Prepare Cash budget for the Quarter April To June based on the following data and additional information.

MonthSales($)Purchase($)Wages($)Overheads($)

Jan60,000 36,0009,00010,000

Feb62,000 38,0008,0009,500

Mar64,000 33,00010,000 11,500

Apr58,000 35,0008,5009,000

May56,000 39,0009,0009,500

Jun60,000 34,0008,0009,000

Additional Information :

Cash balance at 1^st April is $800,000

Sales is 40% cash sales and 60% is collected in the following month.

All purchases of a month are paid after 2 months.

Land was purchased in April for $85,000

Wages of a month are paid the following month. All overheads are paid the same month.

Loan repaid in May $16,000

Dividend of $75,000 is expected to be received in May