Please answer this question Problem 1614 LO 3 Trust fund fin

Please answer this question

Problem 16-14 (LO 3) Trust fund, financial statements. The following trial balance of the Employees\' Retirement System Fund for Bedrock City was prepared by a clerk who used only balance sheet accounts in recording the events for the fiscal year ended June 30, 2018: Cash Due from the city Interest receivable Investments, at tair value. Due to resigned employees Annuities payable Net plan assets. $ 38,000 4,000 5,000 497,000 (1,000) (3,000) (540,000) 0 . . . . . .. . . (continued)

Solution

Bedrock City ($) Employees\' System Retirement Fund for the year ended 30/06/2018 Plan Net position Debit Credit Statement of changes in plan net position for the fiscal year ended 30/06/2018 Balance 30/06/2017 464000 Cash 38000 Amounts received from employees 32000 Due from the City 4000 Amounts received from employer 16000 Interest Receivable 5000 Investment earnings received 30000 Investments at FV 497000 Difference between carrying value and fair value of investments 18500 Due to resigned Total receipts and revaluations 560500 employees 1000 Annuities 3000 payable Annuities paid during the year 13000 Net plan asests as per question 540000 Refunds made during the year 2500 Total 544000 544000 Administrative expenses 5000 Total disbursements 20500 Balance 30/06/2018 540000