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12 June, 05:00

Your parents tell you that they must create a personal balance sheet. Explain what a personal balance sheet is and explain the three steps they must use in its creation.

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  1. 12 June, 07:31
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    A personal balance sheet is a financial statement of your personal assets and liabilities.

    to create it you would have to record your:

    Assets (what you have)

    Your liabilities (what you owe)

    Then calculate your networth (what you have after you deduct your liabilities from your assets)
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