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    AFPS&CS

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    belay wube
    Accounting for Public Sector and Civil Society

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd

    AFPS&CS

    Uploaded by

    belay wube
    4 views1 page
    Accounting for Public Sector and Civil Society

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    © © All Rights Reserved

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    DOCX, PDF, TXT or read online from Scribd

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    Accounting for Public Sector and Civil Society

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    4 views1 page

    AFPS&CS

    Uploaded by

    belay wube
    Accounting for Public Sector and Civil Society

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
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    Assignment on Government and NFP accounting

    o Mark 15-20%
    o Submission date : February 12,2021
    1.The balance sheet of Jimma Town-General Fund as of Sene 30, 1999, end of fiscal year, is shown below.
    Jimma Town General Fund
    Balance Sheet
    Sene 30, 1999
    Assets
    Cash 800,000
    Taxes Receivable-Delinquent 200,000
    Less: Allowances for Uncoll. Del. Taxes 10,000 190,000
    Interest and penalties Receivable on taxes 20,000
    Total Assets Br. 1,010,000
    Liabilities and Fund Equity:
    Vouchers Payable 400,000
    Fund Equity:
    Unreserved Fund Balance 610,000
    Total liab. and Fund Equity Br. 1,010,000

    Transactions occurred in the fiscal year started on Hamle 1, 1999 and ended on Sene 30, 2000 are
    summarized below:
    1. The budget for the year provided for General Fund estimated Revenues totaling Br. 1.5 million;
    Estimated Other Financing Sources of Br. 300,000; Appropriations of Br. 1.2 million and
    Estimated Other Financing Uses of Br. 100,000.
    2. The town council authorized a temporary loan of Br. 500,000 in the form of a 90-day tax
    anticipation notes, at 10 percent interest paid per annum.
    3. The property tax of Br. 900,000 with 5 percent estimated uncollectible was levied by the town.
    4. The town issued purchase order of Br. 200,000 sent to vendors for supplies.
    5. Cash collections of Br. 600,000 and Br. 75,000 were made by the town council from Current
    taxes and delinquent taxes respectively. Moreover, interest and penalties of Br. 15,000 related to
    the delinquent taxes was collected for the year.
    6. Cash of Br. 650,000 was collected as charges for services provided to the general public.
    7. Supplies order under transaction number four (above) was received at actual cost of Br. 197,000.
    8. The Town council made repayment of Tax anticipation notes payable along with related interest.
    9. A total of Br. 570,000 was expended as payroll transactions.
    10. Delinquent tax from the previous year is expected to be uncollectible and written off along with
    the related allowance and imposed interest and penalty.
    11. A purchase order for estimated cost of Br. 40,000 was placed to acquire supplies.
    12. The town received cash of Br. 100,000 from licenses and permits.
    13. Cash payment is made to acquire office equipment for Br. 500,000 and to pay voucher payable of
    Br. 150,000.
    14. The uncollected current tax has been renamed as delinquent along with the related uncollectible
    account.
    15. Supplies on hand, determined with physical count, were Br. 35,000.
    16. A total of Br. 30,000 was accrued as interest and penalties on delinquent taxes.

    Required:
    1) Pass the necessary journal entries to record the above transactions.
    2) Prepare pre-closing trial balance.
    3) Prepare Statement of Revenues and Expenditures and change in fund balance.
    4) Prepare Balance Sheet.
    5) Pass journal entries to close appropriate accounts (closing entries).
    6) Prepare Post Closing Trial Balance.

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