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 Jan 10 The College issued a purchase order, for medical supplies (OMR80,000) and two latest machineries for the Surgical department (ÓMR150,000 each) Feb 1 General operating expenditure incurred and paid OMR15,000 The college received 40% of the supplies along with a voucher of OMR30,000. March 1 The supplier delivery one machinery along with a voucher OMRI50,000 March 15 The college entered into a contraet with MHD Consulting for constructing a recreational center in the college. An amount of OMR500,000 is allocated towards the contract. The work is ex pected 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 the voucher. May 10 June 1 50% of the supplies ordered on January 10 was received. The voucher stated the amount OMR 40,000. Payment is immediately processed The supplier of the machinery informed their inability to supply the second machinery. Hence the contract is cancelled. July 10 August Operating expenditure paid OMR80,000
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 Jan 10 The College issued a purchase order, for medical supplies (OMR80,000) and two latest machineries for the Surgical department (ÓMR150,000 each) Feb 1 General operating expenditure incurred and paid OMR15,000 The college received 40% of the supplies along with a voucher of OMR30,000. March 1 The supplier delivery one machinery along with a voucher OMRI50,000 March 15 The college entered into a contraet with MHD Consulting for constructing a recreational center in the college. An amount of OMR500,000 is allocated towards the contract. The work is ex pected 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 the voucher. May 10 June 1 50% of the supplies ordered on January 10 was received. The voucher stated the amount OMR 40,000. Payment is immediately processed The supplier of the machinery informed their inability to supply the second machinery. Hence the contract is cancelled. July 10 August Operating expenditure paid OMR80,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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 (ÓMR150,000 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.
March 15
The supplier delivery one machinery along with a voucher
OMR150,o00
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
the voucher.
May 10
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
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