On 1/8/2016, the Ministry of Education contracted with the Al-Attaa Company to establish a school at an
Question:
On 1/8/2016, the Ministry of Education contracted with the Al-Attaa Company to establish a school at an amount of 1.2 million dinars. The ministry received the school on 15/10/2016
Required: Record the journal entries according to the commitment basis according to the following cases:
1. The value of the approved claim is 1.2 million dinars
2. The value of the approved claim is 1.1 million dinars
3. The value of the approved claim is 1.35 million dinars
1- The Bank of Palestine transferred, on 8/9/2016, the financial balance of the Gaza governorate of 20000 dinars to the general revenue account with the Palestinian Monetary Authority.
2 - The Palestinian Monetary Authority informed the Public Revenue Fund on 9/9/2016 that it had received the money transfer from Gaza Governorate, and the Revenue Fund Department at the Ministry of Finance sent the second copy of the receipt of the receipts with the value of the transfer to the Gaza Governorate Financial Directorate.
3 - The Palestinian Monetary Authority informed both the Public Revenue Fund and the General Treasury Department in the Ministry of Finance to transfer the balance of the public revenues 1/2 million dinars he has on 9/9/2016 to his General Treasury account
Required:
Record previous operations in the journals of the relevant government agencies.
Intermediate Accounting principles and analysis
ISBN: 978-0471737933
2nd Edition
Authors: Terry d. Warfield, jerry j. weygandt, Donald e. kieso