Advanced Accounting
12th Edition
ISBN: 9781305084858
Author: Paul M. Fischer, William J. Tayler, Rita H. Cheng
Publisher: Cengage Learning
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Chapter 16, Problem 16.2.3P
To determine
Introduction: Funds refer to an amount of money that is set aside or saved by individuals, government, businesses for paying unforeseen expenses or for any other purpose. Funds can be mutual funds, agency funds, trust funds, special revenue funds, permanent funds, enterprise funds, government funds.
To choose: The correct option from given options.
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Question:
The trial balance below relates to the Consolidated Fund for the year ended 31st December, 2019.
GHc'000
GHc'000
Indirect Taxes
120,300
Direct Taxes
85,000
Non taxe revenues
60,000
Compensation for employees
76,000
Goods and services
45,000
Consumption of fixed consumption
24,000
Loans and advances
30,000
Bank and cash balances
12,000
Equity investment
40,000
Domestic debt
90,500
External debt
110,000
Trust fund
50,000
Sundry creditors
24,500
Other expenditures
20,000
Public debt interest
33,000
Social benefit
12,000
Grants
20,000
Subsidies
12,000
Accumulated Fund (1/12/16)
216,300
540300
540,300
Required:
1. Prepare Statement of Revenue and Expenditure
for the Consolidated Fund for the year ended
31st December 2019.
2. Prepare Statement of Financial Position as at
31st December 2019.
In Set’ Dec. 31, 2020 statement of financial position, how much should be the accounts payable?
*see attached
a. P 1,410,000b. P 1,485,000c. P 1,462,500d. P 1,425,000
Question
You are provided with the following information relating to the Consolidated Fund for the year ended 31st December, 2019.
Debit
Credit
GHC'000
GHc'000
Corporate taxes
200,000
Personal income taxes
120,000
Capital gain taxes and sundries
50,000
Taxes on general goods and services
180,000
Fees, fines and penalties
80,000
Investment income
20,000
Custom duties
250,000
Grants
150,000
Communication service taxes
100,000
Royalties
40,000
Established post
240,000
Casual labour
60,000
Travel and transport
70,000
Repairs and maintenance
50,000
13% Social security contribution
26,000
Gratuity and end of service benefit
168,000
State protocol
180,000
Independence Day celebration
205,000
Seminar and conferences
30,000
Probation
25,000
Property plant and equipment (at cost)
300,000
Infrastructure (at…
Chapter 16 Solutions
Advanced Accounting
Ch. 16 - Prob. 1UTICh. 16 - If a capital projects fund has authority to...Ch. 16 - Prob. 3UTICh. 16 - The debt service fund does not use budgetary...Ch. 16 - When a debt service fund receives resources, it...Ch. 16 - Prob. 6UTICh. 16 - Prob. 7UTICh. 16 - Prob. 8UTICh. 16 - Prob. 9UTICh. 16 - Prob. 10UTI
Ch. 16 - Describe the difference between accounting for...Ch. 16 - Prob. 12UTICh. 16 - Prob. 1.1ECh. 16 - Prob. 1.2ECh. 16 - Prob. 1.3ECh. 16 - Prob. 1.4ECh. 16 - Prob. 1.5ECh. 16 - Prob. 1.6ECh. 16 - Prob. 1.7ECh. 16 - Prob. 1.8ECh. 16 - Prob. 1.10ECh. 16 - Prob. 2.1ECh. 16 - Prob. 2.2ECh. 16 - Prob. 2.3ECh. 16 - Prob. 2.4ECh. 16 - Prob. 2.5ECh. 16 - Prob. 2.6ECh. 16 - Prob. 2.7ECh. 16 - Prob. 2.8ECh. 16 - Prob. 2.9ECh. 16 - Prob. 2.10ECh. 16 - Prob. 3.1ECh. 16 - Prob. 3.2ECh. 16 - Prob. 3.3ECh. 16 - Prob. 3.4ECh. 16 - Prob. 4ECh. 16 - Special assessments levy, capital projects fund....Ch. 16 - Prob. 6ECh. 16 - Prob. 7ECh. 16 - Prob. 8ECh. 16 - Prob. 9ECh. 16 - Prob. 10ECh. 16 - Prob. 11ECh. 16 - Prob. 12ECh. 16 - Prob. 16.1.1PCh. 16 - Prob. 16.1.2PCh. 16 - Prob. 16.1.3PCh. 16 - Prob. 16.1.4PCh. 16 - Prob. 16.1.5PCh. 16 - Prob. 16.1.6PCh. 16 - Prob. 16.1.7PCh. 16 - Prob. 16.1.8PCh. 16 - Prob. 16.2.1PCh. 16 - Prob. 16.2.2PCh. 16 - Prob. 16.2.3PCh. 16 - Prob. 16.2.4PCh. 16 - Prob. 16.2.5PCh. 16 - Prob. 16.2.6PCh. 16 - Prob. 16.2.7PCh. 16 - Prob. 16.12.1PCh. 16 - Prob. 16.12.2PCh. 16 - Prob. 16.13.1PCh. 16 - Enterprise fund, general fund. In 2018, a city...Ch. 16 - Prob. 16.13.3PCh. 16 - Prob. 16.14PCh. 16 - Prob. 16.15PCh. 16 - Prob. 16.16PCh. 16 - Prob. 16.18.1PCh. 16 - Prob. 16.18.3PCh. 16 - Prob. 16.18.4PCh. 16 - Prob. 16.18.5PCh. 16 - Prob. 16.18.6PCh. 16 - Prob. 16.18.7PCh. 16 - Prob. 16.18.8PCh. 16 - Prob. 16.18.9PCh. 16 - Prob. 16.18.10PCh. 16 - Prob. 16.19.2PCh. 16 - Prob. 16.19.3PCh. 16 - Prob. 16.19.4PCh. 16 - Prob. 16.19.5PCh. 16 - Prob. 16.19.6PCh. 16 - Prob. 16.19.9PCh. 16 - Prob. 16.19.11PCh. 16 - Prob. 16.19.12PCh. 16 - Prob. 16.19.13PCh. 16 - Prob. 16.19.14PCh. 16 - Prob. 16.19.15PCh. 16 - Prob. 16.19.16PCh. 16 - Prob. 16.19.17PCh. 16 - Prob. 16.19.18PCh. 16 - Prob. 16.19.19PCh. 16 - Prob. 16.19.20PCh. 16 - Prob. 16.19.21PCh. 16 - Prob. 16.19.22P
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- Question You are provided with the following information relating to the Consolidated Fund for the year ended 31st December, 2019. Debit Credit GHC'000 GHc'000 Corporate taxes 200,000 Personal income taxes 120,000 Capital gain taxes and sundries 50,000 Taxes on general goods and services 180,000 Fees, fines and penalties 80,000 Investment income 20,000 Custom duties 250,000 Grants 150,000 Communication service taxes 100,000 Royalties 40,000 Established post 240,000 Casual labour 60,000 Travel and transport 70,000 Repairs and maintenance 50,000 13% Social security contribution 26,000 Gratuity and end of service benefit 168,000 State protocol 180,000 Independence Day celebration 205,000 Seminar and conferences 30,000 Probation 25,000 Property plant and equipment (at cost) 300,000 Infrastructure (at…arrow_forwardThe pre-closing trial balance for the general fund of Lancaster Company at December 31, 2019 is given below. Credit Debit $362,000 113,000 1,290,000 60,000 Cash Taxes receivable Estimated revenues Estimated other financing sources Expenditure Transfers out Capital Outlay Debt service-principal Debt service-interest Allowance for uncollectible taxes Accounts payable Property tax revenues Other revenues Proceeds from bonds Transfers in Appropriations Estimated other financing uses Fund balance----unassigned Totals Multiple Choice O O о $380,000 What is the total fund balances-unassigned reported on 2019 balance sheet (after the closing entries)? $425,000 $475,000 1,015,000 20,000 25,000 2,000 8,000 $285,000 $2,895,000 $ 45,000 50,000 950,000 400,000 50,000 8,000 1,085,000 22,000 285,000 $2,895,000arrow_forwardDuring 2019, the Zeppelin City Debt Service Fund paid $18100 towards general long-term debt principal and $4400 towards interest on general long-term debt. What amount will be reported as Expenditures for Debt Service for 2019? BE SURE TO TYPE A SIMPLE NUMBER WITH NO COMMAS OR DOLLAR SIGNS. FOR EXAMPLE, TYPE 1000 INSTEAD OF $1,000. Your Answer: Answerarrow_forward
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