The following are the balances extracted from the Public Accounts on the Consolidated Fund of the
Government of Ghana for the year ended 31 December, 2019

GHS’ Million
Direct Tax 100,000
Indirect Tax 150,000
Grants from Bilateral Partners 25,000
Grants from Multilateral Partners 320,000
Other Grants Received 10,000
Royalties 8,000
Fees and Fines 2,000
Interest Income 400
Seminar and Training 22,000
Local Consultancy 34,000
Foreign Consultancy 23,000
Travel and Transport 6,000
Travel Allowances 56,000
Established Post Salaries 220,000

Non –Established Post 80,000
End of Service Benefits 120,000
Car Maintenance Allowances 40,000
Other Staff Costs 12,000
Cleaning Costs 3,000
Office Consumables 5,000
Subsidies 10,000
Social Benefit Cost 35,000
Grants to Local Government 60,000
Property Plant and Equipment at Cost 400,000
Accumulated Consumption of PPEs 45,000
Investments 80,000
Loans and advances 20,000
Cash and equivalent 36,000
Other expenditures 15,000
Domestic Debt 180,000
External Debt 320,000
Interest Expense 40,000
Accumulated Fund (CR) 156,000
Additional Information
i) It is the policy of government to charge consumption of fixed capital on cost. Property plant and
equipment is consumed at the rate of 20% per annum
ii) Fees amounting to GHS 20,000,000,000 was earned but not received as at 31 December, 2019
iii) Staff allowances of GHS 500,000,000 remained unpaid at the end of the year
Required:
Prepare in compliance to the IPSAS and the Public Financial Management Act 2016 (Act 921) for the
Consolidated Fund
a. Statement of Revenue and Expenditure for the year ended 31 December, 2019 (5 marks)
b. Statement of Financial Position as at 31 December, 2019 (5 marks)
c. Notes to the accounts (5 marks)