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Record the transactions under a fund accounting

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Reference no: EM132978990

Problem - Fund Accounting - Entity A receives the following donations:

Cash of P2,000,000 to be used at the discretion of Entity A's Management.

Cash of P3,000,000 restricted for the acquisition of equipment.

Trust fund of P5,000,000 which Enity A shall never use; only the income therefrom.

Enitity A acquires an equipment for P3,000,000 and receives cash dividends of P200,000 from the investment at the end of the period.

Requirements -

 A. Record the transactions above under a fund Accounting.

B. Compute for the ending balances of unrestricted, temporarily restricted, and permanently restricted net assets.

Reference no: EM132978990

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