WAEC Accounting 2020 Theory — Question 7

7. The following balances were extracted from the books of Abobaku Local Government for the year ended 31st December 2019: Construction of an office block N3,850,000; Renovation of classroom blocks N1,065,000; Court fines N90,000; Building permits N650,000; Rehabilitation of street lights N470,500; Wages and salaries N7,880,450; Medical services N1,334,650; Provision of pipe borne water N2,500,000; Interest on investments N250,000; Lorry park levies N380,000; Market tolls N560,000; Property rates N1,200,000; General administration N630,700; Motor vehicle procured N6,653,000; Extension of office building N950,000; Grants from donor agencies N2,000,000; Royalties N2,000,000; Subvention from Central/Federal Government N20,000,000; Donations to charity homes N250,000; Entertainment permits N70,000; Staff training N550,000; Entertainment expenses N200,000; Marriage registration fees N80,000; Allowances to community leaders N370,800; Birth certificate fees N160,000; Maintenance of motor vehicles N650,000; Subvention from central government N4,500,000. You are required to prepare, for the year ended 31st December 2019: (a) Statement of Recurrent Expenditure; (b) Statement of Capital Expenditure; (c) Statement of Revenue.