QUESTION THREE The following information pertains to AJ Traders for the three months ended 30 June 2021 Actual Budgeted April May June R R R Sales (20% for cash and 80% on credit) 380,000 420.000 460,000 Purchases (10% for cash 90% on credit) 250,000 300,000 340,000 Salaries and wages paid 50,000 70,000 70,000 Cash expenses 28,000 32,000 36,000 Depreciation 2,000 2,000 2,000 It is expected that debtors will settle their accounts as follows: 20% in the month of sale 70% in the month after the month of sale, and 5% in the second month after the month of sale . The remaining 5% is usually written off as bad debts. Trade creditors are paid in the month after the purchases at a discount of 5%. 50% of the salaries and wages are weekly wages. Because wages are paid weekly, usually 10% of the wages are paid in the month following the month in which they were incurred. . Expenses are paid as they arise. The favourable bank balance on 1 May was R20 000. Required: Prepare the Cash Budget of AJ Traders for June and July 2021. (25)