Question
Q1..( Please fill in the blanks suitable transactions under specific fund and solve it) Record a. Journal entries and Ledger Accounts b. Statement of fund
Q1..( Please fill in the blanks suitable transactions under specific fund and solve it)
Record
a. Journal entries and Ledger Accounts
b. Statement of fund revenue expenditure and changes in fund balance
c. Fund balance sheet
General Fund
- The district levied OR --- million ---------, of which it collected OR -- million and the balance is collectible after year end.
- The district incurred OR -- million in ----------- of which it actually paid OR -- million.
Special Revenue Fund
- The district received a state grant of OR ---million to ------------.
- The district spent ----------------- for OR --- million using the state grant.
Capital Project Fund
- The district issued OR--- million in long term bonds to ---------------------.
- The district spent on -------------------- for OR -- million.
Transfer of Funds
7.The district transferred OR -- million from ------------- to ------------ Fund
Q 2 .Following are the ledger balances in a government unit.
( Change the item names to suitable names and solve )
General fund | Spl revenue fund | Cap project fund |
Gen process fees = 30 | Grant revenue = 18 | Issue of bonds = 28 |
Fees receivable = 2.9 | Vehicles (expenditure)=19.2 | Airport Project (exp) = 22.6 |
Operating expenses = 21 | Cash = 0.9 | Cash = 3.3 |
Expenses payable = 7 | Transfer in = 2.1 | Transfer out = 2.1 |
Cash = 13.1 |
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Required :
1. Statement of fund revenue expenditure and changes in fund balance.
2. Fund balance sheet
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