Question
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
- 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 $55,000 for the 2016 financial year. In addition, Yanas employer also contributes 9.25% of her gross income into a personal superannuation fund that you have set up to fund her retirement. Fortnightly salary deductions (based on gross income) for Yana are as follows:
Details Percentage
Taxation 20
Personal super contributions 7
Health cover 3
Union fees 2
Other expenditures incurred by Yana for the 2016 financial year are as follows:
Details Amount ($)
Household expenses 10,000
Mortgage loan repayments 12,000
Credit card repayments 8,000
Entertainment expenses 5,000
Yana has also provided a list of her assets and liabilities based on the information that she currently has available as shown below:
Details Amount ($)
Assets -
House and personal effects 400,000
Superannuation 160,000
Car 10,000
Savings account 2,000
Liabilities -
Mortgage loan 250,000
Credit card balance 10,000
(a) Prepare a personal cash flow budget for Yana for the 2016 financial year based on the information provided.
(b) Prepare a current personal balance sheet for Yana based on the information provided.
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