QUESTION 5 (20 Marks) REQUIRED Use the information provided below to prepare the following for July and August 2024: 5.1 Debtors Colection Schedule (4 marks) 5.2 Cash Budget. [16 marks] INFORMATION The folowing information was provided by Miller Enterprises: 1. The balance in the bank on 30 June 2024 is expected to be R50 000 . 2. Budoeted sales (excludino discounts) are as follows: 3. Twenty percent (20%) of the cash sales is subject to a diacount of 10% Credt sales are normally collected as follows: 60% in the month of the sale, and these customers are entitled to a 5% discount. 40% in the month after the sale. 4. R50 000 wil be invested in a fixed deposit account on 31 July 2024 at an interest rate of 12% per annum. Interest wil be received monthly conmencing August 2024 . 5. Purchases are exwected to be as folows: 6. Credicors are paid in the month after the month of purchase. 7. Wages and salaries are expected to ancunt to R143 000 for August 2024 after a 10\% increase takes eflect from 01 August 2024. 8. Loen repayments of R10 000 are made at the end of each month. The balance in the loan account is expected to be R300 000 on 01 July 2024 . Interest at 12% per annum is also payable at the end of each month. 9. Rent income amounts to R96 000 per year. Rent is received monthly. 10. Other cash expenses are budgeted at F30000 for June 2024. These expenses are expected to increase by 5% each month