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Question 1 8 Marks Company wants to prepare a cash budget for May, June, and July. At the end of every month the cash balance will be Rs. 20,000.Determine whether borrowing will be necessary during the period, and if it is, when and for how much. The following information has been provided: As of April 30, the firm had a balance of Rs. 20,000 in cash. Actual Sales Rs. Forecast Sales Rs. January February March April 50,000 50,000 60,000 60,000 May June July August 70,000 80,000 100,000 100,000 50% of total sales are for cash. The remaining will be collected equally during the following two months. Cost of purchases are 70% of sales, 90% of this cost is paid during the first month after incurrence and the remaining 10% is paid in the following month. Dividend of Rs. 10,000 declared on June will be paid in the month of July. Company plans to sell machinery costing Rs. 10,000 at an expected gain of Rs. 5,000 in June. Purchase plant and machinery in June for Rs. 40,000. Income tax payment of Rs. 1,000 will be made in July