Prepare a statement of net worth for Senzeni family on the 31st May 2018.

Assets include items of value owned by the family.

$$\begin{align*} \text{Money in bank} &= \text{R}50\,000 \\ \text{House} &= \text{R}250\,000 \\ \text{Furniture} &= \text{R}35\,000 \\ \text{Television} &= \text{R}6\,000 \\ \text{Laptop} &= \text{R}7\,300 \\ \text{Cellular phones} &= \text{R}6\,000 \\ \text{Son's X Box} &= \text{R}6\,450 \\ \text{Car} &= \text{R}75\,000 \\ \text{Total Assets} &= \text{R}50\,000 + \text{R}250\,000 + \text{R}35\,000 + \text{R}6\,000 + \text{R}7\,300 + \text{R}6\,000 + \text{R}6\,450 + \text{R}75\,000 \\ &= \text{R}435\,750 \end{align*}$$

Liabilities include debts owed by the family.

$$\begin{align*} \text{Loan from bank} &= \text{R}35\,000 \\ \text{House bond} &= \text{R}125\,000 \\ \text{Edgars debt} &= \text{R}16\,000 \\ \text{Total Liabilities} &= \text{R}35\,000 + \text{R}125\,000 + \text{R}16\,000 \\ &= \text{R}176\,000 \end{align*}$$

Net worth is calculated as Total Assets minus Total Liabilities.

$$\begin{align*} \text{Net Worth} &= \text{Total Assets} - \text{Total Liabilities} \\ &= \text{R}435\,750 - \text{R}176\,000 \\ &= \text{R}259\,750 \end{align*}$$

The net worth of the Senzeni family on 31st May 2018 is $\boxed{\text{R}259\,750}$.

2. Mention two sources of personal income for Mr Senzeni.

• Salary: R15 000 per month
• Interest from bank: R250 per month

3. Calculate all Mr Senzeni's monthly expenses/payments.

$$\begin{align*} \text{Groceries} &= \text{R}3\,500 \\ \text{Edgars payment} &= \text{R}4\,500 \\ \text{Bond payment} &= \text{R}5\,500 \\ \text{Loan payment} &= \text{R}800 \\ \text{Fuel for car} &= \text{R}700 \\ \text{Pocket money for children} &= \text{R}500 \times 2 = \text{R}1\,000 \\ \text{Electricity} &= \text{R}700 \\ \text{Total Monthly Expenses} &= \text{R}3\,500 + \text{R}4\,500 + \text{R}5\,500 + \text{R}800 + \text{R}700 + \text{R}1\,000 + \text{R}700 \\ &= \text{R}16\,700 \end{align*}$$

Mr Senzeni's total monthly expenses are $\boxed{\text{R}16\,700}$.

4. Determine the amount money left after paying all the expenses.

$$\begin{align*} \text{Money Left} &= \text{Total Monthly Income} - \text{Total Monthly Expenses} \\ &= \text{R}15\,250 - \text{R}16\,700 \\ &= -\text{R}1\,450 \end{align*}$$

The amount of money left after paying all expenses is $\boxed{-\text{R}1\,450}$ (a deficit of R1 450).

5. Identify any expense that you think should be decreased.

The Edgars payment of R4 500 per month is a significant expense that could potentially be decreased. This payment is likely for consumer goods purchased on credit, and reducing it would help alleviate the monthly deficit.