From the following information, you are required to prepare statement of revenues, expenditure and changes in fund balances, other financial sources and statement of net assetsRevenue department levied taxes and collected RO 665000 out of which RO 165000 has been outstanding Department of ministry of commerce has issued 33000 bonds of RO 10 each at a discount of RO 2 per bond which is restricted for purpose of construction of Bus station The same has been spent by the department for construction bus station and total amount of RO 330000 has been paid The service department billed the other department RO 15000 Municipality issued 5% bonds of RO 55000 at RO 5 each at a premium of 10%

Financial statements of government organizations present detailed accounts of revenue, expenses,…

Answered: prepare statement of revenues,…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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From the following information, you are required to prepare statement of revenues, expenditure and changes in fund balances, other financial sources and statement of net assets

Revenue department levied taxes and collected RO 665000 out of which RO 165000 has been outstanding

Department of ministry of commerce has issued 33000 bonds of RO 10 each at a discount of RO 2 per bond which is restricted for purpose of construction of Bus station

The same has been spent by the department for construction bus station and total amount of RO 330000 has been paid

The service department billed the other department RO 15000

Municipality issued 5% bonds of RO 55000 at RO 5 each at a premium of 10%

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