Nizwa Municipality operates a water utility service for the residents, private and government organizations in the...

Nizwa Municipality operates a water utility service for the residents, private and government
organizations in the locality to be charged with user fees. On 1.03.2019, the city acquires a water pump
costing OMR 6,000 to be used in the water distribution system. The water utility revenue for the year
2019 was RO 40,000. The utility estimates that 8 % of its revenue will be accounted as uncollectible.
The depreciation of the water pump is 15% per annum.

You are required to state for each of the transactions above,:
 The fund in which Fund these transactions will be recorded
 Pass journal entries in each of the respective funds
 Briefly explain the Basis of accounting, the accounting treatment and the measurement focus
of these transactions in the respective funds where these transactions are accounted.

Expert Solution

ekkarill92 answered 2 years ago

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