The following table highlights the transactions in General Fund during the year 2019, related to a municipality in the region.

	Transaction
10-1	A state grant is received which is intended for the construction of a major building OMR 350,000
17-1	Issued OMR 300,000 long-term development bonds, the use of the fund is especially restricted for improving the facilities in the sports complex.
24-1	The municipality issued 8% bonds with a face value of OMR 500,000 at a 5% premium for meeting the operational requirements. The funds are unrestricted in nature.
25-2	Property tax estimated for the first quarter is OMR 450,000. In January 2017, OMR 250,000 is collected and the rest is estimated to be collectible in the short run.
28-2	Ministry of Tourism sanctioned OMR 30,000 as a grant which should be used for planting trees on both sides of the road in the municipality.
15-3	General operating expenditure incurred OMR 20,000, of which 30% is paid and rest in the process.
5-4	Using the long-term development fund, the Municipality renovated facilities in the sports complex OMR 60,000
10-4	The general fund transferred OMR 20,000.to Debt Service Fund as a loan transfer, which is repayable.
30-4	Using the grant, the Municipality installed street lights on both sides of the road. An amount of OMR 35,000 is paid to the contractor.
6-5	Received supplies, the voucher showed an amount of OMR 20,000, out of which OMR 15,000 is immediately paid.

Prepare the Journal Entries, Statement of Revenues and Expenditure and Net Assets and answer the questions :

Bank A/C of General Fund shows a balance of:

a.

RO 743000

b.

RO 734000

c.

RO 775000

d.

None of the given options

Transfer out to Debt Service Fund by the General Fund is:

a.

RO 25000

b.

RO 20000

c.

RO (20000)

d.

None of the given options

Total Assets of Debt Service Fund is:

a.

RO 295000

b.

None of the given options

c.

RO 350000

d.

RO 20000

Calculate the total expenditure of Debt Service Fund:

a.

RO (40000)

b.

RO (95000)

c.

None of the given options

d.

RO 0

Total Expenditure of the General Fund for the period is:

a.

RO (40000)

b.

RO (95000)

c.

RO 0

d.

None of the given options

Transfer in by Debt Service Fund from the General Fund is:

a.

RO 20000

b.

RO (20000)

c.

RO 25000

d.

None of the given options

Identify the account credited on 28/02/2019:

a.

Bank A/C

b.

None of the given options

c.

Accounts Payable

d.

Grant Revenue

Calculate the amount credited to Accounts Payable on 06/05/2019:

a.

RO 15000

b.

RO 5000

c.

None of the given options

d.

RO 20000

The transaction on 28/02 is categorized as:

a.

None of the given options

b.

General Fund

c.

Capital Project Fund

d.

Special Revenue Fund

On 25/02/2019, the amount debited to Tax Receivable A/C is:

a.

RO 450000

b.

RO 200000

c.

RO 250000

d.

None of the given options