Question 1 You are provided with the following information relating to the Consolidated Fund for the...

  

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Question 1 You are provided with the following information relating to the Consolidated Fund for the year ended 31st December, 2019. Corporate taxes Personal income taxes Capital gain taxes and sundries Taxes on general goods and services Fees, fines and penalties Investment income Custom duties Grants Communication service taxes Royalties Established post Casual labour Travel and transport Repairs and maintenance 13% Social security contribution Gratuity and end of service benefit State protocol Independence Day celebration Seminar and conferences Probation Property plant and equipment (at cost) Infrastructure (at cost) Accumulated consumption of fixed capital- PPE Accumulated consumption of fixed capital- Infrastructure Grants to local government Social benefits Subsidies cost Domestic debt Interest External debt interest Domestic debt External debt Loans and advances Equity investment Cash and cash equivalent Sundry creditors Accumulated Fund Debit Credit GHC'000 GHe'000 200,000 120,000 50,000 180,000 80,000 20,000 250,000 150,000 100,000 40,000 240,000 60,000 70,000 50,000 26,000 168,000 180,000 205,000 30,000 25,000 300,000 400,000 290,000 315,000 245,000 500,000 580,000 90,000 200,000 110,000 50,000 80,000 1.200,000 1,800,000 80,000 316,000 4,400,000 4.400,000 Additional Information 1. The following has been extracted from the 2019 annual budget. Compensation for employees Good and services Direct taxes Indirect taxes Public debt interest Subsidies cost Social benefit Grants to local government Grants from other governments Consumption of fixed capital Non-tax revenue GHc000 490,000 350,000 400,000 600,000 800,000 240,000 250,000 260,000 150,000 200,000 2. Consumption of fixed capital for the year ended 31" December, 2019 is charged as follows; property, plant and equipment GHc 20,000,000 and infrastructure GHc 30,000,000. 3. Donation received in-kind during the year amounted to GHc24,000,000 and no record was made in the books of accounts. 4. Salary for 5,000 new staff recruited into the civil service remained unpaid during the year. Repair and maintenance paid in advanced to recognized garages during the year amounted to GHc96,000,000. 5. Domestic interest due but not paid at the end of the year amounted to GHc10,000,000. 6. The financial reports are prepared using current chart of accounts of government. Required: Prepare in line with the IPSAS and the Public Financial Laws of Ghana: a) A Statement of Revenue and Statement of the Consolidated Fund in Comparison with the Budget for the year ended 31st December, 2019. b) A Statement of Financial Position of the Consolidated Fund as 31st December, 2019 c) Notes to the financial statement. Question 1 You are provided with the following information relating to the Consolidated Fund for the year ended 31st December, 2019. Corporate taxes Personal income taxes Capital gain taxes and sundries Taxes on general goods and services Fees, fines and penalties Investment income Custom duties Grants Communication service taxes Royalties Established post Casual labour Travel and transport Repairs and maintenance 13% Social security contribution Gratuity and end of service benefit State protocol Independence Day celebration Seminar and conferences Probation Property plant and equipment (at cost) Infrastructure (at cost) Accumulated consumption of fixed capital- PPE Accumulated consumption of fixed capital- Infrastructure Grants to local government Social benefits Subsidies cost Domestic debt Interest External debt interest Domestic debt External debt Loans and advances Equity investment Cash and cash equivalent Sundry creditors Accumulated Fund Debit Credit GHC'000 GHe'000 200,000 120,000 50,000 180,000 80,000 20,000 250,000 150,000 100,000 40,000 240,000 60,000 70,000 50,000 26,000 168,000 180,000 205,000 30,000 25,000 300,000 400,000 290,000 315,000 245,000 500,000 580,000 90,000 200,000 110,000 50,000 80,000 1.200,000 1,800,000 80,000 316,000 4,400,000 4.400,000 Additional Information 1. The following has been extracted from the 2019 annual budget. Compensation for employees Good and services Direct taxes Indirect taxes Public debt interest Subsidies cost Social benefit Grants to local government Grants from other governments Consumption of fixed capital Non-tax revenue GHc000 490,000 350,000 400,000 600,000 800,000 240,000 250,000 260,000 150,000 200,000 2. Consumption of fixed capital for the year ended 31" December, 2019 is charged as follows; property, plant and equipment GHc 20,000,000 and infrastructure GHc 30,000,000. 3. Donation received in-kind during the year amounted to GHc24,000,000 and no record was made in the books of accounts. 4. Salary for 5,000 new staff recruited into the civil service remained unpaid during the year. Repair and maintenance paid in advanced to recognized garages during the year amounted to GHc96,000,000. 5. Domestic interest due but not paid at the end of the year amounted to GHc10,000,000. 6. The financial reports are prepared using current chart of accounts of government. Required: Prepare in line with the IPSAS and the Public Financial Laws of Ghana: a) A Statement of Revenue and Statement of the Consolidated Fund in Comparison with the Budget for the year ended 31st December, 2019. b) A Statement of Financial Position of the Consolidated Fund as 31st December, 2019 c) Notes to the financial statement.

Answer rating: 100% (QA)

a Statement of Revenue and Statement of the Consolidated Fund in Comparison with the Budget for the year ended 31st December 2019 Revenue Personal inc... View the full answer