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Government and NFP Accounting Assignment II

This document provides instructions for an individual assignment on government and non-profit accounting. It includes 15 multiple choice questions related to transactions of a town's serial bond debt service fund. Students are asked to: 1) Record the necessary journal entries for each of the 15 transactions. 2) Prepare a trial balance as of June 30, 2008. 3) Prepare a statement of revenues, expenditures, and changes in fund balance for the year ended June 30, 2008. 4) Prepare a balance sheet/statement of financial position as of June 30, 2008. 5) Record any necessary closing entries.

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101 views3 pages

Government and NFP Accounting Assignment II

This document provides instructions for an individual assignment on government and non-profit accounting. It includes 15 multiple choice questions related to transactions of a town's serial bond debt service fund. Students are asked to: 1) Record the necessary journal entries for each of the 15 transactions. 2) Prepare a trial balance as of June 30, 2008. 3) Prepare a statement of revenues, expenditures, and changes in fund balance for the year ended June 30, 2008. 4) Prepare a balance sheet/statement of financial position as of June 30, 2008. 5) Record any necessary closing entries.

Uploaded by

eferem
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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GAGE COLLEGE

FA CU LT YOFB USINE SSAN DECONOMI CS


STANDARD INDIVIDUAL ASSIGNMENT TWO
GOVERNMENT AND NFP ACCOUNTING

Date: -07/09/12E.C
TotalWeight:-20%
Date of submission: -20/09/2012 E.C

Name:-____________________________

Department:-_______________
IDNO:-________________ Section:-__________

Stream:-Regular Extension

Program:DEGREE

GENERAL INSTRUCTIONS

 ThisistheSecondassignmentofthiscourse
 Thisassignmentistobecompletedandsubmittedtothedean officeontime up on the
schedulebyhardor soft copy.
 Create interdependence and build individual responsibility and accountability.
 Use your comprehension to complete the assignment.
 Explain your idea briefly and clearly, neatness is expected.
 You can refer your note book and different supporting resources.
 Devote your time and submit the assignment
 Submission after deadline is not tolerable

Be Good-looking! Be Smart! Be Elegant! But, Protect Yourself From Covid-19


Virus!
GOVERNMENT AND NON FOR PROFIT ORGANIZATION INDIVIDUAL
ASSIGNMENT–II

Write the correct answer for the following questions

The Town of X uses a serial Bond DSF to pay off matured bonds and interest payable amounts.
Information about the Bond issue is as follows.
 Principal Amount ……………1,000,000.00
 Interest rate……………………10%
 Bond Dated…………………...January 1,2006
 Interest Payable……………….January 1 and July 1, beginning July 1, 2006
 Bond mature serially at the rate of 100,000.00 a year starting January 1, 2007
 The fiscal period runs from July 1,2007 – June 30, 2008
1. The revenue Budget for serial Bond DSF for 2008 consists of estimated revenue of
330,000 to be raised from Debit services Tax levy and estimated revenue of 50,000.00
from earnings on investments.
2. Taxes receivable in the amount of 340,000.00 and estimated uncollectable taxes in the
amount of 10,000.00 are recorded.
3. Half of the gross levy of taxes is collected in cash.
4. Interest payable on July 1,2007 is recorded as liability
5. Checks are written and mailed to the paying agent for the interest payment due on July 1.
6. Interest is paid by the fiscal agent and the fiscal agent fee of 500.00 is paid
7. Taxes in the amount of 160,000.00 are collected.
8. Cash of 100,000.00 is invested in a short term note which bear interest of 10%
9. Interest on investment is received for the four months
10. Checks are written and mailed to the fiscal agent for the matured bonds and interest due
11. On January 1, 2008 matured bond and interest of 145,000.00 and the fiscal agents fee of
1,000.00 is charged as an expenditure
12. Matured bond and interests is paid by the Fiscal agent and the Fiscal agent fee is paid.
13. Interest on investment is received for three months
14. June 30, 2008 Interest on investment is accrued for two months.
15.
Required

A. Pass the necessarily entries for each above transaction


B. Prepare trial Balance on June 30,2008
C. Prepare statement of Revenues ,Expenditure and Change in fund Balance for the yr ended
June 30, 2008
D. Prepare Balance Sheet/ Statement of financial position/ on June 30,2008
E. Pass the necessarily closings entries.

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