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2. (Preparation of government-wide financial statements - capital asset elements) The following information is extracted from...

2. (Preparation of government-wide financial statements - capital asset elements)

The following information is extracted from the City of Jeddah’ government-wide statement of net position at December 31, 2018:

                  Capital assets                                                                             3,000,000

                  Accumulated depreciation, capital assets                                  1,600,000

                  Annual depreciation rate on capital assets                                        10 %

                  Bonds payable                                                                                       -0-

The following information is extracted from the city's governmental funds statement of revenues, expenditures, and changes in fund balances for the year ended December 31, 2018.

                  Expenditures - bond principal (Debt Service Fund)                      60,000

                  Proceeds of debt (Capital Projects Fund)                                     600,000

Required:

A.         Prepare journal entries so the foregoing information can be used in a work sheet to prepare government-wide financial statements for the year ended December 31, 2018.                                                                           

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Answer #1

Journal entries in the books of City of Jeddah’ government-wide statement as on 31 December 2018:

1. Depreciation A/c Dr 3,00,000

To Accumulated Depreciation on capital asset Cr 3,00,000

(being depreciation on capital asset charged for CY 2018)

2. Bond Principal A/c Dr 60,000

To Bank A/c 60,000

(being debt servicing done in CY 2018)

3. Bank A/c Dr 6,00,000

To Capital project fund 6,00,000

(being capital fund projects proceeds received in CY 2018)

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