How the budget is being prepared in The Kingdom of Saudi Arabia? Explain any budget with reference to the revenue, expenditure and sectorial spending

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(Total number of the questions. 5 Questions each question will carry 3 marks)
Q-1-Which of the government fund is being operated by the Saudi Government? Highlight the main objectives of the fund.
Answer:-

Question no 2-
How the budget is being prepared in The Kingdom of Saudi Arabia? Explain any budget with reference to the revenue, expenditure and sectorial spending.
Answer :

Question no 3
The Western Province of K.S.A. has approved the 2020 budget as follows:
Budgeted 2020 revenues from:
Property taxes $8,000,000
Sales taxes $2,000,000
Appropriations for 2020:
Salaries $7,200,000
Materials $2,000,000
Equipment $200,000

During 2020, the authority has presented the budget revision to increase the amount of
appropriation for salaries by $100,000. The council approved this budget revision.

Required:
a. Prepare the general journal entry necessary to initially record the budget.
b. Prepare the general journal entry necessary to record the budget revision.

Question no 4-

Prepare entries to record the following transactions and events related to Northern township’s tax revenues for the year beginning January 1, 2015:

a. To raise property tax revenue of $1,500,000 the County bills its property owners a total of $1,504,000, providing $4,000 for uncollectible and refundable taxes.
b. During the year, taxpayers pay a total of $1,300,000 in property taxes.
c. Edam declares bankruptcy, owing the County $4,000 in property taxes. The County writes off the unpaid amount as uncollectible.
d. The state collects sales taxes on behalf of Northern townships. It sends the province’s $300,000 for sales taxes collected during the year.
e. At year-end, the Northern township declares all unpaid property taxes to be
Delinquent
Answer

Question no 5-
From the information below prepare Financial Statements

Cash
20,000

Taxes receivable, net
147,000

Investments
65,000

Due from other funds
68,000

Vouchers payable

39,000

Due to other funds

152,750

Unassigned fund balance

117,000

Estimated revenues
610,000

Appropriations

590,000

Budgetary fund balance

20,000

Revenues-taxes

590,175

Revenues-charges for services

14,080

Expenditures-personal services
287,125

Expenditures-supplies
29,680

Expenditures-capital outlay
244,000

Transfer in from debt service fund

32,500

Transfers out to capital projects fund
84,700
0

$1,555,505
$1,555,505

Answer: