The following transactions relate to Al-Zafra Municipality General Fund for the year ended December 31, 2020: (All figures are in 000 AED)

Maximum Time Allowed: 30 Minutes Governmental Accounting ACC312 Total Marks: 10 Marks Obtained: Name of Student: Student ID: Assignment 1 CL02 The following transactions relate to Al-Zafra Municipality General Fund for the year ended December 31, 2020: (All figures are in 000 AED) The balance sheet as at 31/12/2019 was as follows: Assets: Liabilities & Fund Balances: Cash 200000 Accounts payable 70000 License receivable 150000 Wages payable 10000 Supplies 5000 Fund Balance: Reserved 275000 Total Assets 355000 Total Liabilities & FB. 355000 1. The budget was passed. Estimated revenues amounted to 1,450,000 and appropriations totaled 1,680,000, and estimated other uses $300,000. 2. Contracts were issued for contracted services in the amount of 20,000. 3. Collected 1,250,000 cash including last year license receivables and issued a bill of 100,000 for new license revenues. 4. Collected 200,000 for fines revenues. 5. Issued a contract of 300,000 to complete security and residency services in the West zone. 6. Contracted services of 200,000 were performed and supplies of 280,000 have been purchased on account to support the target service. 7. Paid 300,000 of the due payables. 8. Received 300,000 cash from the special revenue fund. 9. Issued a new order of 300,000, received all the ordered materials in the following month and paid it in cash. 10. Paid 950,000 cash for salaries and wages including the previous wages payable. 11. Current wages expenditure of 5,000 were incurred but unpaid. 12. Supplies of 270,000 had been consumed during the year. Required: a. Prepare journal entries for the above transactions. b. Prepare a Statement of Revenues, Expenditures, and Changes in Fund Balance for the General Fund. c. Prepare a Statement of Net Position for the General Fund assuming there are no restricted or assigned net resources and outstanding encumbrances are committed by contractual obligation. d. Prepare the budgetary comparison schedule and explain the nature of variances