PRACTICE QUESTION Q1. A Municipal Assembly's records shows the following account balances. GHC 10,529,984 2,118,783 3,587,218...

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PRACTICE QUESTION Q1. A Municipal Assembly's records shows the following account balances. GHC 10,529,984 2,118,783 3,587,218 Rates Grants for capital Fees Social benefits Rent of land and other properties Licenses Capital expenditure Fines, penalties and forfeits Compensation of employees Lands and royalties Grants for recurrent expenditure Miscellaneous revenue Other expenses Use of goods and services Investment Debtors Staff welfare Staff advances Cash at bank Accumulated fund 31/12/2020 Creditors Deposit Cash in hand 111,761 35,029 i. A Trial Balance ii. A Statement of Revenue and Expenditure iii. A Statement of Reserves and iv. A Statement of Financial Position 5,882,250 10,281,099 143,742 12,370,688 3,067,230 9,979,120 46,849 1,446,299 11,493,516 33,835 3,452,712 1,599 13,835 1,656,080 5,442,123 38,738 3,155 15,995 Required: You are to prepare for the Assembly for the period, 31st December 2021 PRACTICE QUESTION Q1. A Municipal Assembly's records shows the following account balances. GHC 10,529,984 2,118,783 3,587,218 Rates Grants for capital Fees Social benefits Rent of land and other properties Licenses Capital expenditure Fines, penalties and forfeits Compensation of employees Lands and royalties Grants for recurrent expenditure Miscellaneous revenue Other expenses Use of goods and services Investment Debtors Staff welfare Staff advances Cash at bank Accumulated fund 31/12/2020 Creditors Deposit Cash in hand 111,761 35,029 i. A Trial Balance ii. A Statement of Revenue and Expenditure iii. A Statement of Reserves and iv. A Statement of Financial Position 5,882,250 10,281,099 143,742 12,370,688 3,067,230 9,979,120 46,849 1,446,299 11,493,516 33,835 3,452,712 1,599 13,835 1,656,080 5,442,123 38,738 3,155 15,995 Required: You are to prepare for the Assembly for the period, 31st December 2021

Answer rating: 100% (QA)

i Trial Balance Account Debit GHC Credit GHC Rates 10529984 Grants for capital 2118783 Fees Social b... View the full answer