. Prepare a Cash Budget for the 3 months Feb. Mar and April 2020 on the basis of following information. Assume a month to be of 30 days. Estimated Sales and Expenses are as follows: Jan Feb Mar Apr May Sales(Rs) 1.10,000 1,00,000 1,50,000 2,10,000 2,00.000 Salaries(Rs) 24,000 24,000 24,000 30,000 27,000 Miscellaneous 21,000 30,000 24,000 27,000 34,000 Expense(rs) 20% of the sales are in cash and the balance on credit The firm has a Gross Margin of 25% on Sales 50% of the Credit Sales are collected in the month following the sales, 30% in the second month and the balance 20% in the third month Requirement for next months sale is purchased in the preceding month ie goods are purchased one month in advance. The supplier allows a credit period of 1 month. Time Lag in the payment of Salaries is one third of a month and of Miscellaneous Expenses is 1 month. Machinery worth Rs 40,000 is expected to be sold in March 2020 The firm wishes to maintain a minimum cash balance of Rs 40,000. Funds can be borrowed @ 12% p.m.the interest being payable on monthly basis. Cash Balance at the end of Jan 2020 is Rs 90,000