The following is the general budget for earmarked funds and its adjustments during the 2020 financial period: 1) The total estimated revenues within the general budget for funds allocated for the year 2020 amounted to (3) million dinars, of which 2595 thousand dinars for public services. 2) In addition to the above, the estimated revenues of public parking, which amount to 336 thousand dinars, have been allocated to cover public safety expenses of 300 thousand dinars. 3) Reducing income tax revenues by 120,000 dinars and travel allowances by 90,000 dinars, provided that the difference is covered from the fund's balance account. 4) Frost occurred in the Jordan Valley that affected the agricultural crop, and it was decided to compensate farmers for 70,000 dinars within the general budget appendix prepared for this purpose. This compensation is covered from the money balance account. Required: To record the general b
Master Budget
A master budget can be defined as an estimation of the revenue earned or expenses incurred over a specified period of time in the future and it is generally prepared on a periodic basis which can be either monthly, quarterly, half-yearly, or annually. It helps a business, an organization, or even an individual to manage the money effectively. A budget also helps in monitoring the performance of the people in the organization and helps in better decision-making.
Sales Budget and Selling
A budget is a financial plan designed by an undertaking for a definite period in future which acts as a major contributor towards enhancing the financial success of the business undertaking. The budget generally takes into account both current and future income and expenses.
The following is the general budget for earmarked funds and its adjustments during the 2020 financial period:
1) The total estimated revenues within the general budget for funds allocated for the year 2020 amounted to (3) million dinars, of which 2595 thousand dinars for public services.
2) In addition to the above, the estimated revenues of public parking, which amount to 336 thousand dinars, have been allocated to cover public safety expenses of 300 thousand dinars.
3) Reducing income tax revenues by 120,000 dinars and travel allowances by 90,000 dinars, provided that the difference is covered from the fund's balance account.
4) Frost occurred in the Jordan Valley that affected the agricultural crop, and it was decided to compensate farmers for 70,000 dinars within the general budget appendix prepared for this purpose. This compensation is covered from the money balance account.
Required: To record the general budget entries in the general appropriated funds journal.
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