As of December 31, 2018 Town of Nizwa had following trial balance available for the year ended 31, 2018 (in OMR)

 

Required

a. Prepare the December 31, 2018, statement of revenues, expenditures, and changes in fund balance.

b. Prepare a balance sheet for the Street Improvement Fund as of December 31, 2018. 

Items Debit Credit Revenue-Property Taxes 1,020,00 Bond Interest 416.250 Bond Principal 1,000,00 Other Financing Sources-Inter-fund transfer in 416.250 Cash 528,000 Tax Receivable- Delinquent Fund Balance- January 1, 2018 1,000 509,000 1,945,25 Total 1,945,25