You run a general legal practice and among other things, you also do debt collection. You act for your client Abraham. Benjamin owes Abraham an amount of R5 000. On 29 January 2014, Benjamin signs a Settlement Agreement in terms of which he offers to pay off the debt in instalments of R1 000 per month. A collection commission of 10% is payable on the amount outstanding from time to time, calculated monthly in advance.

Benjamin payments will first be applied to cover collection commission, then interest payable from month to month, thereafter to cover the capital amount. Benjamin makes cash payments at your offices on the dates listed below:

-28 February 2014: R1 000

-31 March 2014: R1 000

-31 May 2014: R1 000

After 31 May 2014, Benjamin asks you for a comprehensive statement indicating the amount due so that he can settle all that is remaining. Prepare the requested statement showing all your calculations and figures cleary.