1. Prepare Appropriations, Encumbrances, Expenditure and Fund Balance Ledger from the following information Jan 1 Ministry of Finance made an appropriation of OMR1500,000 to College of Medicine. Jan 10 The College issued a purchase order, for medical supplies (OMR80,000) and two latest machineries for the Surgical department (OMR150,000 each) Feb 1 General operating expenditure incurred and paid OMR15,000 March 1 The college received 40% of the supplies along with a voucher of OMR30,000. March 15 The supplier delivery one machinery along with a voucher OMR150,000 The college entered into a contract with MHD Consulting for constructing a recreational center in the college. An amount of OMR500,000 is allocated towards the contract. The work is expected to be completed by the end of the year. April Construction is certified to complete 10% and the contractor has submited a voucher for OMR50,000. Payment is made based on May 10 the voucher. June 1 50% of the supplies ordered on January 10 was received. The voucher stated the amount OMR 40,000. Payment is immediately processed July 10 The supplier of the machinery informed their inability to supply the second machinery. Hence the contract is cancelled. August Operating expenditure paid OMR80,000
1. Prepare Appropriations, Encumbrances, Expenditure and Fund Balance Ledger from the following information Jan 1 Ministry of Finance made an appropriation of OMR1500,000 to College of Medicine. Jan 10 The College issued a purchase order, for medical supplies (OMR80,000) and two latest machineries for the Surgical department (OMR150,000 each) Feb 1 General operating expenditure incurred and paid OMR15,000 March 1 The college received 40% of the supplies along with a voucher of OMR30,000. March 15 The supplier delivery one machinery along with a voucher OMR150,000 The college entered into a contract with MHD Consulting for constructing a recreational center in the college. An amount of OMR500,000 is allocated towards the contract. The work is expected to be completed by the end of the year. April Construction is certified to complete 10% and the contractor has submited a voucher for OMR50,000. Payment is made based on May 10 the voucher. June 1 50% of the supplies ordered on January 10 was received. The voucher stated the amount OMR 40,000. Payment is immediately processed July 10 The supplier of the machinery informed their inability to supply the second machinery. Hence the contract is cancelled. August Operating expenditure paid OMR80,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Government Accounting
Transcribed Image Text:1.
Prepare Appropriations, Encumbrances, Expenditure and Fund Balance Ledger from the
following information
Ministry of Finance made an appropriation of OMR1500,000 to
College of Medicine.
Jan 1
The College issued a purchase order, for medical supplies
(OMR80,000) and two latest machineries for the Surgical
department (OMR150,000 each)
Jan 10
Feb 1
General operating expenditure incurred and paid OMR15,000
March 1
The college received 40% of the supplies along with a voucher
of OMR30,000.
The supplier delivery one machinery along with a voucher
OMR150,000
March 15
April
The college entered into a contract with MHD Consulting for
constructing a recreational center in the college. An amount of
OMR500,000 is allocated towards the contract. The work is
expected to be completed by the end of the year.
Construction is certified to complete 10% and the contractor has
submited a voucher for OMR50,000. Payment is made based on
the voucher.
May 10
50% of the supplies ordered on January 10 was received. The
voucher stated the amount OMR 40,000. Payment is
immediately processed
June 1
The supplier of the machinery informed their inability to supply
the second machinery. Hence the contract is cancelled.
July 1ο
August
Operating expenditure paid OMR80,000
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