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Question 2.
Based on the following information, prepare the statement of sources and uses of funds in the zakat and charity funds for the year 2020. Note that the undistributed Zakat and charity on 1st January is RM910,000.
Paid RM70,000 as Zakat for the poor and the needy, Zakat due from the bank RM4,400,000; wayfarer received RM110,000; new converts to Islam received RM245,000; Zakat collection and distribution to staff RM155,000; Donations RM3,700,000; RM330,000 for the heavily indebted and freedom of slaves; Zakat due from accountholders RM990,000.
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- Below is the list of transactions relating to the Consolidated Fund for the year ended 31st December, 2019. GHC’000 Direct taxes 1,200,000 Indirect taxes 1,300,000 Compensation for employees 2,200,000 Goods and services 750,000 Grants to local authorities 200,000 Grant from other governments 400,000 Loans granted 90,000 Advances granted 150,000 Recovery of advance 30,000 Recovery of loans 20,000 Equity investment 600,000 Investment in other securities 300,000 Sale of equity investment 200,000 Sale of other securities 100,000 Purchase of motor vehicle 250,000 Proceeds from sale of motor vehicles 100,000 Construction of bridges 800,000 Domestic debt borrowing 1,800,000 External debt borrowing 2,000,000 Repayment of domestic debt 450,000 Repayment of external debt 500,000 Domestic debt interest 220,000 External debt interest 240,000…During the current year, a voluntary health and welfare organization receives $800,000 in unrestricted pledges. Of this amount, $300,000 has been designated by donors for use next year to support operations in the pharmacy. what amount of unrestricted support should the organizations recognize in its current-year financial statements? A.) $800,000 B.) $700,000 C.) $500,000 D.) $400,00030. On January 1, 2021, Entity A receives a financial aid from the government amounting to PHP 1,000,000 as compensation for losses if has incurred on recent calamity. How much income from government grant will Entity A recognize in 2021? а. 1,000,000 b. 100,000 с. 53.334 d. 0
- The following information was abstracted from the accounts of the General Fund of the City of Rome after the books had been closed for the fiscal year ended June 30, 2020. Cash Taxes Receivable Allowance for Uncollectible Taxes Accounts Payable Fund Balance View transaction llest Postclosing Trial Balance June 30, 2019 $571,600 36,000 $687,608 5,608 182,808 500,000 $607,608 Clear entry 1 Record the transfer of taxes receivable to revenues control account. 2 Record the receipt of taxes and the uncollectibles. 3 Record the expenditures payable. 4 Record the payment of expenditure. 5 Record the transfer out of general fund. Hint: This is the plug needed to make cash balance after considering the other entries. 6 Record the transfer of revenue and expenditure control accounts to fund balance. Note: = journal entry has been entered Record entry Transactions July 1, 2019, to June 30, 2020 Debits $1,370,000 1,482,488 5,600 1,387,600 X There were no transfers into the General Fund, but there…Journal entries for General Fund financial transactions for Croton City Prepare journal entries, as appropriate, to record these transactions. (We suggest you post the journal entries to general ledger T-accounts.) Of the $800 in property taxes receivable at January 1, $780 was collected in cash. The remaining $20 was written off as uncollectible. Deferred property taxes at the beginning of the year were recognized as revenue ($300). Accrued salaries from the previous year ($700) were paid. Property taxes in the amount of $9,030 were levied in order to provide revenues of $9,000. Tax bills were sent to the property owners. An allowance for uncollectible taxes was established. During the year, property taxes of $8,100 were collected in cash. The state collects personal income taxes on behalf of the city. During the year, Croton received personal income taxes of $4,600 from the state. The Parks Department collected $700 in recreation fees during the year. Croton paid salaries of…Problem #11: Suppose that on January 1, 2021 the balance on a fund is $14940. Suppose that there are contributions to the fund of $5920, $2954, and $5916 made, respectively, on the first day of March, September, and November 2021. In addition, suppose that there are withdrawals from the fund of $5099 and $9068 made, respectively, on the first day of May and September. Finally, suppose that the balance of the fund on the last day of February, April, August, October, and December 2021 is, respectively, $28739, $36236, $32115, $30305, and $16445. (a) Find the dollar-weighted rate of return for the year. (b) Find the time-weighted rate of return for the year. (A) 5.2% (B) 5.59% (C) 5.33% (D) 5.72% (E) 5.46% Problem #11(a): Select v (A) 9.64% (B) 9.77% (C) 9.25% (D) 9.51% (E) 9.38% Problem #11(b): Select v
- 4 A non profit organization has two programs (A and B), each of which has its own fund. The organization has a debt service fund and a general operating fund (which handles the unrestricted transactions). For the following events show the effect on the fundamental equation of accounting for each of the affected funds: 1.a) The organization charges out its Operation Department to each program equally, at $1,000 each, for services performed to maintain property, plan, and equipment. The programs pay with cash. ( 1.b) The organization transfers $20,000 to the debt service fund.The Senior League, a not-for-profit welfare agency, redeemed a $100,000 bond that it had held as an investment of resources without donor restrictions. It also received an interest payment of $6,000. In its statement of cash flows, the league should report： A.) $106,000 as a cash flow from investing activities B.) $106,000 as a cash flow from operating activities C.) $100,000 as a cash flow from investing activities and $6,000 as a cash flow from financing activities D.) $100,000 as a cash flow from investing activities and $6,000 as a cash flow from operating activitiesHelp & Save is a private not-for-profit entity that operates in Kansas. Swim For Safety is a private not-for- profit entity that operates in Missouri. The leaders of these two organizations have decided to combine forces on January 1, 2020, in order to have a bigger impact from their work. They are currently discussing ways by which this combination can be created. The following are statements of financial position for both charities at that date. HELP & SAVE Statement of Financial Position January 1, 2020 Assets Cash $1,800,000 110,000 400,000 800,000 $3,110,000 Contributions receivable (net) Investments Buildings & equipment (net) Total assets Liabilities Accounts payable and accrued liabilities Notes payable Total liabilities $210,000 1,200,000 $1,410,000 Net Assets $1,300,000 400,000 $1,700,000 $3,110,000 Net assets without donor restrictions Net assets with donor restrictions Total net assets Total liabilities and net assets SWIM FOR SAFETY Statement of Financial Position January…
- The Helpful Hands Society, formed in January 2020, undertook a fundraising campaign in the summer of 2020. The NFPO was able to raise $450,000 in pledges. The Society expects to collect at least 80 percent of these pledges. As of December 31, 2020, the society collected $125,000 in pledges from the summer campaign. Which of the following amounts is the value of net pledge receivable at December 31, 2020? $0 $125,000 $360,000 $235,000Prepare journal entries to record each of these transactions in the general fund. Based on your entries, prepare a balance sheet and statement of revenues, expenditures, and changes in fund balance for the general fund. The Authority issued $2.5 million in long-term bonds. · The Authority purchased 4 acres of land for $500,000 in cash. · It sold one of the 4 acres of land for $125,000 in cash. · It made a $325,000 payment on the debt, consisting of $75,000 of interest and $250,000 of principal. · It lost a lawsuit filed by one of its renters and was ordered to pay $1 million in damages over 5 years. It made its first cash payment of $200,000.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.
