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Assignment 1 (August 2020) PFS 3223 Financial Advisory and Services _Matrix No: Name: Instructions: Group Assignment (max, group members = 3) All Students need to submit the assignment through e-learning. Answer ALL Question 1) The Abu Bakar family plans to get their finances organized and realized that preparing financial statement is crucial in implementing financial decisions. Below is Abu Bakar's financial information Savings account balance Education loan Credit card balances Household possessions Monthly parking, fuel and toll Clothing Monthly rent Astro bill (month) Stereo equipment Computer and printer Monthly take home salary Other expenses per month Cash in checking account Loan payment per month Monthly personal expenses and recreation Current value of car Unit trust investment Food per month Phone bill per month Auto insurance Balance of education loan Monthly electricity Television set Monthly restaurant spending Car loan balance Value of stock investment Donation per month Car purchase price (loan) RM 6500 30000 600 12000 500 6000 1000 100 3250 6750 3950 800 2500 590 200 17800 15000 550 120 750 5000 100 4000 250 3000 14200 50 50000 a. Construct Abu Bakar's balance sheet for year ended 31 Dec 2019 and comment b. Construct the family's cash flow statement for year ended 31 December 2019 and comment c. Calculate all the ratios for the family and give suggestions