Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Local authorities do follow the normal preparation of financial statements, and their most important statements are: a) An Income Statement/Statement of Revenue and Expenditure

 

Local authorities do follow the normal preparation of financial statements, and their most important statements are: a) An Income Statement/Statement of Revenue and Expenditure that indicates the revenue and expenses of the council for a specific period. It could be monthly, half yearly or yearly statements. b) A statement of financial position that indicates the financial position of the council at a particular time with regard to the amount of assets and liabilities. Below are the financials of Omuthiya Local Authority in the Oshikoto Region for the period ended 31 March 2019. Page 10 of 11 FACULTY OF ECONOMIC & MANAGEMENT SCIENCES You are required to construct a Statement of Position of the Authority in question. (15 Marks) Accounts payable Assets in the form of Land N$ N$ 500 000.00 40 500.00 NS 25 000.00 Stores & Material Fund Equity NS 489 000.00 Cash at FNB NS 25 000.00 Office Equipment N$ 37 850.00

Step by Step Solution

3.36 Rating (149 Votes )

There are 3 Steps involved in it

Step: 1

Statement of financial position As on 31 March 2019 N Assets Property Plant And Equipment Land B... blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Introduction to Accounting An Integrated Approach

Authors: Penne Ainsworth, Dan Deines

6th edition

78136601, 978-0078136603

More Books

Students also viewed these Accounting questions

Question

How is the value of an asset received in an exchange determined?

Answered: 1 week ago

Question

Explain the objectives of the cash flow statement.

Answered: 1 week ago