QUESTION ONE: CASH BUDGET [25 MARKS] The following information was extracted from Leeds Ltd's monthly forecast of its sales and expenses for 2022.

Month	Sales R	Purchase R	Wages R	Miscellaneous Expenses R
February	120 000	84 000	10 000	7 000
March	130 000	100 000	12 000	8 000
April	80 000	104 000	8 000	6 000
May	116 000	106 000	10 000	12 000
June	88 000	80 000	8 000	6 000

Additional Information: 1. Sales are realised as follows: 20% realised in the month of sales, discount allowed 2% of cash received. Balance realised equally in two subsequent months.

2. Purchases are paid in the month following the month of supply.

3. Wages are paid in the month they are incurred. 4

. Miscellaneous expenses are paid a month in arrears.

5. Rent of R1 500 per month is paid quarterly in advance. The second quarter payment is due in April.

6. Income tax: First instalment of advance tax, R12 000, due on 15th June.

7. Income of R5 000 from investments is received quarterly, in April, July, etc.

8. Cash in hand on 1st April, 2022 is estimated at R5 000. REQUIRED: Forecast the cash position of Leeds Ltd at the end of April, May and June 2022.