1)One of your financial planning clients, Ms Yana Bordeaux has asked you to prepare specified personal financial statements on her behalf. Yana is a 33 year-old employed landscape gardener and has a gross income of $55,000 for the 2016 financial year. In addition, Yana's employer also contributes 9.25% of her gross income into a personal superannuation fund that you have set up to fund her retirement. Fortnightly salary deductions (based on gross income) for Yana are as follows:

DetailsPercentage

Taxation20

Personal super contributions7

Health cover3

Union fees2

Other expenditures incurred by Yana for the 2016 financial year are as follows:

DetailsAmount ($)

Household expenses10,000

Mortgage loan repayments12,000

Credit card repayments8,000

Entertainment expenses5,000

Yana has also provided a list of her assets and liabilities based on the information that she currently has available as shown below:

DetailsAmount ($)

Assets -

House and personal effects400,000

Superannuation160,000

Car 10,000

Savings account2,000

Liabilities -

Mortgage loan250,000

Credit card balance10,000

(a)Prepare personal cash flow budget for Yana for the 2016 financial year based on the information provided.

(b)Prepare current personal balance sheet for Yana based on the information provided.