Question 3:

The General Fund Trial Balance of the china city is at 30" June 2017 is given below.

Figures in '000'

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Cash 225,000.00.

Savings 80,000.00

Property taxes receivable 122,500.00

Investment 100.000.00

Accounts Payable 52,700.00

Wages payable 19.200.00

Fund balance 455,600.00

527.500.00 527,500.00

Additional information on the financial transactions that took place during the year ended 30" June 2018 are as follows. (Note that that figures are in '000']

i. Estimated Revenues: TZS 2,180,000

il. Appropriations: TZS 2,115,000

iii Revenue from Property Tax Levy: 1,450,000 RMB

iv. Cash received from property taxes: 1,460,000 RMB

v. Other revenues received: 760,000 RMB

vi. Expenditure on payroll: 1,150,000 RMB

vii. Encumbered expenditures (local purchase orders): 1,210,000 RMB

viii. Liquidation of encumbrance- with receipt of local purchase orders: 1,050,000 RMB

ix. Cash payments: Local purchase orders:

1,065,000 RMB

x. Cash payments for wages: 1,155,000 RMB

xi. Cash payments for savings: TZS 40,000 RMB

Required:

a) Open appropriate accounts, post entries therein andbalance them at year end - 30" June 2018

b) Draw up a balance sheet as at 30" June 2018

c) Prepare a statement of assets and liabilities.