1. A City Administration has provided the following information related to their activity related to government funds. You are required to: (5 marks)

Statement of Revenues, Expenditure, and Changes in Fund Balance

Statement of Net Assets/Balance Sheet.

Transactions

Received State Grant for the improvement of the sewage system of the city OMR 450,000

The City also issued operational bonds to the value of OMR 60,000 to finance its general operating expenditure at a premium of 10%.

Purchased office supplies OMR 28,000 for which payment is made immediately against the vouchers produced.

Transferred OMR 75,000 to establish a service center to provide support to other departments.

General operating expenditure incurred OMR 29,000 and paid OMR 25,500.

Issued OMR 75,000 long term development bond, the fund to be utilized for construction of a Convention Hall and must be used for this specific purpose at a premium of 2.5% .

The City placed order for machines to be utilized at the service center for OMR 26,000 to be supplied in 3 months.

Using the Developmental Bond issue proceeds, the City constructed the Convention Hall by spending OMR 66,000

Using the State Grant , the City renovated the sewage system OMR 300,000

The service department billed the General Fund for providing services OMR 18,000

The City levied OMR 600,000 of general property taxes of which it actually collected OMR 480,000.

Answer rating: 100% (QA)

Answer As per given conditions Statement of Revenues 1 Received State G... View the full answer