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Assignment q 1

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43 views

Assignment q 1

Uploaded by

abdurezak.mohammed-ug
Copyright
© © All Rights Reserved
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd
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Accounting for General and

Special Revenue Funds


Assignments Q#1
ILLUSTRATION: ACCOUNTING FOR GENERAL AND
SPECIAL REVENUE FUNDS
• The General Fund Trial Balance of the
Addis Ketema Sub-City as of Hamle 1,
2013 E.C. was as follows: Debits Credits
Cash Birr
20,000
Taxes Receivable-Delinquent 77,200
Estimated Uncollectible Taxes-Delinquent 9,200
Voucher Payable 16,000
Budgetary Fund Balance-Reserve for 8,500
Encumbrances
Fund Balance 63,500
97,200 97,200
ILLUSTRATION: ACCOUNTING FOR GENERAL AND
SPECIAL REVENUE FUNDS
• The following data pertain to General Fund operations for
the Addis Ketema Sub-City for the fiscal year ended Sene
30,2014 E.C.
Hamle 1. Budget Approved
Revenues
and Other
Financing
Sources
Property Taxes Birr
420,800
Fines, Forfeits, and Penalties 160,000
Miscellaneous Revenues 20,000
Proceeds of general long term 50,000
debt
Operating Transfer-Ins 20,000
Birr
660,800
ILLUSTRATION: ACCOUNTING FOR GENERAL AND
SPECIAL REVENUE FUNDS

Expenditure
s and Other
Financing
Uses
Public Safety 390,000
General Government 120,000
Culture and Recreation 54,000
Operating Transfers Out 30,000
590,000
ILLUSTRATION: ACCOUNTING FOR GENERAL AND
SPECIAL REVENUE FUNDS
Hamle 2. Encumbrances outstanding at the end of Sene
2013 were re-established.
Nehassie 3. Property taxes of Birr 430,000 were levied. Two
percent of the tax levy is expected to be uncollectible.
Meskerem 5 Purchase orders issued in 2013/14:
Public Safety $152,000
General Government 80,000
Culture and Recreation 54,000
$286,000
Tikimt 2 Cash collections and transfers:
Delinquent Taxes $ 39,200
Current Taxes 368,000
Fines, Forfeits, and Penalties 154,000
Miscellaneous Revenues 20,000
Operating Transfers In 18,000
Bond Issue Proceeds 50,000
$649,200
ILLUSTRATION: ACCOUNTING FOR GENERAL AND
SPECIAL REVENUE FUNDS
Hidar 30 Purchase orders issued in 2013/14 were filled in
the following amounts:
Estimated Actual
Public Safety 149,000 148,400
General 80,000 80,000
Government
Culture and 54,000 54,000
Recreation
283,000 282,400
Tahisas 15. Purchase orders issued in 2012/13 in the
following amounts were filled in 2013/14:
Estimated Actual
Public Safety 8,500 8,400

Tir 25. Additional vouchers payable for salaries and wages


(not encumbered):
Public Safety Birr 230,000
General Government 37,000
Birr 267,000
ILLUSTRATION: ACCOUNTING FOR GENERAL AND
SPECIAL REVENUE FUNDS
Miyaziya 15. Accounts paid amounted to $570,000; the
transfer out to capital projects fund, $30,000, was
made in cash.
Sene 5. Reclassify Taxes Receivable—Current and
Estimated Uncollectible Taxes—Current as delinquent.

Required:
a. Prepare journal entries to record the effects of the
foregoing data.(GL & Subsidiary Ledger)
b. Prepare closing entries.
c. Prepare for the General Fund of Addis Ketema
Sub-City
(1) A Statement of Financial Performance for the
year ended Sene 30, 2014.
(2) A Statement of Financial Position as of Sene
30, 2014, assuming there are no restricted or
committed net resources and the only assigned
net resources are the outstanding encumbrances.

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