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Transcript of CONSOLIDATED FUND
Consolidated Trust account
ZAHIR, AMMAR, TIQAH, TEHA, ZIRAH
It is a self contained entity with its own asset, revenue, expenditure or expense and fund balance.
to show the financial condition and its changes in the organization
Independent accounting entity
Has its own set off account to complete double entry
Must be self balancing and autonomous
BASIS OF GOVT ACCOUNTING
use cash basis or modified cash basis
Govt revenues and monies received have to be accounted for.
Article 97(1) -Federal consolidated fund
Article 97(2)- State consolidated fund
Article 97(3)- Separate fund (zakat, fitrah, baitumal)
Consolidated Revenue Account
Consolidated Trust Account
Consolidated Loan Account
Govt Accounting Standards No.3
Type of revenues
Non Tax Revenue
Revenue from Federal Teritorries
Use to pay
Charge (Article 98)
Supply (Article 100 & 101)
All receipts and payments of both govt and public trust fund and monies received by the govt
Govt trust fund (sec10)
Housing Loan Fund
Misc Govt Trust Fund
Public Trust Fund
Special Trust Fund
General Trust Fund
-Monies received for specific purposes under any laws or agreements and is refundable
CONSOLIDATED LOAN ACCOUNT
To keep all monies received by way of loan
- Market Loans
Floating Rate Notes
- Project Loans
Multilateral Govt Sources
Bilateral Govt Sources