Question 2 [31] One of your friends has just started a new company, Power Up (Pty) Ltd, that sells generators and needs to present a cash budget for 3 months to apply for a financial loan at the bank. Your friend expects sales of R100 000 in June, which will increase by 6% in July, Sales for August are expected to be R25 000 lower than the July sales. Your friend expects 40% of the sales to be cash sales. Debtors must pay 70% of their debt in the first month, 20% in the second month and 10% in the third month. Purchases are expected to be 85% of the total sales for June, 90% of the total sales for July and 75% of the total sales for August. Cash purchases are expected to be 30% of the total purchases. Creditors are paid 60% in the first month and 40% in the second month. Additional information: Operating lease expenses will be R10 000 per month The bank balance at the end of May is R50 000. No trade debtors and trade creditors were outstanding for March, April and May. Required: Prepare a cash budget for the period July to August using the cash budget presentation format provided in the prescribed textbook to calculate the closing cash balances for June, July and August. Show the monthly amounts for all receipts, disbursements and final balances