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Personal financial planning

Personal financial planning

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Published by Abhinav Rana
Abhinav Rana, LPU, PFP, Assignment
Abhinav Rana, LPU, PFP, Assignment

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Published by: Abhinav Rana on Oct 16, 2010
Copyright:Attribution Non-commercial

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11/18/2012

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Personal Financial Planning
LOVELY PROFESSIONALUNIVERSITY
ASSIGNMENT-1
PERSONAL FINANCIAL PLANNING
Submitted to
:
Submitted by:
 
Miss. Nitika Sehgal Name : Abhinav SinghRoll No. : B38Reg. No.: 10900963Section: RS1902
 
 
Personal Financial Planning
I
ntroduction
F
inancial planning is often thought of as a way to manage debt, but a good financial plan reallyis a way to make certain that you have financial security throughout your life. Many small business owners consider their business as their investment in their future, but that is a huge risk to take.The essential components of a good financial plan are investing, retirement planning, insurance, borrowing and using credit, tax planning, having a will, and ensuring the right people receiveyour assets.
F
inancial planning is the process of meeting your life goals through the proper management of your finances. Life goals can include buying a home, saving for your child'seducation or planning for retirement.
 
I
ncome and expenditure account
:
This is the account which is prepared for record the inflowsand outflows of the income and expenditure of the individual, firm, company, and any organization.I am taking this tool of accounting for managing or recording the inflows and outflows of my family andmyself also. We have our family business running by my father and brother.
I
ncome and Expenditure account for the year
I
ncome Amount Expenditure Amount
Father 420000 Interest Paid 47500Brother 240000 Electricity Bill 15000Kitchen(Food) 144000Vehicles(Servicing) 24000Insurance Premium 17000travelling Expenses 96000Clothes 96000Gas 4800Water 2400Telephone expenses 12000medical expenses 12000insurance auto 12000cable T.V. 4800House tax 1500Road tax 1000fees Education 80000
Surplus(transfer to balancesheet) 90000
 
Personal Financial Planning
660000 660000
Balance Sheet for the year
Liabilities Amount Assets Amount
Capital 1000000 House 4000000Reserves andsurplus 90000 VehiclesLoan(education) 300000 Passion 30000Creditors 250000 Pulsar 40000Bank overdraft 50000 ALTO 275000Auto Loan 100000 Laptop 35000Outstandingexpenses 60000 Desktop 25000Bank credit cards 150000 Machinery 100000Mobile Phones 19000Cash in Hand 50000Cash at BankSBI 150000SyndicateBank(my) 10000PNB 25000ICICI 66000
2000000 4825000
List of Financial services organizations which are used by my Family
y
 
State Bank of India(SBI)
y
 
Punjab National Bank (PNB)
y
 
Syndicate Bank
y
 
ICICI Bank

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