A local Government in the region provided the following information related to their activity for January 2020. Read each transaction carefully and answer the multiple-choice questions given below:

Date: January to 31st December 2020

Transactions

(i)

The City issued RO 12 million in long-term Developmental Bonds, Issue at a premium of 5 %

(ii)

The City received a state grant of RO 450000 million to improve the housing facilities of the village. This grant is restricted to a specific purpose.

(iii)

The City also issued operational bonds to the value of RO 250000 to finance its running expenditure at 10 % discount for general activities

(iv)

The City also transferred RO 280000 from general fund to Debt Service Fund as the first payment towards the principal and interest of Development Bond.

(v)

The City spend RO 100000 as part of improving the housing facilities of the city.

(vi)

The City transferred RO 500000 from general fund to Internal Service Fund

(vii)

The Internal Service Fund billed the General Fund for utilizing the services RO80000

(viii)

The City incurred RO 180000 in general operating expenditures of which it actually paid RO 40000

(ix)

The City levied RO 800000 of general property taxes of which it actually collected RO 140000

(x)

Government Department issued 5% long term bonds of RO 600000 the money to be utilized for general activities. Interest is accrued for the first half year and same has been paid.

Identify the account credited to the Debt Service Fund: (Refer case iv) a. Transfer out or GF Funds which do not require measurement of results: b. Bank c. None of the given options d. Transfer in or DSF a. Trust Funds b. None of the given options c. Pension Funds d. Agency Funds Identify the account credited in the General Fund: (Refer case iv) a. None of the given options b. Bank C. Transfer out or GF d. Transfer in or DSF Identify a primary operating fund of governmental from the following: Calculate the amount debited to the Bank A/C. (Refer case 1) a, RO 1800000 b. RO 18000000 c. RO 180000 d. None of the given options a. General Funds b. capital project Fund c. Special Revenue Funds d. None of the given options Calculate the amount debited to Interest Expenditure A/C. (Refer x) Under expendable and non-revolving funds services are provided: a. None of the given options b. RO 15000 c. RO 600000 a. Partly cost free b. None of the given options c. Free of Cost d. RO 140000 d. Not free of cost Calculate the amount recorded in Bank A/C. (Refer case viil) a. None of the given options b. RO 140000 C. RO 180000 d. RO 40000 For a permanent fund the interest earned: a. Expendable b. None of the given options c. Non-Expendable d. Treated as expendable or non-expendable The amount debited in the Bank A/C (Refer case x a. RO 12000 b. RO 140000 C. RO 600000 d. None of the given options