Question 3 (Marks: 15) The following are the total sales figures for Olaf Ltd for the financial quarter ended 31 March 2020: Total Sales (per Statement of Comprehensive Income) 31 January 2020 28 February 2020 R1 500 000 R1 600 000 31 March 2020 R1 750 000 Forecasted sales for the financial quarter ended 30 June 2020 are as follows: Forecasted Sales (per Quarterly Budget) 30 April 2020 31 May 2020 30 June 2020 R1 880 000 R1 930 000 R2 100 000 Additional information: Credit sales constitute 60% of total sales; The company policy is to allow a settlement discount of 3% for all credit sales settled within 60 days: Cash is collected from debtors as follows: Additional Information: . O Credit sales constitute 60% of total sales, The company policy is to allow a settlement discount of 3% for all credit sales settled within 60 days; Cash is collected from debtors as follows: 55% of outstanding amounts are collected during the month following the month during which the sale took place (i.e. after 30 days); 25% of outstanding amounts are collected during the second month following the month of the sale (i.e. after 60 days); 18% of outstanding amounts are collected during the third month following the month of the sale (.e. after 90 days); o O 2% of outstanding amounts are considered irrecoverable. Required: Prepare a schedule of the monthly budgeted receipts from cash sales and debtors for Olaf Ltd for the financial quarter ended 30 June 2020. You are required to show total receipts from customers for each month. All workings and calculations must be shown. Round up to the nearest Rand