QUESTION 5 (20 Marks) REQUIRED Use the information provided below to prepare the following for July and August 2024: 5.1 Debtors Collection Schedule (4 marks) 5.2 Cash Budget. (16 marks) INFORMATION The following information was provided by Miller Enterprises: 1. The balance in the bank on 30 June 2024 is expected to be R50 000. 2. Budgeted sales (excluding discounts) are as follows: May 2024 June 2024 July 2024 August 2024 Cash sales R340 000 R360 000 R320 000 R400 000 Credit sales R380 000 R460 000 R440 000 R500 000 3. Twenty percent (20%) of the cash sales is subject to a discount of 10%. Credit 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 will be invested in a fixed deposit account on 31 July 2024 at an interest rate of 12% per annum. Interest will be received monthly commencing August 2024. 5. Purchases are expected to be as follows: June 2024 July 2024 August 2024 Cash purchases R240 000 R280 000 R320 000 Credit purchases R260 000 R300 000 R310 000 6. Creditors are paid in the month after the month of purchase. 7. Wages and salaries are expected to amount to R143 000 for August 2024 after a 10% increase takes effect from 01 August 2024. 8. Loan 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 R30 000 for June 2024. These expenses are expected to increase by 5% each month