Calculate estimated and actual percentage of saving

Assignment Help Accounting Basics

Reference no: EM133325139

Develop and Use a Personal Budget and saving plan

Competency covered

Develop and use personal budget
Develop and use saving plan

PROJECT ONE
Given the following for Tamerat H/Mariam for the month of October 2022: perform the following tasks.

Description	Estimated and expenditure	Actual income and expenditure
Food	2000	2100
Clothing	950	700
Net salary	4400	4400
House rent	1000	1000
Net par time	1500	1200
School fee	650	650
Utility expense	50	50

Task 1.1 prepare personal budget for month of October, 2022
Task 1.2 prepare budget performance report for the month October, 2022
Task 1.3 Calculate estimated and actual percentage of saving.
Task 1.4 what are the advantage of saving as general?
Task 1.5 Describe reasons for the budget variance.
Task 1.6 what are the benefits of Saving

PROJECT TWO
Ato Alemu is an employee of xyz cement manufacturing company in Dire Dawa. Ato Alemu's net salary is birr 750 per week. In Jan, 2021 the company paid two month net salary bones for each employee for the performance of the year 2020. Ato Alemu has fixed and variable expenditure. Fixed expenditures are university fee 100, transport 200, and rent 300 magazine 40. Variable expenditures are cloth 50, mobile card 25, recreation 100, and gas 70. In order to increase his saving Ato Alemu understand to change his behavior and skill. He decided to decrease variable expenditure by 5% starting from Feb, 2021. (The budget year of the company is from January 1 to December 31).

Instruction: based on the above case, perform the following tasks.

Task 1. Calculate total saving for the month of January 2021.
Task 2. Calculate the total saving for the month of February 2021.
Task 3. Demonstrate required behavior and sill to successful budgeting.
Task 4. Demonstrate obstacles of Ato Alemu to achieve financial goals.
Task 5. How to Save?
Task 6. What are the things you want to save and invest for?
Task 7. What is the concept of risk versus return
Task 8. List The requirements to open an account
Task 9. Define Investing

Attachment:- Budget and saving assignment.rar

Reference no: EM133325139

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