Activity 5: Implement variations to the financial budgets For the first two-quarters of the financial budget, there were no further variations in the implementation in the budget. However, there are two customers that have bought products from the company, and their payments are still due. As per the company policy and procedures if the debts are not paid for a period of 60 days, then they are to be written as bad debts On 21 October 2018, Damsons Itd purchased bicycles and have not made any payments. The total amount on the invoice due is $4,800. On 29 October 2018, Ping Itd purchased spare parts of the bicycles for $3,200 and have not cleared the invoice. Based on the above-given information, prepare the following financial statements. Ageing summaries, Profit and loss statements After preparing the financial statement, you are also required to modify the contingency plan for the next financial year. Ageing summary template: Customer Name Total 0-30 Days 31-60 61-90 90+ A/R Days Days Days Damsons Itd Ping Itd Profit and loss template: Cash flow Quarter 1 Quarter 2 REVENUE Commissions (2.5% sales) Direct wages fixed