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 $55,000 for the 2016 financial year. In addition, Yana's employer also contributes 9.25% of her gross income into a personal superannuation fund that you have set up to fund her retirement. Fortnightly salary deductions (based on gross income) for Yana are as follows:<\/p>
DetailsPercentage<\/strong><\/p> Taxation20<\/p> Personal super contributions7<\/p> Health cover3<\/p> Union fees2<\/p> <\/p> Other expenditures incurred by Yana for the 2016 financial year are as follows:<\/p> DetailsAmount ($)<\/strong><\/p> Household expenses10,000<\/p> Mortgage loan repayments12,000<\/p> Credit card repayments8,000<\/p> Entertainment expenses5,000<\/p> <\/p> Yana has also provided a list of her assets and liabilities based on the information that she currently has available as shown below:<\/p> DetailsAmount ($)<\/strong><\/p> Assets -<\/p> House and personal effects400,000<\/p> Superannuation160,000<\/p> Car 10,000<\/p> Savings account2,000<\/p> Liabilities -<\/p> Mortgage loan250,000<\/p> Credit card balance10,000<\/p> <\/p> (a)Prepare personal cash flow budget for Yana for the 2016 financial year based on the information provided.<\/p> (b)Prepare current personal balance sheet for Yana based on the information provided.<\/p>",
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