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EX Freewheel is in the process of preparing its master budget for the six months ending December 19X2 The balance sheet for the year ended 30 June 19X2 is estimated to be as follows Cos: Deprec ou NBV E 5 Fixed assets 740.000 14.000 126.000 Current assets Stock 25.000 Trede deptors 24.600 Sank 3.000 Net current abilities 52.600 Creditors Amounis falling cue within one year Tade creditors 25.000 Jine' creditors 9.000 34 000 Nel current assets 18.600 Total assets less current liabilities 144,600 Capital and reserves Share capital Poil ang !oss account 100.000 44.600 144.600 The budget committee nave derived the following trading forecasts for the six monins enoec 3 December 19X2. Sales in units Purchases Issue oi 20.000 9shares 2 Dividends 5 le; vene 4.000 4.200 4.500 4.600 4.800 5.000 3.800 3,000 Wages and salaries . 8.000 8.000 8.000 10.000 10.000 30.000 12.000 12.000 12.000 13.000 14.000 18.000 16.000 14.000 12.000 12.000 Overheads Purchase excl. oi fixed deprec assets 5 7.000 7.000 7.000 7.000 7.000 8.000 8.000 30.000 8.000 Augusi September Ociooer November December 20.000 10.000 You are given the following information. The selling price in May 19X2 was 6 per unit and this is to be increased to 8 per unit in October 50. oi sales are for cash and 50. on credit to be paid two months later. Purchases are to be paid for two months after purchase. Wages and salaries are to be paid 75: in the month incurred and 25c in the following month c) Overneads are to be paid in the month aiter they are incurred le! The fixed assets are to be paid for in three equal instalments in the three months following purchase. (13 Dividends are to be paid three months aiter they are declared and the receipts from the shars issue are busgerec o 'eceived in the month oi issue. (g: Fixed assets are depreciated 10. Der annum on a straight line basis on those assets owned at 31 December 19X2. (h) Closing stock at the beginning of the period under review was equal to the previous two months purchases. At 31 December 19X2 it was equal to three months purchases. Required .2: Prepare the fcilowing budgets for ins six months ended 31 December 19x2 Cash budge! Buogered oroiit and loss accoun: Budgeted balance sheer (by Comment upon the results. highlighting those areas that you wish to draw to the attention of the budget committee