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Question 2.
Based on the following information, prepare the statement of sources and uses of funds in the zakat and charity funds for the year 2020. Note that the undistributed Zakat and charity on 1st January is RM910,000.
Paid RM70,000 as Zakat for the poor and the needy, Zakat due from the bank RM4,400,000; wayfarer received RM110,000; new converts to Islam received RM245,000; Zakat collection and distribution to staff RM155,000; Donations RM3,700,000; RM330,000 for the heavily indebted and freedom of slaves; Zakat due from accountholders RM990,000.
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- Below is the complete set of Financial Statements of Take-Home University (THU), a PublicUniversity of Ghana, issued on 1st May 2020.Statement of Financial Performance for the Year Ended 31 December, 2018Revenue NotesGOG grant 1,540,000,000Internally Generated Funds 2 14,427,492,000Donations and other income 9,278,258,00025,245,750,000ExpenditureCompensation for employees 3 8,385,270,000Goods and services 4 2,238,083,000Social benefit 1,720,000Interest 1,720,000Capital expenditure (CAPEX) 5 25,542,515,000Other expenses 6 79,100,00036,248,408,000Net Operating Result – Deficit (11,002,658,000)Statement of Financial Position as at 31 December 2018NotesCurrent AssetsCash and cash equivalent 294,233,000Receivable (468,050 -10,000) 458,050,000Inventory 155,254,000907,537,000Liabilities and FundPayable 7 696,325,00020% Loan 8,600,000704,925,000Accumulated fund 8 202,612,000907,537,0004Cash Flow Statement for the Year ended 31st December 2018Cash InflowsGOG grant 1,540,000,000Internally…Below is the complete set of Financial Statements of Take-Home University (THU), a PublicUniversity of Ghana, issued on 1st May 2020.Statement of Financial Performance for the Year Ended 31 December, 2018Revenue NotesGOG grant 1,540,000,000Internally Generated Funds 2 14,427,492,000Donations and other income 9,278,258,00025,245,750,000ExpenditureCompensation for employees 3 8,385,270,000Goods and services 4 2,238,083,000Social benefit 1,720,000Interest 1,720,000Capital expenditure (CAPEX) 5 25,542,515,000Other expenses 6 79,100,00036,248,408,000Net Operating Result – Deficit (11,002,658,000)Statement of Financial Position as at 31 December 2018NotesCurrent AssetsCash and cash equivalent 294,233,000Receivable (468,050 -10,000) 458,050,000Inventory 155,254,000907,537,000Liabilities and FundPayable 7 696,325,00020% Loan 8,600,000704,925,000Accumulated fund 8 202,612,000907,537,0004Cash Flow Statement for the Year ended 31st December 2018Cash InflowsGOG grant 1,540,000,000Internally…4. As the Fund Manager for Bank of Trinidad and Tobago Limited, you are to advise the following two (2) clients based on their respective financial situations Betty Kay has a contract in which she will receive the following payment for the next 5 year: $1,000, $2,000, $3,000, $4,000 and $5,000. She will then receive an annuity of $8,500 a year for the end of the 6th through the end of the 15th year. She is offered a $30,000 to cancel the contract. If the payments are discounted at 14 percent should she cancel the contract? Showallworkings.
- Question You are provided with the following information relating to the Consolidated Fund for the year ended 31st December, 2019. Debit Credit GHC'000 GHc'000 Corporate taxes 200,000 Personal income taxes 120,000 Capital gain taxes and sundries 50,000 Taxes on general goods and services 180,000 Fees, fines and penalties 80,000 Investment income 20,000 Custom duties 250,000 Grants 150,000 Communication service taxes 100,000 Royalties 40,000 Established post 240,000 Casual labour 60,000 Travel and transport 70,000 Repairs and maintenance 50,000 13% Social security contribution 26,000 Gratuity and end of service benefit 168,000 State protocol 180,000 Independence Day celebration 205,000 Seminar and conferences 30,000 Probation 25,000 Property plant and equipment (at cost) 300,000 Infrastructure (at…Question You are provided with the following information relating to the Consolidated Fund for the year ended 31st December, 2019. Debit Credit GHC'000 GHc'000 Corporate taxes 200,000 Personal income taxes 120,000 Capital gain taxes and sundries 50,000 Taxes on general goods and services 180,000 Fees, fines and penalties 80,000 Investment income 20,000 Custom duties 250,000 Grants 150,000 Communication service taxes 100,000 Royalties 40,000 Established post 240,000 Casual labour 60,000 Travel and transport 70,000 Repairs and maintenance 50,000 13% Social security contribution 26,000 Gratuity and end of service benefit 168,000 State protocol 180,000 Independence Day celebration 205,000 Seminar and conferences 30,000 Probation 25,000 Property plant and equipment (at cost) 300,000 Infrastructure (at…4. The Village of Seaside Pines prepared the following enterprise fund Trial Balance as of December 31, 2020, the last day of its fiscal year. The enterprise fund was established this year through a transfer from the General Fund. Accounts payable Accounts receivable Accrued interest payable Accumulated depreciation Administrative and selling expenses Allowance for uncollectible accounts Capital assets Cash Charges for sales and services Cost of sales and services Depreciation expense Due from General Fund Interest expense Interest revenue Transfer in from General Fund Bank note payable Supplies inventory Totals Debits $32,000 47,000 712,000 89,000 479,000 45,000 17,000 40,000 18,000 $1,479,000 Credits $ 96,000 28,000 45,000 12,000 550,000 4,000 119,000 625,000 $1,479,000 Required: a. Prepare the closing entries for December 31. b. Prepare the Statement of Revenues, Expenses, and Changes in Fund Net Position for the year ended December 31. c. Prepare the Net Position section of the…
- In July 2022, a donor promises to donate $100,000 in cash to an NFP organization if the local NFP can raise the same amount ($100,000) from other donors by December 2022. How much revenue (if any) should the NFP recognize in July 2022? (do not use $ signs, commas or decimals in your answer) In July 2022, a donor promises to donate $100,000 in cash to an NFP organization on December 1, 2022. How much revenue (if any) should the NFP recognize in July 2022? (do not use $ signs, commas or decimals in your answer)1. As the Fund Manager for Bank of Trinidad and Tobago Limited, you are to advise this client based on their respective financial situations. a) Betty Kay has a contract in which she will receive the following payment for the next 5 year: $1,000, $2,000, $3,000, $4,000 and $5,000. She will then receive an annuity of $8,500 a year for the end of the 6th through the end of the 15th year. She is offered a $30,000 to cancel the contract. If the payments are discounted at 14 percent should she cancel the contract? Show all workings.Problem #11: Suppose that on January 1, 2021 the balance on a fund is $14940. Suppose that there are contributions to the fund of $5920, $2954, and $5916 made, respectively, on the first day of March, September, and November 2021. In addition, suppose that there are withdrawals from the fund of $5099 and $9068 made, respectively, on the first day of May and September. Finally, suppose that the balance of the fund on the last day of February, April, August, October, and December 2021 is, respectively, $28739, $36236, $32115, $30305, and $16445. (a) Find the dollar-weighted rate of return for the year. (b) Find the time-weighted rate of return for the year. (A) 5.2% (B) 5.59% (C) 5.33% (D) 5.72% (E) 5.46% Problem #11(a): Select v (A) 9.64% (B) 9.77% (C) 9.25% (D) 9.51% (E) 9.38% Problem #11(b): Select v
- LGI Pte Ltd is a company incorporated in Singapore. During the year ended 31 December 2023, the company made the following donations: – Cash to Singapore Red Cross Society re: China earthquake $3,000 – Cheque to Handicaps Welfare Association $1,000 for the purchase of wheelchairs – Cash to Home Nursing Foundation $500 – Christmas gifts for the patients at Assisi Hospice $500 All the above are approved institutions of a public character. What is the amount of approved donations that can be deducted against the statutory income for the year of assessment 2024? A. $3,750 B. $4,500 C. $13,500 D. $15,000Edwards Center for GNP Accounting, a nonprofit organization, receives a letter from a donor that includes a promise to donate $100,000 in the next fiscal year provided the Center raise an equal amount of cash from other donors. What journal entry will be recorded when the letter is received? No journal entry would be recorded. Debit cash $100,000; credit refundable advance $100,000 Debit pledge receivable $100,000; credit contribution revenue with donor restrictions $100,000 Debit pledge receivable $100,000; credit contribution revenue without donor restrictions $100,000 Debit pledge receivable $100,000; credit refundable advance $100,000The following information relates to transactions of the Consolidated Fund for the year ended 31st December, 2019. GHc’000 Tax revenues 200,000 Non tax revenues 98,500 Grants 67,000 Purchase of goods 41,000 Purchase of Furniture and Fittings 34,000 Construction of Roads 85,000 Domestic borrowing 40,000 External bilateral borrowing 70,000 Eurobonds issued 92,000 Repayment of domestic borrowing 22,000 Purchase of motor vehicle 21,000 Repayment of Eurobond 33,400 Interest paid 25,000 Sale proceeds from disposal of Equity Investment 43,500 Consultancy services paid 15,500 Consumption of fixed capital 50,000 Bank and cash balance ( 1/1/19) (80,000) Bank balance and cash (31/12/19) 254,100 Required: Prepare Cash Flow Statement for the Consolidated Fund for the year ended 31st December 2019 in accordance with the IPSAS 2: Cash Flow Statement.