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Record the property tax levy made by the city

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Reference no: EM132546501

Question - Assume in the budget year of 2010 E.C. the Awash City Municipality levy property tax receivable current ETB 48,000,000 and while considering the current economic and political crisis the city estimates 6% of the levy tax will be uncollectible. And the city also made a collection on delinquent taxes amounted ETB 450,000 and interest and penalties on this delinquent taxes are ETB 5,000 & 20,000 respectively.

Instruction -

1. Record the property tax levy made by the city.

2. Record the collection of delinquent taxes made.

Reference no: EM132546501

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