The following information was projected for Sevens Traders for the period 1 January 2021 to 31 March 2021: Projections: Details January February March Total sales 400 000 450 000 500 000 Total purchases 120 000 150 000 160 000 Rent income 12 000 ? ? Salaries 18 000 ? ? Additional information: 1. Cash sales amount to 20% of total sales. 2. The balance is on credit and credit sales are collected as follows: 10% in the month of the sale 50% one month after the sale 35% two months after the sale and the balance is written off as irrecoverable. 3. Payment of total purchases is as follows: All purchases are on credit and they are paid in full one month after the purchases. 4. The owner increased his capital in the business by depositing R150 000 into the bank account of the firm on 1 February 2021. 5. Furniture costing R75 000 will be purchased for cash on 15 March 2021. 6. Rent income will increase to R180 000 per annum as from 1 March 2021. 7. Salaries are paid on 25th of each month and will increase by 5% in February 2021. 8. On 1 January 2021, the bank account will have an unfavourable balance of R50 000. Required: 3.1 Debtors collection schedule 3.2 Cash budget for the period 1 January to 31 March 2021 (6 marks) (14 marks)