Robert ADJEi, COHORT 3.

Assignment 1

Question 1.
FINACIAL POSITION AS AT 25TH AND MAY,2024.
ASSETS AMOUNT LIABILITIES AMOUNT
Cash 15000 Loans 25,000
Investment 40000 Credit Cards 2,000
Emergency Fund 10,000 Taxes Owed 12,000
Retirement Fund 100,000
Personal Property 25,000
TOTAL ASSET 190000 TOTAL LIABILITIES 39,000

NET WORTH: 190,000 - 39,000=SUPLUS/DEFICIT 151,000

Question 2.
My personal Budget for an upcoming emergency fund using the SMART approach.

 Specific- I want to build an emergency account worth 10,000 in an easily accessible

savings account for unexpected expenses and financial emergencies.
 Measurable- My monthly savings target will be 833 which is (10,000/12).
 Achievable- Based on my income and expenses, I will realistically give 10%- 20% of my
income towards my savings. Also consider setting up an automatic transfer from my
checking account to my savings account.
 Relevant- Creating an emergency fund is going to help me avoid into debts when
unexpected expenses arise. The fund then also will provide peace of mind and financial
security.
Time-bound- I want to start from 25th May 2024 and end on 26th May 2025.
I will regularly review and update my budget to ensure that I am on track to meet this goal.
Question 3.
Monthly essential expenses: 10,000
Multiply by 3 months: 10,000x 3 = 30,000
Additional expenses 2,000 + 30,000
Your emergency fund number is 32,000.
To achieve my emergency fund goal, I will start small, set a timeline, automate savings, increase
income, reduce expenses, use windfalls wisely, check progress, avoid dipping into savings,
consider a savings challenge, and stay disciplined and patient, following a step-by-step approach
to reach my target and secure financial stability.
Question 4.
a. Desired retirement income: 60,000 per year.
b. Current retirement savings/investment:100,000 in an employee-sponsored retirement plan
account and 50,000 is in my personal individual retirement account.
c. Desired retirement age is 65.
d. Investment profile: Medium investment profile.

ASSIGNMENT 2

Question 1.
a. Journal Entry Transactions
TRANSACTION DAT AMOUNT TRANSACTION
DESCRIPTION E TYPE
Goods sold to customer A Jan. GHC10,00 Sales
0
Fare to sell goods Jan. GHC 500 Travel
Paid Jan. Rent Jan. GHC 5000 Rent
Collected cheque from customer B Jan. GHC 5000 Cheque
Purchase (to supplier B) Jan. GHC 500 Inventory returned
Paid salaries Jan. Jan. GHC 2000 Salary
Purchased (from supplier B) Jan. GHC 2000 Inventory
 b. The plumbing cooperation profit and loss
account at the end of January.
c. REVENUE AMOUNT
Sales GHC 10,000
TOTAL GHC10, 000.00
EXPENSES
Travel GHC 500
Rent GHC 5000
Salaries GHC 2000
Purchased (inventory-inventory returned) GHC 2000-500=1500
TOTAL GHC 9000.00

Net Profit:
10,000-9000= 1,000

Robert Adjei