Q1
- Appropriated OMR 54000 for employees education and training.
- The department signed contracts with audit consultants for OMR 12600 .
- The department ordered books costing OMR4500
- The audit consultants conducted workshops and billed for OMR 12600
- Operating expenses encumbered OMR 7540
- It authorised employees to attend various conferences ,estimated cost was OMR 20500
- Employees submitted for OMR 19600 for reimbursement requests for the conferences.
1) Required: a .Record journal entries
b.Encumbrances Table
c. Closing Entries
Q2. Give journal GFAAG accounting journal entries for the following, where assets have been acquired using capital projects fund resources:
A. Local municipality Purchased of a building for OMR 1,750,000 which was financed as follows – OMR 750,000 by other governmental grant and OMR1,000,000 by issue of
bonds.
B. Construction of a stadium by the local municipality for OMR 2,375,000 which was financed as follows – OMR 375,000 as donation from a private trust, OMR1,600,000 as
proceeds from bond issue and OMR 400,000 as grant from the state government
Q3. Record journal entries in GFAAG for the following :
A. The local government carried forward a WIP of OMR 728,000 in 2013. End of 2014, the stadium was completed costing a total of OMR1,522,000. The project was funded by
grants from the state government.
B. The town municipality carried forward a WIP of OMR 380,000 in the year 2014. End of year 2015 the building project was completed costing a total of OMR 520,000.
This was funded by a federal grant.
Sample Solution