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1. Salleh and Hawa have been married for 5 years. They own a condominium in Petaling Jaya, and have no children. Salleh is 28 and Hawa is 26 years old respectively. Both have set their longest term financial goal 34 years from now for their retirement. Salleh has just completed his final year as an engineer, working in an manufacturing company. Hawa an MBA graduate is working at a local advertising company. Both love to travel and enjoy water sports. Before they want to start a family, they want to to ensure that they are financially stable and have set up their children's education fund and well as meet all their short and medium goals. They have decided to compile a list of their expenses so that they can see clearly. Below are information of their expenses so they can a regular savings program:-
Items
Annual Expenditures (RM)
Balance of long term loan (from parents)
19,200
Wages and Salary - Salleh
240,000
Jewellery and artwork
6,000
Current account - Salleh
3,040
Homeowner fire insurance premium payment
4,800
Wages and Salary - Hawa
93,400
Condominium (market value)
900,000
Life insurance premium payment
7,460
Stocks
15,000
Stock dividend received
480
Salleh's bonus
12,200
Toyota Camry (market value)
92,000
Auto insurance premium payment
7,120
Short term loan
700
Dental/medical bills
500
Mortgage payment
47280
Household furnishing
14,800
Credit card balance - Hawa
1,200
House repair
4200
Mutual funds
9,000
Outstanding housing loan
640,000
Auto loan payment
10,080
Retirement funds
16,000
Savings Account -Hawa
2,900
Credit card balance- Salleh
1,880
Income tax- Salleh and Hawa
73,276
Money market funds and deposits
3,200
Balance of auto loan
17,400
Corporate bonds
4,000
Corporate bond interest received
780
Credit card limit - Salleh and Hawa (each)
10,000
Education loan
15,200
Electric and water and cable tv bills
7000
Phone bill and internet
1920
Maintenance fee for condo
960
Groceries
9700
Car maintenance
9,060
Fine dining
13,600
Hospital bills
1,220
Medical checkup for both
Shopping expenses
6,800
Property tax
8,400
Purchase 3 unit air conditioner
5,000
Laundry, cosmetics and hair care
2,800
Vacation
18,520
Tuition fee and books
5,600
Holiday/birthday gifts
860
Education loan payment
3,600
Paid parents' loan
2,400
i. Prepare the couple's balance sheet for the year ended 31 December 2020
ii. Prepare the couple's income statement for the year ended 31 December 2020
iii. Analyse and explain the couple's financial performance by applying personal finance ratios.
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