Suppose you own and operate a successful restaurant and that today is 30 September 2023. You experienced some cash flow difficulties this time last year and want to avoid similar problems this year by obtaining a line of credit from your bank for the next three months (October 2023 December 2023). You obtained the following sales and cost of sales figures for June September 2023) and last year (Oct 2022 Dec 2022).

2023 DATA		2022 DATA
Date	Sales 2023	Cost of Sales 2023		Date	Sales 2022	Cost of sales 2022
June 2023	R 3692052	R 2953642
July 2023	R2840040	R2272032
August 2023	R2958375	R2366700
September2023	R3081540	R2465232
October 2023				October 2022	R3559710	R2847768
November 2023				November 2022	R4037880	R2907274
December 2023				December 2022	R3081540	R2311155

You have the following additional information:

• Sales and cost of sales figures for Oct-Dec 2022 (in the table above) must be used as estimates for Oct-Dec 2023. Since quarter 4 of 2022 was a good year, you estimate that the 2022 monthly figures should be adjusted downwards by 8% for 2023.
• Payment by customers in 2023 so far has been estimated by the credit department to be as follows: Cash collections within the month of sale is 35%, while the rest make up credit sales.
• Debtors (from credit sales) are expected to pay as follows:
• Payment within one month following sales: 70%
• Payment within two months following sales: 20%
• Payment within three months following sales: 5%
• Remaining credit balance written off as bad debts.
• All raw material purchases are on credit. Payment for these credit purchases (i.e. cost of sales) are typically made one month after purchases occurred (i.e., 30-day creditor payment period).
• General and administrative salaries did amount to approximately 12% of the monthly cost of sales amount for 2023 so far. It is estimated that this percentage will increase to 18% of cost of sales for the period Oct-Dec 2023.
• Rent payments are R30000 a month in 2023.
• Depreciation charges are R15000 a month in 2023.
• Utilities expenses (water & electricity) averaged R25500 a month during 2023 so far. It is estimated that this amount will increase by 6% for the period Oct-Dec 2023.
• Insurance costs are R15000 a month in 2023.
• A provisional tax payment of R200000 is due in October.
• Marketing costs amounting to 1% of the previous months sales is planned for the period Oct-Dec 2023.
• A deposit of R50000 must be paid in November for a new pizza oven.
• Assume interest to be paid on cumulative borrowings amounts to 1% per month.
• Cumulative borrowings to the amount of R15000 was recorded in the cash budget for September 2023.
• A minimum monthly cash balance of R30000 must be maintained throughout the cash budget period.
• Cash on hand on 30 September is R30000.

Question: Prepare a monthly cash budget for the three-month period ending 30 December 2023 and estimate the required financing (or excess) for each month during this period.