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B. Pass the necessary journal entries for the following transactions in the respective fund accounts. 1) General fund loans capital project fund OMR 320,000 2)

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B. Pass the necessary journal entries for the following transactions in the respective fund accounts. 1) General fund loans capital project fund OMR 320,000 2) General fund transfers OMR 645,000 to debt service fund to pay debt services 3) General fund contributes capital of OMR 700,000 to start up internal service fund. 4) Enterprise fund bills general fund OMR 62,800 for power 5) General fund pays enterprise fund OMR 32,800 for partial payment of power billing 6) Levied OMR 4.5 million of general property taxes of which it actually collected OMR 2.15 Million. It expects to collect the balance shortly after year end. 7) Received Government grant for purchase of vehicles OMR 2.5 million 8) Expenditure incurred for construction of hospital building OMR 4 million 9) Receipt from general property tax OMR 3 Million 10) General operating expenditure Incurred OMR 5 Million 11) Issued bonds for construction of building OMR 6 Million

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