General fund is the primary fund maintained by the companies for recording all inflows and outflows except which are associated with the special purpose funds. It is mostly the difference between assets and liabilities of the company’s fund. Inter-fund service provided and used: this is reporting of sales and purchase of goods and services between funds. This is to approximate the external exchange values as revenues in seller’s fund and expenses in purchaser’s funds. The effect of Inter-fund service provided and used in general fund account.

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Chapter 17, Problem 17.18.21P

To determine

Introduction: General fund is the primary fund maintained by the companies for recording all inflows and outflows except which are associated with the special purpose funds. It is mostly the difference between assets and liabilities of the company’s fund.

Inter-fund service provided and used: this is reporting of sales and purchase of goods and services between funds. This is to approximate the external exchange values as revenues in seller’s fund and expenses in purchaser’s funds.

The effect of Inter-fund service provided and used in general fund account.

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