QUESTION TWO$[30]$The following information relates to Nappy Limited. The company is preparing its budget for $2024$ ?and will detail the activities for each quarter of the year$\mathrm{.}1.$ ?The following balances are expected on $31$ ?December $2023$:Cash at bankR$200000$Trade creditor for purchasesR $800002.$ ?Projected sales per quarter for $2024$:First quarterR$500000$Second quarterR$750000$Third quarterR$800000$Fourth quarterR$950000$Thirty percent of the sales are for cash and these customers are entitled to a $3\%$ ?cash discount$\mathrm{.}3.$ ?Collection of credit sales:$60\%$ ?of the credit sales are collected in the quarter of the sale and they are allowed a discount of $1\%.35\%$ ?is collected in the following quarter and the balance is written off as a bad debt$\mathrm{.}4.$ ?Purchases for each quarter are expected to be as follows:First quarterR$80000$Second quarterR$100000$Third quarterR$120000$Fourth quarterR$15000040\%$ ?of the purchases are paid for in the quarter of acquisition and the remaining $60\%$ ?in the following quarter$\mathrm{.}5.$ ?Fixed overheads total R$200000$ ?per year and are paid for equally each quarter, included in the total is depreciation of R$20000$ ?for the year$\mathrm{.}6.$ ?Sales commission is $10\%$ ?of total sales and is paid in the quarter in which they are incurred$\mathrm{.}7.$ ?Administrative expenses are paid for only in the first and third quarter and are estimated at a total of R$30000$ ?per quarter$\mathrm{.}8.$ ?An investment of R$100000$ ?matures on $31$ ?May $2024,$ ?and interest of R$8000$ ?will also be received on this date.Required:$*2\mathrm{.}1.$ ?Prepare a Debtors schedule for the four quarters.$*2\mathrm{.}2.$ ?Prepare a Cash budget for the four quarters ending $31$ ?December $2024.$