Neco 2025 Financial Accounting Question 47

A local government maintains two funds.\n\nOpening balances: General Fund \(\)₦5,000,000; Special Education Fund \(\)₦2,000,000.\nAuthorized expenditures: General Fund \(\)₦4,500,000; Special Education Fund \(\)₦1,200,000.\nActual receipts during the year: General Fund \(\)₦1,800,000 (taxes); Special Education Fund \(\)₦500,000 (grants).\nActual expenditures: General Fund \(\)₦4,800,000; Special Education Fund \(\)₦1,100,000.\nInter‑fund transfers: \(\)₦300,000 transferred from General to Special Education mid‑year, and \(\)₦150,000 transferred from Special Education to General at year‑end.\n\nCalculate: (a) the closing balance of each fund, (b) the overall fund balance, (c) the variance between actual and authorized expenditures for the General Fund, and (d) the percentage of total expenditures that were for the Special Education Fund.