Step 18 - part 4

Sold 3 of my haiku books for 75 HRK each. Received payment for 4 second-hand books I sold on online auction, together with postal fee associated with ending those books via postal system. I plan to send them on Monday. Following types of incomes increased assets of my doubling project: doubling income tax (140 HRK), saved amount from business trip traveling allowance (170 HRK). There were also some smaller amount incomes in form of donations, rounding ups and savings.

Current Balance Sheet....

Assets
Cash	324.20
Cash in bank	400.00
Foreign currency	1,607.68
Received checks	2,217.35
Business loan	2,144.00
Inventory	198.82
Accounts receivable	245.00
Casino accounts	730.00
Total assets	7,867.05
Liabilities
Auction fees	16.50
Postal fees	15.00
Check cashing fees	57.50
Loan	730.00
Total liabilities	819.00
Net worth	7,048.05

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Step 18 - part 3

Received check from second casino, amount 205.50 GBP. I also add check cashing fees in my liabilities section. I will do the same thing next time in the moment when someone issue check to me. Also, received 6 of my haiku books.

Assets
Cash	307.20
Foreign currency	1,607.68
Received checks	2,217.35
Business loan	2,144.00
Inventory	310.13
Accounts receivable	92.00
Casino accounts	730.00
Total assets	7,408.36
Liabilities
Auction fees	16.50
Check cashing fees	57.50
Loan	730.00
Total liabilities	804.00
Net worth	6,604.36

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Step 18 - part 2

Today I cashed bank draft. Currently, the amount cashed (300.50 USD) is in my foreign currency account. Cost of cashing the bank draft it was 57.50 HRK. I expected higher cost, and was very nicely surprised. I pay the fee from My Doubling Adventure's cash balance. I plan to withdraw deposited funds tomorrow in my local currency.

Also, today I delivered 6 used books to a customer that bought them via auction site. I got 150 HRK for them.

Yesterday I opened casino account at one new casino. I deposited 100 EUR and got 25 EUR bonus. Since I don't have enough cash currently in My Doubling Adventure and since I pay it with my debit card I accounted this transaction as taking a loan from myself. I also increased My Doubling Adventure's assets for the same amount (Casino accounts).

I added some additional items to my inventory.... one used book and 4 packages of office paper, and posted them on the auction site.

And here is my updated balance sheet...

Assets
Cash	300.00
Foreign currency	1,607.68
Incoming Checks	2,217.35
Business Loan	2,144.00
Inventory	309.13
Accounts receivable	92.00
Casino accounts	730.00
Total assets	7,400.16
Liabilities
Auction fees	16.50
Loan	730.00
Total liabilities	746.50
Net worth	6,653.66

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Step 18

Got bank draft for 300.50 USD today from first casino I played. I will take it to my bank tomorrow or day after tomorrow to cash it out. Now I'm ready to open account in new casino in order to make some additional profits.

As I have my own non-doubling capital invested in the private deal in Philippines, as well as 300 USD of my doubling capital, I decided to purchase additional 100 USD with my doubling capital from my non-doubling balance. That transaction increased Business Loan account in My Doubling Adventure's balance sheet.

Here is My Doubling Adventure's current balance sheet...

Assets
Cash	170.00
Incoming Checks	2,217.35
Received Checks	1,610.68
Business Loan	2,144.00
Inventory	263.63
Accounts receivable	242.00
IOU	12.00
Total assets	6,659.66
Liabilities
Auction fees	16.50
Total liabilities	16.50
Net worth	6,643.16

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Step 17 - part 7

I added some additional books to my doubling inventory. I count that each book has a value of 10 HRK and accounted for that value my Inventory. After that, I sold 7 books on online auction, and for one book the auction is still going on. In total, I moved 8 books from Inventory to Accounts receivable. I sold one book for 20 HRK, 6 for 25 HRK and one is currently at 22 HRK price (the one with auction still going on). I also earned 52 HRK as interest because I borrowed from My Doubling Adventure. We were shopping at the mall and one store didn't have POS terminal and accepted only cash. So I borrowed from My Doubling Adventure and pay it back latter with 10% interest. Nice amount was also added as doubling income tax.

Assets
Cash	634.00
Incoming Checks	3,834.19
Business Loan	1,608.00
Inventory	282.63
Accounts receivable	192.00
Total assets	6,550.82
Liabilities
Auction fees	13.50
Total liabilities	13.50
Net worth	6,537.32

Step 17: Completed!


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Step 17 - part 6

Today I completed transaction and got 25 HRK for book I sold via auction site. I added 140 HRK to my doubling project as doubling income tax. Still didn't have time to go to the ATM to pick it up in cash, but I issue an IOU to my doubling project. Also, I borrowed some change from my doubling project and issued IOUs for that with interest (10% minimum). In addition, I started to collect plastic bottles. I can get 0.50 HRK for each plastic bottle. Currently I have 5 bottles, and I added their value under Inventory in my balance sheet.

Assets
Cash	373.00
Incoming Checks	3,834.19
Business Loan	1,608.00
Inventory	270.13
IOUs	153.00
Total assets	6,238.32
Liabilities
Total liabilities	0.00
Net worth	6,238.32

So, new net worth of My Doubling Adventure is 6,238.32 HRK.


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Step 17 - part 5

I will try to make another change to My Doubling Adventure. I will make a shift of my focus from capital to wealth or net worth. Net Worth is calculated by the following formula:

Assets – Liabilities = Net Worth

Therefore, I will pay attention to Assets and Liabilities of My Doubling Adventure project in order to track Net Worth of the Project. The goal is to double Net Worth or Wealth in each Step of the Plan.

So, here is the first balance sheet for My Doubling Adventure....

Assets
Cash	351.95
Incoming Checks	3,834.19
Business Loan	1,608.00
Inventory	267.63
Accounts receivable	25.00
Total assets	6,086.77
Liabilities
Total liabilities	0.00
Net worth	6,086.77

Net Worth is 6,086.77 HRK. I counted incoming checks from my casino ventures as my assets. Also, I added to my assets 4 books that are currently on auction. I counted them as 10 HRK per book, even my starting bid at the auction is 25 HRK. If I don't sell them on auction I will try to sell them to used books dealer. I also added accounts receivable as form of asset. I manage to sell one of the initial 5 books on the auction for 25 HRK. Still didn't completed transaction with the buyer, but will do in the next few days, and it seems to me it's correct to include that fact in balance sheet under accounts receivable.

So, to sum up.... the new mission of My Doubling Adventure is to Build Wealth. And Wealth = Net Worth.


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