other costs are included in the notes below: 320 July Aug Sept Oct Nov Dec $000 $000 5000 000 000 000 Sales of marshmallows and sweets 500 532 564 612 640 660 Purchases of marshmallows and sweets 250 266 282 306 330 Administration expenses 110 120 124 130 136 140 Packaging costs 4 6 6 6 8 8 Miscellaneous expenses 12 12 14 14 16 16 Loan repayments 100 100 Notes: (1) Stocks of marshmallows and sweets at 1 July 2009 will amount to $500.000. Stocks at 31 December 2019 are estimated at $340,000 (2) Suppliers allow one month's credit Purchases in June 2019 will total $120,000 (3) 30% of sales are paid for in the month of sale. The remainder are paid for in the month following the month of sale. June 2009 sales are expected to be $280.000 (4) Delivery costs are 1% of sales revenue each month, paid in the month in which they are incurred. Administration and miscellaneous expenses are also paid when they are incurred (5) Packaging expenses are paid two months after they are incurred. These costs were $2.000 in May 2009 and will be the same in June 2019 (6) The bank charges interest of 1% per month for the overdraft, calculated on the closing balance each month, and payable the following month. The bank overdraft at 1 July 2019 is expected to be $310,000. (7) Loan repayments refer to a bank loan which is interest free until January 2020. (8) The business has no depreciable fixed assets, Required: Making al calculations to the nearest 3000, prepare for Candy Ltd a (a) Monthly cash budget, in columnar form, for each of the six months to 31 December 2019, showing the cash balance at the end of each month. (17 marks) (b) Budgeted Trading and Profit & Loss Account for Candy Ltd for the six month period ending 31 December 2019. A monthly Trading and Profit & Loss Account is not required. (8 marks) 610 Question 2 Elma Ltd has provided the following budgeted figures for the four months commencing February 2019: Units Sales Production February 600 March 700 720 April 900 910 May 1,000 990 The company makes and sells one product only, the standard unit costs and selling price of which are: Selling price 60 Material 5 kilos at $2 per kilo 10 Labour - 2 hours at $10 per hour 20 Variable overhead - $8 per labour hour 16 The following information is also available: Customers are allowed Two month's credit however, 20% of customers pay in cash in the month of sale and the remainder is paid in two equal instalments Received Interest and dividends in March and April amounting to N$10,000 and N$7,500 respectively. Materials are purchased in the month before use and are paid for one month after use. Labour costs are paid for in the month of production. Settled N$12,000 tax liability in Paid tax in Variable overhead is paid one month after production Total fixed overhead is $5,000 per month (including depreciation of $500) payable after one month. Bought a photocopying machine N$5,250 The opening cash balance at 1 March 2019 is expected to be $8,000 in hand. Finished stock is valued at standard variable cost per unit. There is no stock of work-in-progress. Required: a) Prepare the Cash Budget for the months of March and April only. (19 marks) b) Explain the importance of budgeting. (6 marks) c) Discuss the purpose and/or benefits of using a budget (6 marks) d) Explain the difference between a fixed and flexible budget