Shs Balance b/f 15,000,000 Receipts for July 125,000,000 Payments; Salaries 65,000,000 Stores used in july 5,000,000 Stores to be used in august 700,000 Other costs 58,000,000 Other information: 1. Stores acquired but not yet paid for; Used in July 3,500,000 To be used in August 2,200,000 2. Stores ordered but not yet delivered; To be used in August 4,800,000 3. A market renderer was due to make a payment of Shs 26,000,000 during July but had not done so by the end of the month. Required; Work out for the Month of July 2014, the financial statements for Kampala city authority under the following bases Cash accounting Modified cash basis iii) Accrual basis accounting iv) Commitment accounting
Kampala city authority had the following entries in its
the month of July 2014.
Shs
Balance b/f 15,000,000
Receipts for July 125,000,000
Payments;
Salaries 65,000,000
Stores used in july 5,000,000
Stores to be used in august 700,000
Other costs 58,000,000
Other information:
1. Stores acquired but not yet paid for;
Used in July 3,500,000
To be used in August 2,200,000
2. Stores ordered but not yet delivered;
To be used in August 4,800,000
3. A market renderer was due to make a payment of Shs 26,000,000
during July but had not done so by the end of the month.
Required;
Work out for the Month of July 2014, the financial statements for
Kampala city authority under the following bases
- Cash accounting
- Modified cash basis
iii) Accrual basis accounting
iv) Commitment accounting
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