QUESTION ONE [25] The following information relates to Lusaka Enterprises. Information 1. The bank balance on 30 October 2020 was R24 000 (favorable). 2. Actual and budgeted sales are as follows: Actual Budgeted September 2020 October 2020 November 2020 December 2020 Cash sales Credit sales R150 000 R180 000 R170 000 R200 000 3. Credit sales are normally collected as follows: 50% one month after sale. 45% two months after the sale. The rest is usually written off as bad debts. 4. The cash sales for December are expected to be 20% greater than the cash sales for November. 5. Purchases are expected to be as follows: Actual Budgeted October 2020 November 2020 December 2020 Cash purchases Credit purchases R100 000 R110 000 R120 000 6. Creditors are paid one month after the month of purchase. 7. The monthly salaries amount to R50 000. Salaries are expected to increase by 9% with effect from 1 December 2020 8. Interest at 18% per annum on the loan balance of R100 000 is paid monthly. A repayment of R20 000 will be made on 31 December 2020. 9. Part of the building is sublet to a tenant. The lease agreement for the year ended 30 November 2020 reflected the rental amount of R2 000 per month. The rental will increase by 10% on 1 December 2020. 10. Other cash operating expenses amounted to R10 000 for October 2020. These expenses are expected to increase by R300 each month. Required: 1.1. Prepare the debtors collection schedule for November and December 2020. (5) 1.2. Prepare the cash budget for November and December 2020. (20)