QUESTION 3 Tekad Maju Sdn Bhd has been engaged in the process of forecasting its financing needs over the next quarter and has made the following forecasts of planned cash receipts and disbursements: The monthly sales for the year of 2023: April May June July RM 750,00 0 690,00 0 730,00 0 750,00 0 f) g) August Septembe r October RM 780,00 0 665,00 0 720,00 0 750,00 November 0 a) 60% of credit sales are realized in the month following the sale and the remainder in the second month following. b) The raw materials are 55% of the current sales and Creditors are paid in the month following the month of purchases. c) The wages and salaries are paid based on 10% of sales in the month. The utility for the firm is 5% of sales in the month of their incurrence. d) Furthermore, the monthly rent expenses are RM8,000 and Office supplies RM800. e) RM5,000 tax payments are to be made in the second month of each quarter. A 5% annual interest on a RM400,000 term loan will be paid monthly. The beginning cash balance for the budget period is RM90,000 with a minimum cash balance of RM45,000 and an increase to RM60,000 in August and RM75,000 in September. h) Any short-term financing needed to maintain the minimum cash balance should be paid off the month after the financing month with an annual interest rate of 15% per annum. Prepare a monthly cash budget for the three-month period ended 30th September. (30 marks)