Question: From the following information you are required to prepare Statement of Activity and Statement of Net Assets 1. Issued 100000 OMR long term bonds

From the following information you are required to prepare Statement of Activity and Statement of Net Assets 1. Issued 100000 OMR long term bonds by the government department 2. A state grants 200000 OMR is received for the restricted purpose 3. During the fiscal year operations, revenue from tax was estimated 275000 OMR out of which 75000 has been received 4. Using State Grant city spend and paid 100000 OMR 5. Transferred 10000 OMR to Debt Service Fund for payment towards interest of Bond.

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