Question: You are required to complete the Statement of Net worth of the Client.

Statement of Net Worth as at 31/07/2021 RM RM 163.000 3 48,000 2 Cash/Cash equivalent Savings account Fixed deposits Life insurance cash value for estate) 4 60,000 55,000 6 Investment assets 8 Refer Sheet2 Refer Shaat Refer Sheet2 325,000 9 10 11 7 Quoted Stocks & Shares (for retirement) Unit trusts (for retirement) EPF balance (for retirement) Condominium (for estate) Unquoted share (for estate) Apartment (for retirement) 13 Foreign FD (for education) 14 Personal used assets Residence for estate) 165,000 12 275,000 250,000 670,000 15 365,000 16 Car 95,000 85,000 75,000 17 Jewelleries (for estate) 18 Home furnishing 19 Golf club membership for estate) 20 TOTAL ASSETS 50,000 21 22 Current liabilities. 112,000 23 LT liabilities 457,000 24 Total liabilities 569,000 25 Net worth K> STATEMENT OF NET WORTH Note: 1. Rate of return during retirement is 5%. 2. Inflation rate is 3.5% 3. Salary growth rate is 4% 4. EPF contribution is 23% of annual salary. 5. The first year retirement income (calculated in today's dollar) is 65% of the salary. 6. All clients are assumed to remain in retirement period until age 75. Investment Asset Client Current Age Retirement Age Current Annual Salary Existing EPF@5.5% Unit trust@8% Stock @10% 4 29 60 80,000 73,600 100,000 105,000 Statement of Net Worth as at 31/07/2021 RM RM 163.000 3 48,000 2 Cash/Cash equivalent Savings account Fixed deposits Life insurance cash value for estate) 4 60,000 55,000 6 Investment assets 8 Refer Sheet2 Refer Shaat Refer Sheet2 325,000 9 10 11 7 Quoted Stocks & Shares (for retirement) Unit trusts (for retirement) EPF balance (for retirement) Condominium (for estate) Unquoted share (for estate) Apartment (for retirement) 13 Foreign FD (for education) 14 Personal used assets Residence for estate) 165,000 12 275,000 250,000 670,000 15 365,000 16 Car 95,000 85,000 75,000 17 Jewelleries (for estate) 18 Home furnishing 19 Golf club membership for estate) 20 TOTAL ASSETS 50,000 21 22 Current liabilities. 112,000 23 LT liabilities 457,000 24 Total liabilities 569,000 25 Net worth K> STATEMENT OF NET WORTH Note: 1. Rate of return during retirement is 5%. 2. Inflation rate is 3.5% 3. Salary growth rate is 4% 4. EPF contribution is 23% of annual salary. 5. The first year retirement income (calculated in today's dollar) is 65% of the salary. 6. All clients are assumed to remain in retirement period until age 75. Investment Asset Client Current Age Retirement Age Current Annual Salary Existing EPF@5.5% Unit trust@8% Stock @10% 4 29 60 80,000 73,600 100,000 105,000