QUESTION $5(15$ marks$)$

In preparing your Budget and Cash Flow for the year ended $31$ December $2023$ the following information was received from your Accountant.

Monthly Expenses:

$\backslash$table$[[$Salaries and wages,R$60000],[$Director salary,R$20000],[$Rent$,$R$12000],[$Telephone & internet expenses,R $2500],[$Monthly Rental $-$ Copier,R $1800],[$Office Expenses,R $1500]]$

Depreciation $2023$: monthly

Computer Equipment

R$1500$

Salaries will increase by $5\%$ in March $2023$ including that of the Director.

Rent will be increased by $7\%$ in August $2023.$

You invoiced R$100000$ on a monthly basis in $2022.$ You are planning on increasing the monthly invoicing with $5\%$ from March $2023$ and then with $2\mathrm{.}5\%$ in Aug $2023.$

Debtors pay on average $80\%$ of the invoices during the month of invoicing and $20\%$ in the next month.

Your bank balance on $31$ December $2022$ is R$35000.$

You are required to draw up an Income Statement $($Profit and loss$)$ budget and a Cash Flow forecast for December $2023$ in column format. List each income and expense item separately.

$(15)$

$\backslash$table$[[,$January,February$*],[$Income$,,],[$Expenses$,,]]$

Insert column for each month of the year.