Use the information given below to prepare the following for Umhlali Limited for the first three months of operations viz. August, September and October 2018. 4.1 Debtors Collection Schedule (3 marks) 4.2 Cash Budget. (17 marks) (Note: Use separate amount columns for each month.) INFORMATION 1. Umhlali Limited is a retail company that specialises in the sale of electronic goods. The company is considering opening a new store on 01 August 2018 with an investment of R1 200 000. 2. The sales for August are estimated to be R600 000 and the company expects the sales to increase at a rate of 10% percent per month up to October 2018. 60% percent of the sales are expected to be for cash and the remaining 40% percent on credit. 3. The company expects to collect the accounts receivable generated through credit sales as follows: 30% during the month of sale, and these customers are entitled to a 5% discount. 70% in the month after the sale. 4. The cost of inventories to be purchased each month is estimated at 50% of sales. All inventories are purchased for cash. 5. Store fixtures and equipment will be purchased on credit on 01 August 2018 at an estimated cost of R800 000. A deposit of R320 000 will be paid on this date and the balance plus finance charges of R96 000 will be paid monthly over 12 months, commencing 31 August 2018. 6. Budgeted selling and administrative expenses per month are as follows: Salaries (Fixed) R72 000 Sales commission 10% of sales Supplies expense 2% of sales Electricity and water R6 000 Depreciation R15 000 Rent and other fixed expenses R24 000 Supplies expense and sales commission are paid one month after they are incurred. All other cash expenses are paid in the month in which they are incurred.