The board of directors at AFC Football club, have set the club's objectives for the upcoming season-2019/20. In order to achieve these objectives, management have put in place plans for the upcoming season. The following cash forecast have been provided by the accountants, in alignment with management plans. Assume it is May 2019 1. It is expected that the club will receive 3,000,000 from season ticket revenue- 25% in June and 75% in July 2. The club is expected to receive 400,000 from its main shirt sponsor in July. This receipt is for the upcoming season-August 2019 to May 2020. 3. The merchandise shop based at the stadium is expected to generate the following sales-cash sales only. a June 10,000 b. July - 15,000 c. August 45,000 d. September 60,000 e. October - 80,000 f. November-90,000 4. Forecast gate receipts are as follows a. August - 625,000 b. September - 650,000 c. October 750,000 d. November-780,000 5. It is expected that the club will sell one of its key players in July, for 2,500,000. 25% to be received in July, 25% to be received in November and the remaining 50% in May 2020. 6. The club is expected to make one key signing in June for approximately 4,000,000. 75% of the transfer fee is expected to be paid in June, and the remaining 25% in May (2020). 7. The club has decided to invest in a new irrigation system for the main pitch, in order to improve the playing surface. It is anticipated that the irrigation system will cost 300,000. Payment will be made, in full, in June. 8. The club's wage bill for its players and non-playing staff, is expected to be 1,450,000 per month within the season-August 2019 to May 2020. Outside of the season, the wage bill is expected to be 500,000 per month. 9. Additional, operating costs are expected to be 5,000 per month. 10. Depreciation charges have been calculated and apportioned for each month at 10,000. 11. The opening bank balance in June is 1,300,000. The club has available to it an overdraft facility of 2,000,000. Required: A. Prepare a Cash Budget for the months June to November 2019.Use Table 1 provided, to prepare your cash budget (10 Marks) B. Based on your calculations, suggest possible actions that the club's management could make to improve cash flows over the 6 Month period. (10 Marks)