Prepare a cash budget for 3 months ending December 2020 OMR Month Sales Materials Labor Overheads 2 14,000 10,000 3,000 3,100 August September 16,000 10,600 3,200 3,230 October 18,000 10,400 3,400 3,450 20,000 11,200 3,600 3,600 November December 22,000 11,600 3,800 3,750 Notes: 1. Sales 20% on cash 2. 50% of credit sales is received in the same month and remaining 50% in the next month 3. Materials 1 months credit 4. Wages and Overheads 1/2 month. It means 50% paid in the same month and 50% in the next month 5. Cash and bank balance on 1st October 2020 is OMR 9,500 6. Income tax paid in December 2020 OMR 3,500 7. Sale of old car OMR 20,000 received in November 2020 Answer below questions 1. The amount of closing cash balance for the month of September 2020 is 2. Closing cash balance for the month of November 2020 is 3. Opening cash balance as on 1st January 2021 is 4. The total amount of collection from debtors for the month of December 2020 is 5. The amount of payment to crediotrs for the month of December 2020 is 6. Total amount paid in the mobth of December 2020 is 7. Amount of credit sales from the month of Spetember which should be paid in the month of October is 8. Amount of wages from the month of August that should be paid in the month of September 2020 9. If the amount of income tax paid in January 2021 is 10% more than that of December 2020 then January 2021 tax paid will be 10. Cash budget ensures sufficent below item for buisness requirements